This great post from Bill Black has been linked to a lot, but re-reading it just now, I was struck by this figure:
In the Savings and Loans crisis, which was 1/70th the size of this crisis, our agency made over 10,000 criminal referrals that resulted in the conviction on felony grounds of over 1,000 elites in what were designated as major cases.
OK, let's do the arithmetic.
For today's accounting control fraud, 1,000 * 70 = 70,000 convictions, and 700,000 referrals. If there are 1.2 million 1%-ers [readers, a better source?], that would suggest that well over half the elite would be called in for a talk with the Feds if Bill Black were Attorney General.
An interesting calculation, don't you think?
NOTE * All other things being equal. In fact, the accounting control fraud in the 90s and 00s was far more complex and pervasive than the S&L crisis, so this arithmetic is probably conservative.