iThink - 7:15 pm on Feb 22, 2011 (gmt 0)
The banks you're talking about weren't engaging in fraud. It's not the same thing at all, even if you really dislike what the US banks were doing.
Goldman Sachs settled a civil fraud case with SEC last year. The U.S. government (SEC) that brought the charges was pretty sure about the fraud that happened. Court case for fraud against a Goldman employee named "fabulous fab" in the media is still on. This is just one example.
This is not the appropriate forum but you can google statements made by CEO of Citigroup, weeks before he was let go by board, understating the subprime debt held by Citi.
Wachovia CEO went on CNBC (the famous "Mad Money" with Jim Cramer) to say all is well, weeks later Wachovia entered in a shotgun wedding with Wells Fargo, courtesy FDIC because it was essentially insolvent when its CEO was misleading investors, customers and employees of his bank.
This may not be a fraud as per U.S. laws but in any other country on earth such CEOs would have been charged with fraud.
You can read the testimony of Lehman CEO that he gave to FCIC. Years after his company went bankrupt under his watch, he is still blaming everyone but himself. This is the biggest bankruptcy in the world till date and the CEO is not taking full responsibility for his actions. He clearly failed in ensuring prudent risk management in his company. Whatever happened to the concept of accepting responsibility for one's actions?
In this instance CEO of a Chinese company is accepting responsibility and paying the price. Notice the difference?