William Black, who was a lead investigator/prosecutor for the 1990's savings and loan crime spree, would disagree.

http://www.pbs.org/moyers/journal/04232010/profile.html

When an investment bank packages up securities to sell and doesn't communicate material information to potential buyers (e.g. "the bonds are junk"), that's fraud. People committing fraud as part of doing their jobs are criminals.

When an S&P manager tells one of his professional credit raters not to request information on the loans underlying the instruments he's supposed to rate, what would that be?

http://www.huffingtonpost.com/william-k-black/the-two-docume...