Every day we see headlines that the justice system is prosecuting the wrongdoing by mortgage brokers for their part in the mortgage mess. Rightly so. Owners of subprime firms and the wall street executives at the top who had a part in creating this problem also need to be punished for any illegal activity. If only those at the bottom are prosecuted, it sends the message that those at the top are exempt from the system that the rest are subject to. Nearly 4 years have gone by and very little has been done on this front. The 60 Minutes piece on Lehman Brothers seems to imply that the reason this hasn't happened is because the government doesn't want to admit its regulatory failure. Why? We already know there was a regulatory failure.
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