Submitted by ub on Mon, 09/16/2013 - 09:11

It has now been five years after the financial collapse and unfortunately very little has changed.

Some of Wall Street's biggest financial firms, including JPMorgan Chase & Co and Bank of America have been placed on notice that the federal government is pursuing new prosecutions of possible abuses in the mortgage-backed securities industry.

Some of the biggest names in the banking industry face at least a dozen investigations on issues ranging from mortgage bonds sold before the financial crisis to a federal bribery investigation into whether it hired the children of key Chinese official to help obtain contracts.

Also, US government will run out of money on September 30 and there is no solution in sight.

However, actions speak louder than words. Whatever US administration officials say has to be followed by prosecution.

How Bad Was It? The Costs and Consequences of the 2007–09 Financial Crisis