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15 November 2011

Free Pass for Financial Fraud

This is pretty disturbing: prosecutions over financial fraud has fallen markedly over the very period when we suspect that financial institutions have been pushing the boundary between the "merely" unethical and the patently criminal; all the while, non-financial criminal prosecutions are at an unprecedented high.

The connection between social class and the prosecutions should be obvious: white collar financial crime is done almost exclusively by the privileged, while all that other crime is done disproportionately by the disadvantaged.

To put it in OWS language, we're letting the 1% off, while we're cracking the whip on the 99%.

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