Wall Street Traders ‘Should Have Been Jailed’ For 2008 Financial Crisis

Sunday, January 22, 2017
By Paul Martin


Alibaba founder Jack Ma has made a legitimate criticism of US politics, which failed to distribute huge amounts of wealth or penalize Wall Street traders for their role in the 2008 financial crash, lawyer Harley Lewin told Radio Sputnik.

On Wednesday Alibaba founder Jack Ma blamed US politics for creating the discontent that led to Donald Trump’s election victory.

He backed globalization, and criticized poor distribution of wealth in the US over the past 30 years. He said that the US government has spent too much money waging war abroad, and failed to spend money on ordinary people and infrastructure.

Harley Lewin, partner at McCarter & English law firm, told Radio Sputnik that the issue of money spent fighting foreign wars is a debatable issue, but the failure to penalize Wall Street for traders’ role in bringing about the 2008 financial crisis is more black and white.

“Do I think the US should play a leadership role in trying to defeat terrorism after 9/11? Absolutely, and I think you take it to them, I don’t think you wait until they take it to you. So it’s a complex set of circumstances,” Lewin said.

“We’ve fought wars, and I would never say that we shouldn’t have been there. But when you look at the economic complexity of what goes on on Wall Street, virtually nobody has gone to jail from the 2008 catastrophe, in my view they should have. They continue to work almost in an unimpeded fashion. I think we need jobs in the US, I think some of the policies of the US in terms of trade have resulted in a loss of jobs, but I don’t think that’s the way you fix the future,” Lewin said.

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