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Former Federal Reserve Chairman Ben Bernanke says some Wall Street executives should have gone to jail for their roles in the financial crisis that gripped the country in 2008 and triggered the Great Recession.
Billions of dollars in fines have been levied against major banks and brokerage firms in the wake of the economic meltdown that was in large part triggered by reckless lending and shady securities dealings that blew up a housing bubble.
But in an interview with USA Today published Sunday, Bernanke said he thinks that in addition to the corporations, individuals should have been held more accountable. He is promoting his 600-page memoir, “The Courage to Act: A Memoir of a Crisis and Its Aftermath,” scheduled to be published Monday.
“It would have been my preference to have more investigations of individual actions because obviously everything that went wrong or was illegal was done by some individual, not by an abstract firm,” Bernanke said.
Asked if someone should have gone to jail, the former Fed chairman replied, “Yeah, I think so.” He did not, however, name any individual he thought should have been prosecuted, and he noted that the Federal Reserve is not a law-enforcement agency.
Holding Trump accountable for his illegal war on Iran
The devastating American and Israeli attacks have killed hundreds of Iranians, and the death toll continues to rise.
As independent media, what we do next matters a lot. It’s up to us to report the truth, demand accountability, and reckon with the consequences of U.S. militarism at this cataclysmic historical moment.
Trump may be an authoritarian, but he is not entirely invulnerable, nor are the elected officials who have given him pass after pass. We cannot let him believe for a second longer that he can get away with something this wildly illegal or recklessly dangerous without accountability.
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