As we approached the tenth anniversary of the acute phase of the Great Financial Crisis, the Committee to Save the Banks is toasting one final accomplishment:  they spared their friends the bankers from being held accountable for rigging and ultimately cratering the global financial system.

It is a remarkable accomplishment.

As you read through the Statement of Facts released as part of the $4.9 billion RBS subprime mortgage-backed security settlement, you realize it is a story involving at least four individuals who should have at a minimum have had to return any bonuses and more likely should have faced jail time.  Of course, neither has or will occur.

The Committee to Save the Banks literally decided to undermine the rule of law as it applies to bankers.  The Bush and Obama Administrations were happy to go along.  This set a precedent other countries followed.

Unfortunately, this has negative consequences for the rest of us.

Once bankers realized they wouldn’t be held to account, you can rest assured they doubled down on their misbehavior.  And since they are doing so behind a veil of opacity, we won’t know what they have done until the financial system faces its next crisis.