Professor William Black:

At this juncture worldwide, and I will talk about the United States, instead of 1,000 plus felony convictions in a crisis that was less than 1/100th the size of our current crisis we have zero people convicted who actually were in charge of running the places that made these loans. In a US context, we have scores of lawsuits in which the United States of America and various agencies say, after investigation, that these were caused by fraud but they have failed to bring criminal charges in every case in which they say it was caused by fraud. That is what I mean by the death of accountability in the current system.