Some good news this morning:
Two former employees of disgraced financier Bernard Madoff have been arrested by the FBI in relation to his massive Ponzi scheme, according to FBI spokesman Jim Margolin.
Joann Crupi was arrested overnight in New Jersey and Annette Bongiorno was taken into custody in Florida. Charges against the two will be announced later Thursday.
Madoff pleaded guilty in 2009 to 11 counts related to running the largest Ponzi scheme in history and was sentenced to 150 years in prison.
The Federal Deposit Insurance Corp (FDIC) is conducting about 50 criminal investigations at U.S. banks that have failed since the start of the financial crisis, the Wall Street Journal said.
The FDIC, which is responsible for dealing with bank failures, is probing former executives, directors and employees at failed U.S. banks and is taking efforts to punish alleged recklessness, fraud and other criminal behavior, the Journal said.
Fred Gibson, deputy inspector general at the FDIC, told the Journal in an interview that the probes involve failed banks of all sizes in cities across the U.S.
Nothing will change until a lot of people have gone to jail. Nothing.