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The Big Banks Are Corrupt – And Getting Worse


The Big Banks Are Corrupt – And Getting Worse

Richard Eskow

The Justice Department’s latest settlement with felonious big banks was announced this week, but the repercussions were limited to a few headlines and some scattered protestations.

That’s not enough. We need to understand that our financial system is not merely corrupt in practice. It is corrupt by design – and the problem is growing.

Let’s connect the dots, using news items from the past few weeks:

The Latest Sweetheart Deal


The fact that no individuals are being charged demonstrates once again just how thoroughly our government is controlled by big money. This is infuriating and shows me that my decision not to vote for the next Democratic (or Republican) candidate for President is correct. Bernie Sanders it is, unless Warren were to run.

Jim Shea


No bankers indicted is especially hypocritical when you consider that more than 1,000 bankers were jailed for their roles in the 1980s savings and loan crisis, a boutique crisis compared to the 2008 meltdown that negatively impacted people on every continent.

Although Eskow mentions that “the financial industry’s profits are as large as they were before the 2008 meltdown, from which they were rescued by taxpayers” he fails to mention that serial bipartisan action in Washington DC has enabled the five too-big-to-fail banks to become 40% larger and a bigger % of the industry than they were in 2008, giving them even more control of government, increasing their risk of creating another meltdown requiring even larger taxpayer funded bailouts.


Breaking up the banks can’t end the corruption. It will only spread it around. To prevent corruption prevent oligarchy, the absolute concentration of wealth and power. One way to do that is for all the people to get together every year, have a referendum, and set a limit on personal wealth and power.


So as “People too” with all of a “citizens rights” , the RICCO laws do not apply to banks or the “three strikes you are out rule” or “minimum sentencing laws”?

Where are all these “tough on crime” Politicians?


No fundamental changes were made after the collapse of Wall St. to reinstate any of the banking regulations that were done away with under the Commodity Futures Modernization Act of 2000. Regulations that were put in place to prevent banks from operating as they do now were done away with. Banks were allowed to regulate themselves and still do. There is nothing in place to prevent it from happening again.