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Finally, One Banker Gets Sizable Jail Term. But Will Others Follow?


Finally, One Banker Gets Sizable Jail Term. But Will Others Follow?

Deirdre Fulton, staff writer

"A message needs to be sent to the world of banking," said UK Judge Jeremy Cooke on Monday as he handed down a 14-year sentence to former Citibank and UBS trader Tom Hayes, convicted in a London court on eight counts of conspiring to manipulate a global benchmark interest rate known as LIBOR.


Hayes’ case ‘was seen as a bellwether for British authorities, who have been criticized in the United States for not being as aggressive as the Justice Department when it comes to pursuing financial crime.’"

  • The Justice Department? Which has yet to even indict let alone prosecute any of the Mr. Bigs of the Oilagarchy, regardless of who they have robbed, or harmed through spills, brownouts, pharmaceutical price control, etc., etc., etc.
  • The “Justice Department” of today would never harm a rich banker or industrialist.
  • If they could, they would no doubt condemn a man who had stolen a loaf of bread to feed his children, to a lifetime in the galleys while his family starved. But that is punishing a criminal rather than harassing an upstanding trillionaire who has impoverished millions of people and probably caused the theft of the bread.
  • It would be nice if Mr. Hayes became the bellwether of the Industrial Flock, but we will probably see his sentence overturned on appeal, unless England is a lot tougher on Organized Crime than the US “Justice Department.”


So if he was the ringleader, it implies there must be followers. Is he the only one going to prison? Was there no one from an American-held international bank involved (not likely)? Can an American banker be held accountable? Ooops, I guess not!


The LIBOR swindle wasn’t a “one man show”. It was played out through the help of a lot of people and I am sure that the “top brass” were fully aware of it and actively encourage the activity. So why get the little guy to pay the entire penalty? When, if ever, will heads truly roll?


This is just a start. If more doesn’t happen we can start hanging banksters from lamp posts


Would be quite a stretch to believe that the prime architect for this mega crime could be a trader.


Are we talking about the same US Justice Department that wasted no time making everything that Occupy Wall Street (OWS) did illegal, and has expedited the approval of an endless stream of corporate mergers and acquisitions that enable the oligarchs to accelerate their decriminalization of corporate crime ?


Yep! Sounds like the same one to me!


Obama avoided the problem by appointing Eric Holder, a corporate attorney.


hey people, lighten up on the DOJ. it says “…tuff on PURSUING financial crime” , not INDICTING,PROSECUTING OR JAILING the slimey scum banksters. Friends dont put friends in jail,they give them high paying jobs. besides wouldnt that be the pots calling the kettles black?


Let us not get carried away. A swallow does not a summer make.
Whilst, one person is jailed, what has happened to CEOs. They were forced to resign with huge pension pot. In UK, question should be asked, as to why, regulatory authority a-had power but did not enforce the regulation robustly. There is a wider moral question to be asked, will all regulations will be enforced. This is a pie in the sky. As most financial mandarin and some eminent economists forecast that mayhem will occur.


A bill now in Congress–HR 1927–would make it nearly impossible to bring a class action suit against any corporation. The bill requires that a class share exactly the same physical or financial injury in order to bring suit. In this case, it would mean that folks who lost $100,000 worth of equity in their homes, could not join the same suit as those who lost equity worth $100,001. A person who lost $100,000 in savings could not join the class who lost $100,000 in home equity. This bill would make it next to impossible to bring class action suits for any wrong doing of any kind. It may very well die in committee this time out, but its clear that legal avenues for We the People to get justice are being closed off by corporate forces through bills like this and trade deals like the TPP, TTIP, and TISA. Soon the only avenue left to us will be revolution.


The bankers in the USA have already bought their way out of any prosecutions thanks to the former AG Holder…a corporate lacky and Obamas choice.


The head of JP Morgan, Goldman Sachs, and about a dozen others, including the heads of the ratings agencies and Fannie Mae and Freddie Mac should be occupying a jail cell right about now. Instead we get one very small fish.


In response to the financial crisis of 2008, under the George W. Bush administration, critics noted the following:
*dubious investment practices by several major banks were discovered, including various Ponzi schemes and maneuvers in real estate meant to hoodwink the public
*no special prosecutor was appointed
*not a single firm was investigated for financial fraud or accounting fraud
*not a single senior financial executive was arrested or prosecuted
*the following adminstration, under Barack Obama, made no attempt to recover
executive financial compensation
*the individuals and institutions that caused the crisis remained in power


In other news a pig was spotted flying on a farm in Southern Wales. Local reporters indicated the farms owner one Peter Miller claimed the Pig flew out of its pasture and up onto a barn roof when they tried to corral it so as to take it to market. When asked it this meant that other pigs might start flying the farmer retorted “are you an absolute loon? Pigs can not fly”!


Enjoy this one, 'cause there won’t be any others. And there DARN SURE won’t be one in the US.


When I was writing about this two decades ago, the answers I got were, “It can’t happen here! Maybe Nazi Germany, Fascist Italy, the CCCP, but not here, we live in a democracy!!!”

  • Well? Here we are!
  • Frankly, I don’t think the “American People” have the moxie to fight the battles that would turn this nation around.
  • There is about one to three or four hundred people who own almost the entire planet. They are happy to spend billions to hire agents, mercenaries, crooks, assassins, buy congressmen, senators, courts, the whole schmeer, to see that they not only remain in power, but continue to increase their profits.
  • They are happy to destroy nations, starve populations, imprison the innocent, fine people into poverty, a long as it improves the bottom line.
  • One effort to be tried is to widen the BDS program. Israel is whimpering, so it must work. Target the nations, the corporations, Wall Street, the MICC. The only thing any of these bastards feel or react to is an empty wallet,so let’s go for it, as a start.
  • “One small step for the downtrodden, a giant leap for Humanity!”