Nobody Goes To Jail

For 11 years after 2005 Wachovia Bank and the Seminole nation of Florida had an agreement that the bank would manage an investment portfolio meant to assure funding for a program set up to benefit Seminole youth. The bank was purchased by Wells Fargo but dissatisfaction with returns and high management costs lead to cancellation of the agreement in 2016.

Finally, on March 25, after 6 hours of deliberation, a jury awarded the Seminoles $832 million in damages for mismanagement of the trust and $7million in compensation for fees collected. Eight bank officials were also sued by name, but the jury ordered them to pay only token damages of $50 to $500 each.

Anywhere but in the hyper-capitalist West these eight would be safely behind bars, as an example of what stealing millions for your employer can be the result. Instead they will probably remain at their posts or move along to similar positions. It's little wonder that Wells Fargo has a terrible reputation among banks. 

Of course with an award of this magnitude Wells Fargo has no choice but to appeal the verdict. This case will probably simmer along until all the adults, both plaintiffs and defendants, have moved along to the happy hunting grounds.