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So few of the individuals responsible for the financial crisis have been punished in any way. One reason for the lack of penalties may stem from the fact that those in charge of regulation and enforcement, did not do their jobs with the necessary vigor and aggressiveness.
Today CNN learned the former head of the U.S. Securities and Exchange Commission Mary Schapiro is joining a consulting firm which advises financial firms.
The mission of the S.E.C. is "to protect investors and maintain fair, orderly, and efficient markets." Schapiro took the helm at the embattled S.E.C. in June 2009. And while many praise her for restoring the reputation of the agency at that time, she has also been criticized for never fully holding Wall Street accountable for the worst misdeeds that caused the financial crisis.
Schapiro's announcement comes days after Lanny Breuer, the assistant attorney general in charge of the criminal division of the Justice Department, announced he would be leaving the department to rejoin the big bank law firm Covington & Burling as vice chairman, representing a big list of bank clients tied to the financial crisis.
Breuer was criticized for not pursuing prosecution against big bank malfeasance while at the Justice Department.
CNN reached out to both Schapiro and Breuer, neither responded to requests for comment.