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The Source - January 6, 2014
Mon January 6, 2014
The Source: Prosecuting The Financial Crisis | School Safety Following Newtown
In the first segment:
Despite several reports showing fraudulent practices during the run-up to the economic meltdown, there have been no high-profile indictments of leaders in the banking industry.
The commission set up specifically to analyze the crisis in its aftermath, the Financial Crisis Inquiry Report, used the word "fraud" more than 150 times in its report. And despite large monetary settlements from several banks the country hasn't seen any individuals brought up on charges for a crash that nearly sent the U.S. and the world into a depression.
As the statute of limitations runs out on these crimes, we ask why no prosecutions have occurred.
In an editorial out this week, Federal Court Judge Jed Rakoff of the Southern District of New York questions why we haven't prosecuted individuals. Writing in "The New York Review of Books," Rakoff criticizes the practice of prosecuting companies instead of people. He writes that the numerous reports speak of fraud and questions why nothing pursued and warns of the damage to justice this situation could do.
Many argue that a culture existed throughout the industry and that the federal government's incentivized this culture through guarantees on financially shaky loans, so there is too much blame to hang on individuals.
Pultizer Prize-winning business columnist for the "Los Angeles Times" Michael Hiltzik, who has been following this issue closely the past few years, is asking the same questions. He joins us to talk about Judge Rakoff's article, the lack of prosecutions and also takes your questions.
Watch Judge Rakoff's Lecture on this topic below:
In the second segment:
There were more than two dozen school shootings since the Dec. 14, Newtown, Conn., mass shooting that took the lives of 20 children and 6 adults. Across the country and across San Antonio school districts have instituted reforms and beefed up their budgets and arsenals to combat the unthinkable.
We speak with Chuck Hibbert a school safety consultant, and Leslie Price from San Antonio Independent School District about what is being done in schools at the local level and across the board to keep kids safe.
Are we going too far? Have we gone far enough?