"According to a recent ‘Nightline’ program, none of the Wall Street executives who engineered the subprime debacle have been convicted on criminal charges. Why do you think that is?"

I think that the most obvious answer is the correct one: The authorities were not able to find sufficient evidence of criminal behavior in any of the cases they investigated (and they investigated many) because there wasn’t any to be found. Imprudent violations of firms’ own internal policies abounded, but such violations are not criminal.

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