The collapse of the housing bubble and the following demise of Bear Stearns, Lehman Bros. AIG , Freddie Mac , Fannie Mae and other widespread financial shocks that still reverberate around the world today was a mini replay of the Great Crash of 1929. Following the '29 Crash an investigation into the cause was after fits and starts successfully led by New York Assistant District Attorney Ferdinand Pecora. His background was prosecuting gangsters. He exposed the constructively criminal behaviors of the banks most notably National City Bank (Citigroup). He forced National City Banks Chairman Charles Mitchell to resign. Then and now it would be difficult to bring criminal charges against powerful Wall Street bankers. The legal hurdle of criminal intent is difficult to prove. So Pecora hounded him out of office. Later The Securities and Exchange Commission was formed and laws were codified.. Ferdinand Pecora was one of the first SEC Commissioners.
The present Chairwoman of the SEC is Mary Jo White. She also has a background in New York of prosecuting gangsters and terrorists. Like Pecora she plays hardball. But it still remains difficult if not impossible to get higher - ups in Wall Street banks to get and win criminal indictments. J P Morgan's Jamie Dimon is poster boy for the rogues on Wall Street. At the present time , his bank is subject to over 25 different major law suits related to the financial melt down.Collectively they add up to the profile of a criminal enterprise. The bank should be prosecuted under RICO statutes.But that won't happen because of the realities of our legal system and the political power of Wall Street firms..
But there is an old fashioned way to get rid of Dimon and others like him. Harass him.Annoy him. Roust him.Bother him. To that purpose Mary Jo White should routinely invite/deman Jamie dimon come to her office for short questions.The meetings could only be for a half hour. But people like Jamie Dimon will fume. He won't tolerate being shoved around by a five foot , smart, pugnacious woman who can make trouble for him if he doesn't show manners.He didn't become Chairman of J P Morgan for this kind of treatment.