Will the people who caused the GFC (global financial crisis) ever be brought to justice?

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rabid rogue

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Many many people have been devastated by the decisions made by;

A) The American government who changed the financial lending rules to allow bank loans to be made to people who couldn't repay them &
B) The bank managers who then encouraged and actually made these loans.

Will these people ever be brought to a court of law to be sued/punished for the devastation they have caused or will they be allowed to enjoy their multi-million dollar pay outs at the expense of half the world's population (including me)?
 
No. Justice is only possible when causation can be established.

In this case there are too many causes. Often to determine causation a 'but for..' test is used. But for the actions of the politicians who changed the financial lending rules would the GFC have happened? But for the bank managers... etc.

But here it is too complicated, lest we forget it is people who enter into a contract without the capacity to pay back the money that have truly caused the crisis (that's my personal harsh view). If you can't pay money back don't borrow it. The problem is that those people who enter into these contracts are sometimes the most vulnerable people in society who need protection which is where your point comes in.
 
Short answer - No.

Who caused it exactly?

Was it the people who bought a $600,000 home when all they could really afford was a $100,000 home? Yes.

Was it the mortgage companies fault for offering them a $600,000 loan? Yes.

Was it the Bond rating companies that rated huge blocks of worthless loans AAA? Yes.

I could keep going but the answer is human nature or greed was to blame, so all of us were guilty.

If we all went to trial who would be left to serve in the jury ;)
 
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