The 2000 IPO process was pretty much a pump and dump for both the VCs and IBs. There were legal consequences for bad investment advice and misuse of shareholder money.
According to wikipedia, Citi and Merrill were both fined for this. I don't know who was held legally accountable for misusing shareholder money but there was the worldcom fraud which ended in jail sentences.
I think most investors w defrauded by Goldman would believe "mid level" individuals like Fabrice Tourre. He was convicted of fraud by the SEC, for selling toxic mortgages to clients that he and a major fund were secretly betting against, costing his clients $1B in loses.
It's quite tacky to name individuals who "should be in prison" without the benefit of all the facts that Gov investigators have. But it's safe to say if a "mid level" guy like Tourre was found guilty, that he was just an actor (w/knowledge) but there must be others more responsible for the fraud.
Everyone on Wall Street who wrote insurance-like contacts without insurance-like capital to back thenmshould be prosecuted for selling insurance outside the appropriate regulatory framework.
According to wikipedia, Citi and Merrill were both fined for this. I don't know who was held legally accountable for misusing shareholder money but there was the worldcom fraud which ended in jail sentences.