In the wake of Wednesday's announcement that five global financial institutions have agreed to plead guilty to multiple crimes and pay about $5.6 billion in penalties for manipulating foreign currencies and interest rates, corporate watchdogs are reiterating the call to 'break up the banks' in light of their ongoing malfeasance.
The problem goes far deeper than just the banks. The large brokerage houses, insurance companies, the regulators, the ratings companies, the politicians (both side of the isle) no accountability for any of them.
During the 1980s more than 1,000 bankers were jailed for their roles in causing the savings and loan scandal that negatively impacted thousands of people in the US.
After a couple of more decades of bankers buying politicians who continue to decriminalize fraudulent financial activities in the name of "deregulation", no bankers have even been indicted for their roles in causing the 2008 global financial meltdown that negatively impacted billions of people on every continent.
When the banks are the government, how can they indict themselves for their crimes?
"They frankly own the place". Sen. Dick Durbin describing the power of the bankers and financial sector over Congress.
So who benefits from the 5.6 Billion fine.....I am sure they are not going to pay back all the people who got fked by these assbags...Nope government will get the money so we think..Do they really write a check for that and give it to the treasury....Or is it just for show and no one ever pays anything.
Loretta Lynch is a loser. So was Eric Holder. Whether or not they are both black or she is a woman, they are both corporatist lawyers who won't dispense justice to their buddies the banksters.
When corporations, "persons" in law, break the law and the powers that be refuse to act, it is clear who the facilitators of these crimes are. It was Obama who first used the term "too big to fail". Obama is a criminal. The AG who refuses to enforce the law or investigate the individuals is a criminal as well. The government officials are driving the get away car and when the bankers are caught red handed the government criminals "quantatively eases" even more money to the criminals.
Government officials I now term as "sovereign criminals". It is a much better description of the paid lackeys who work for our western oligarchs.
akita96th What great questions. It could be all smoke and we will never know.
What typically happens is the company pays, the individuals do not lose their houses or have their paychecks clawed back. Depending upon how the fine is structured it may be tax deductible, Losses will be passed on to investors - 401 holders and the like as reduced dividends but not the guilty individuals.
As far as the people who got fked by these, and I believe the correct term is 'assbags', the people who got fkd by these assbags are the city of Detroit, Atlanta, your school district, Greece, etc.
I think it was Hank Paulson whin first used the term "too big to fail".
And it was the President Of the USA who put the concept into law.
Banks where I live in NW PA, have added new $100 annual fees, offer customer service with a "automated" free online payment service that never seems to work, then the service rep says she can help, but for a extra $10 fee. And I have a 823 credit score, own outright a $100k property, established bank customer 20+yrs., lived in same place for 40yrs. but now retired, disabled at 63yrs. old. They raise rates, add new charges, and will not even loan 40% of equity in local property. Meanwhile, they and their friends get huge loans for them to play with at ridiculous rates, and often never pay back with no negative consequence.
Seems the banks run the show and make the peons pay for it all, illegal and gouging is ok for them.
Very true! And what more proof does one need than these criminal, banking cartel, banksters will not pay personally any of the fines or be indicted for malfeasance and gross, fiduciary criminal activity! They are too big to jail! Getting off again... scott free! The billion $ fines will be paid by their shareholders.
Imagine if these fines on these "persons" called banks were the same method used to penalize those persons called civilians who might commit a crime.
In most cases the fines a fraction of yearly Profits let alone revenues , become tax write offs and are very often far less than the profits that were illegally made.
The citizen stealing a pizza would be forced to return half a single pizza slice to the place he stole the pizza from.
He could than claim that half pizza slice as a tax write off even as he eats the rest of the pizza.
How do the "commoners" get in on THIS racket ?
The Banker cartel runs the congressclowns just like the drug cartels run the DEA. Their loyal employee's do what ever they are told, laws are changed, anything resembling justice is thrown out the window. Only peons face "justice" lifetime in jail for minor offences. Sounds just like a 3rd world corporate cesspool dictatorship.
You speak truth kimo-Sabi....And assBag is the term.
Our system of government is corrupt to the core. Every aspect of our lives is either corrupted or inept. From police killing unarmed citizens, invasion of a sovereign nation, drones warfare against other nations, spying, pollution, denial of global warming and countless others of transgressions against it citizens. What more most the people endure before they wake up? The only remedy I see is to stand with Bernie. It's a start, and it may not be enough. But if we continue down this current course we all will become slaves.
Perhaps, but I think the problem is that government has become powerless and subservient to corporate interests. The powerlessness of government comes as a result of decades of demands from below for small government, lowered taxes and eased regulations. Voter opposition to this, to the extent it existed, was largely silent while the Reagan-Thatcher agenda that held government to be incompetent and generally harmful dominated our news media.
My point is that it is misplaced blame to say that it is just our government that is at fault. The problem is wide and systemic, with blame to share from several quarters including the news media and the voters.
I agree with everything you said. However the one common denominator is money. Money is the root of all evil. It's our government. Ours. The people. We elect these people to be our representative. If they aren't doing our will then they aren't representing us. The news media can be regulated. The demand for smaller government camed from below that's true. But the idea of small government camed from the boardrooms of corporate America. Corporate America funds the campaigns, thus they get to say what policy is. This is corruption. As far as governmental powers, as Iraq or Syria if our government is strong. It's never been stronger. Soon that strength will be turned on the people. Cause sooner or later we'll get tired and stand up.
It's the chicken and egg issue. The people vote (and more importantly don't vote) the way they do because of what they learn or don't learn from the media; the media is owned by big money that uses media to control what the voters learn and what they think; and the big money got big because of government policies enacted by politicians the voters elected.
It's a system problem and it needs to be viewed that way if we are to have any hope of breaking the cycle.