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I don't know if SBF is the best example to use considering he is likely going to spend a considerable amount of time in prison and will almost certainly not be allowed to work in any banking/stock market capacity or otherwise manage anyone's money but his own when released. I don't see his job prospects being too great other than as a speaker at banking ethics seminars where he tells everybody about how he was a billionaire who lost everything due to his own poor decisions. Some day I'll do a full writeup on the mortgage crisis and what caused it, but for now suffice it to say that it wasn't the kind of thing that could have been prevented by more personal accountability, unless you want to go so far as to make any financial innovation so risky that we're still operating on a barter system.
Tanking your own career and losing money that you yourself earned (or had "earned" via fraud) is not the same as bankrupting your entire family estate which had been passed down for generations and shared with your family. If SBF was managing the funds of a few dozen siblings/cousins/aunts/uncles/nieces/nephews instead of random strangers, he simultaneously would have been more careful and would have had more oversight from them.
As for the mortgage crisis, my understanding of it was that bad mortgages were packaged up and misleadingy labeled and sold as if they were better than they actually were. Which means when they failed the people who created the bad mortgages in the first place were not the ones who suffered for it, which is another form of lack of skin in the game. If mortgages could not be resold, the people who made them would have lost their own money, or more likely would have recognized the danger to themselves and not made bad mortgages in the first place. I'm not saying "make it illegal to resell mortgages" is actually a good solution, there are an awful lot of benefits to modern economies that maybe make up for the costs of losing skin in the game in many places, but it is a huge cost and an awful lot of the problems we see in the modern economy are those costs.
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