German lender Deutsche Bank "got off easy" on Friday, having reached a $7.2 billion settlement with the U.S. Department of Justice (DOJ) over sales of mortgage-backed securities that fueled the financial crisis.
so with these fines all they do is skim a little off the profit made by the banks wrong doing
Not only are they not jailed but the money taken from people that lost homes and lost jobs when the economy was destroyed will never see a penny of that money. Who actually gets to keep the money collected, it sure won’t be the people that were hurt by their actions?
Well, there’s a freakin surprise! Par for the Obama Administration and its mostly do-nothing “Justice Dept” - “deals” to let parasite white-collar criminals off the hook - just the cost of doing business - while the “little-people” face the “justice” of the law and depraved indifference (or overt racism) of “law-enforcement” - the likelihood is we will face an even more laissez faire (or 1% servitude) from the trump regime… same as it ever was…
Stuff like this is why people have no faith anymore in the dominant institutions in our society. They don’t work and it’s clear that the justice system goes after the little people and protects the powerful. The very idea that we think we’re in a position to export democracy anywhere is laughable. Our system is corrupt to its core, the rich and corporate interests have destroyed it. Compare how much Reagan went after bankers after the S&L crisis to this. Think about that. Fucking pathetic.
Hey, you want to create the perfect crime? First, form a corporation.
“With this filing, we are sending a clear message that the Department of Justice will not tolerate the defrauding of investors and the American people.”
You mean like you did after 2008? …not.
The market valuation of this bank was around 18 billion as late as late October.
It is now around 26 billion an increase of 8 Billion just in the price of its shares. This announcement will cause the shares to go higher. Since 3 billion in way of fines this deal is quite the bargain as far as the investors are concerned.
Crime pays if you a big time criminal.
A little less than a month to go until Obama starts making the Big Buck$ giving “wink-wink” speeches to those same banksters. Hope and change; can you believe some people believed that jive twice?
The debauchery continues.
That’s why systemic change is a prerequisite to resolving the many problems created by the system.
Corporate governance will only be resolved by creating an non-corporate democracy that brings the oligarchs to heel.