The spirit of this market is - someone did something that is worse than committing a financial crime. What could that be?
Examples of financial crimes: Fraud, embezzlement, money laundering, bribes, tax evasion, counterfeiting, insider trading, etc.
The severity of financial crimes can vary and you should use your own judgement when voting/placing your bets.
New Resolution Criteria (copied from Bayesian + Joshua):
This is simultaneously a market and a poll.
1 person = 1 vote (per answer), so having more shares does not make your vote count for more.
If you sell your shares, you are also removing your vote.
This market closes once per week on Friday.
If an answer has a clear majority of YES holders, that answer will resolve YES.
If an answer has a clear majority of NO holders, that answer will resolve NO.
If it's very close or votes are still coming in, the option will remain un-resolved.
Bots count
I may update these exact criteria to better match the spirit of the question or if Bayesian/Joshua update their criteria.
Old answers below will have standard polls. New answers (added after 6pm ET on June 21st) will adhere to the new guidelines above.
"Committing a really big financial crime (>$10 billion)"
"Committing a moderately big financial crime (>$1 million)"
These polls will have
Yes
No
Unsure
Results
Current Polls:
Also See:
Related questions
I used to work in finance regulations, and this would highly depends on intention, the amount of the money committed, the specific type, etc. Personally, I believe it would highly depend on what actual harm it caused for people - did it steal money from the people who otherwise would die, or did it steal money from people who are rich anyways? Without clarifications, seems to me we would just need to make a guess or research for the average case.
@JonathanRay Indian factory workers earn $1.80 an hour. Adjusted by purchasing power parity, that's $6.11, which is not that much less than the US federal minimum wage of $7.25.
@BrunoParga Maybe, but I think more relevantly: If it depends on a coin toss then it is not a 'forced by circumstances' crime which makes it worse.
@justadude Arguable it was the only decision to make, and the US government profited in the end. It's about public perception when everyone was struggling, less about the facts of the bailout.
@Haws I don't disagree that the bailouts were necessary, just pointing out that the banks were seens as the source of the problem.
The bailouts are disliked becasue they were a failure of accountability and a symbol of the unfairness of the system. The banks had created the issue in the first place by exposing themselves to toxic securities (while at the same time fuelling the crazy mortgage environment that made the toxic securities possible). Then when it turned out it was a disaster, they got bailed out.
If the common guy makes bad investments they become homeless. If a bank makes a bad investment (or even better a lot of banks do) then they get a slap on the wrists and more money.
@Odoacre Worse: this precedence send the message that private profit and pubic risk is indeed the pattern to assume going forward and encourages future behavior like the one that caused the mess.
@Odoacre >If a bank makes a bad investment (or even better a lot of banks do) then they get a slap on the wrists and more money.
But they're not given more money. They're given a loan. On net they lost a lot of money from their bad choices.
@justadude oh it was a loan ? As in you think there was a chance they could lose that money as well ?
@Odoacre They had to pay back the loan, so they "lost" the money in that sense. If you mean there was a chance they could fail to pay back the loan, yes there was a chance of that, but the government decided it was worth the risk, and I'd agree with them.