The Oscars had 40 million viewers, the Super Bowl 108 million. N.F.L. revenue last year was about $9 billion, but the stated goal of its commissioner, Roger Goodell, in 2010 was to increase that to $25 billion by 2027.
.. But what if the template for football’s future is not the fate of boxing but rather that of the tobacco industry? The parallels, of course, are not perfect. But tobacco, like football, was once deeply embedded in the American economy, culture and mythology. Its history, in fact, is inseparable from that of the nation itself.
.. Luckasevic’s initial filing charged that the N.F.L. was involved in “a scheme of fraud and deceit” by failing to warn players of the dangers they faced and by publishing research of its own that falsely minimized risks.
.. That’s nothing for an entity as rich as the N.F.L. Goodell, the league’s commissioner, made $44 million last year — or nearly nine times the maximum payment for the most severely brain-damaged N.F.L. retiree.
DOJ Prosecutions of the Banks: 2008 Financial Crisis
Part of the problem of prosecuting wrongdoing during the financial crisis was that the Justice Department tried to go after the institutions, and then found it didn’t want to threaten the charter of these institutions, out of concerns for the potential effect on the economy. Previous prosecutions went after the individuals.
Judge Rakoff: The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?
Thus, in the year 2000, HUD Secretary Andrew Cuomo increased to 50 percent the percentage of low-income mortgages that the government-sponsored entities known as Fannie Mae and Freddie Mac were required to purchase, helping to create the conditions that resulted in over half of all mortgages being subprime at the time the housing market began to collapse in 2007.
It was the government, pretty much across the board, that acquiesced in the ever-greater tendency not to require meaningful documentation as a condition of obtaining a mortgage, often preempting in this regard state regulations designed to assure greater mortgage quality and a borrower’s ability to repay. Indeed, in the year 2000, the Office of Thrift Supervision, having just finished a successful campaign to preempt state regulation of thrift underwriting, terminated its own underwriting regulations entirely.
The result of all this was the mortgages that later became known as “liars’ loans.” They were increasingly risky; but what did the banks care, since they were making their money from the securitizations. And what did the government care, since it was helping to create a boom in the economy and helping voters to realize their dream of owning a home?