The banking game has been rigged since at least 1999.
That was the year Glass/Steagall was essentially repealed after decades of waivers and exceptions granted by Congress and the sitting Presidents made the law effectively useless anyway.
The repeal of Glass/ Steagall broke down the last remnants of the wall put up between routine banking banks and investment banks after the Great Depression to prevent another 1929 style economic collapse. As expected by a few naysayers in 1999, it did not take long for the banking system to exploit their new found freedoms and make a mess of things.
To make matters worse than 1929, the US government, through Fannie and Freddie, encouraged the bad behavior by buying up and insuring billions of dollars of questionable mortgages granted to people who would have never received a mortgage under the old school, sound banking rules.
Despite many calls to jail Wall Street bankers, I doubt many, if any, will be jailed because much of what they did was made legal by a bi-partisan effort in Washington DC spanning generations of politicians.
And all fluff measures like Dodd/Frank did not touch the root causes of the subprime mortgage crisis. Subprime mortgages targeted at people who cannot afford them are now limited by regulation alone.
All of the bad behaviors that caused the crash of 2007/2008 are still legal if regulators allow them to happen again.
