What these banks were doing, that took all of them to the crapper, was breaking every banking rule in the book.... They were also lying to government ombudsman, there stockholders, as well as to each other to boot!! Greed got the better of them, on paper they were making money hand over fist, but in reality, they were just passing around (buying and selling) worthless bit's of paper... They had all been warned upto 18 months prior, that these practices were unsustainable, and that the shit WILL hit the fan in the very near future when someone/institution stands up and asks for actual CASH!! But all carried on regardless, only thinking of there next big bonus, and spent even more money that they didn't have to spend!!
Many top legal beavers from the US, UK, Europe believe that all of these top brass bank guys could be successfully prosecuted for company fraud. As yet i have not personally heard of a single one of them being prosecuted. Only a very few were actually relieved (sacked) of there positions, or have even been forced to retire, albeit on fat-cat pensions, whether sacked or retiring....
David..