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How to Punish Bank Felons


#1

How to Punish Bank Felons

Robert Reich

What exactly does it mean for a big Wall Street bank to plead guilty to a serious crime? Right now, practically nothing.

But it will if California’s Santa Cruz County has any say.

First, some background.

Five giant banks – including Wall Street behemoths JPMorgan Chase and Citicorp – recently pleaded guilty to criminal felony charges that they rigged the world’s foreign-currency market for their own profit.

This wasn’t a small heist. We’re talking hundreds of billions of dollars worth of transactions every day.


#2

If the externalities of the economy were folded into the process, much of the fun-and-games of these felony banks would be removed. Pollution and poverty are the two that strike me first, although there are others. It is simply too easy to exploit the environment and the poor for profit. Remove these mechanisms and the game evolves toward a fairer solution.


#3

II doesn't help anyone or do anything for me to be able to say I've been telling people for years that the big banks are crooked. I once worked in the "World Headquarters" of one of those big banks. I was a lowly clerk but I got in on the ground floor of the computer invasion of workplace when they bought a big computer system for saving money through computerization of their document production by doing it 'in house"and had me trained and made me as the bank's official "typesetter."

This gave me an interesting opportunity to peek behind the managerial curtain by working on stuff that was not meant for public view.

One project was a series of manuals describing step by step hoe to do exactly what Mr. Reich describes -- currency manipulation. Helping companies pay for things by buying different national currencies, schlepping them back and forth, and skimming off the difference. I thought at the tine that this has to be a criminal act,

But nobody wanted to think that these dignified organizations run by men and women wearing suits were and not acting like not committing what people think of crime. That couldn't possibly be possible.

But they are and always have been essentially stuffy crime syndicates. The employees in the branches and even most of the corporate departments aren't doing anything wrong. They don't really know what the higher ups are up to. The higher ups, especially in a corporate culture that prizes maximization of profit over any and all other values, don't believe they are committing crimes. Tell them they're crooks and they get huffy and don't understand how you can believe such negative things; you must be some 60s radical leftover full of conspiracy theory. To them they just being smart business people.

Eventually enough people may come to grasp that they indeed self righteous doers of scan and that they are harming regular job holding people and setting things up for a global currency crash that's may at ant moment render all money -- even their ill gotten gains -- worthless as the paper and pixels they're stored one transferred amongst themselves via.,

Money had only the value those who deal in it attribute to it. It's faith based and if the faith falters, the system will end with the dissolve of money.


#4

Good Point Mr. Reich. I'm going to cancel my Citi Bankcard. I never use it anyway since it's such a rippoff.

Take this card and shove it, Jamie Diamond!


#6

Wall Street does the crime and Main Street does the time. Nationalize now!


#7

There is only one way to solve the issue of the criminal banksters, and that is to take way private control over money creation. Article I, Section 8 and Section 10 of the Constitution make it quite clear that money is a sovereign right, not a private franchise. This change would make all things possible, since we would no longer be subject to the creation of and profiteering from wars, ignorance, and disease. The central bankers and their corporate lackeys belong in jail, just like Iceland did to this miscreants. http://coloradopublicbanking.blogspot.com/2014/05/the-view-from-top-of-power-pyramid.html


#8

I do love that RR wrote this, but I have a much briefer solution.....PUT THEM ALL IN JAIL!!!! If the DA or Judge doesn't want to treat them like all the other criminals they are involved with PUT THEM ALL IN JAIL!!!!

Is that clear enough? 5 words that are backed by plenty of laws including fraud, racketeering, money laundering, and embezzlement. The laws are there but if the people who we put in jobs to put people in jail when they break these laws are just as guilty. Wake up Amerika, the problem isn't that we need more laws its the people not enforcing them!


#9

Jail them. Sieze all their assets ALL their assets under the various proceeds of crime laws. Nationalize the banking systems and allow no privately owned banking institutions.


#10

There is no better argument for public banking. If the federal government and the 50 state governments had their own public banks we would not have to be that over worried about the private banks blowing up the economy again. Plus, with our states having their own public banks to finance infrastructure repair, the overall cost of infrastructure repairs could be cut just about in half, seeing that interest paid on the loans would end up going back into the state bank, instead of private banks
This would be like throwing an old republican idea right back in their face. We would be helping to "starve the beast" as Grover Norquist likes to say!
As far as Attorney General Loretta Lynch is concerned, she is no better then her predecessor Eric Holder. She is a corporate rat in Justice Department clothing! "Attorney General Loretta Lynch called it a “brazen display of collusion” that harmed “countless consumers, investors and institutions around the globe — from pension funds to major corporations, and including the banks’ own customers.”
Yes, it was brazen collusion on the part of the US Government, providing protection from punishment for the banks and the corporate rats running them. Making the banks pay fines that neither came from bank profits or the pay of the their corporate heads, but money that should have gone to investors in the form of dividends!