FCIC
FCCC INC
stock OTC

Nope, just someone who's spent way too long down this rabbit hole researching. When you've read the FCIC report and the GAO audit enough times you start writing like a boring government document apparently

So you're partially right, the regulators absolutely should have faced consequences and didn't. That's part of the same story.
But the two arguments aren't mutually exclusive. A broken system and individual criminal conduct can coexist. The FCIC report found widespread failures at the regulatory level AND found that specific institutions knowingly misrepresented the quality of securities they were selling. Knowing your product is worthless and selling it as AAA-rated to pension funds and municipalities isn't just a regulatory failure, it's fraud, regardless of whether the system enabled it.
The regulators who looked away, the ratings agencies that rubber stamped toxic products, and the executives who designed and sold them all participated in the same system. The documentary's argument isn't that only the bankers are guilty, it's that nobody at any level faced criminal consequences, and that pattern of non-prosecution was a choice not an inevitability.
You're raising exactly the right question though. The regulatory capture angle is one of the most important and underreported parts of the story.

Nope, just someone who's spent way too long down this rabbit hole researching. When you've read the FCIC report and the GAO audit enough times you start writing like a boring government document apparently

So you're partially right, the regulators absolutely should have faced consequences and didn't. That's part of the same story.
But the two arguments aren't mutually exclusive. A broken system and individual criminal conduct can coexist. The FCIC report found widespread failures at the regulatory level AND found that specific institutions knowingly misrepresented the quality of securities they were selling. Knowing your product is worthless and selling it as AAA-rated to pension funds and municipalities isn't just a regulatory failure, it's fraud, regardless of whether the system enabled it.
The regulators who looked away, the ratings agencies that rubber stamped toxic products, and the executives who designed and sold them all participated in the same system. The documentary's argument isn't that only the bankers are guilty, it's that nobody at any level faced criminal consequences, and that pattern of non-prosecution was a choice not an inevitability.
You're raising exactly the right question though. The regulatory capture angle is one of the most important and underreported parts of the story.