Criminal bankers should not be protected and it is not just HSBC money laundering or JP Morgans indiscretions that cost $17 billion in fines and litigation expenses from 2010 through 2012. The list of criminal undertakings by the worlds elite bankers is as staggering as it is endless. Yet not one banker has gone to jail!
Take the latest headline article below.
’’... HSBC’s controversial $1.9bn (£1.6bn) settlement deal with the US authorities over money laundering charges has stalled …... US authorities reached the deal with HSBC last December after uncovering evidence that the bank had illegally conducted transactions on behalf of Mexican drug lords, terrorists and customers in Cuba, Iran, Libya, Sudan and Burma …... Given that over 35,000 people were brutally slain in Mexico at the hands of drug traffickers while HSBC laundered at least $880m of their money, it’s shocking that the current system of sanctions does not include senior executives being held personally responsible for the actions of their institutions. Is HSBC too big to jail?..... “
I am sick of governments protecting the big banks. Fraudulent behavior by criminal bankers is going unpunished and the banks are continuing to treat the laws with contempt knowing that any injustices will go unpunished.
The latest scam the banks are pulling is robo signing law suits chacing down credit card debts. The really chilling message sent in this new plot to squeeze cash out of hard-pressed Americans is that the big banks are completely undaunted by their exposure in the foreclosure robo-signing scam. Whatever penalties or bad publicity they have received have not restrained them one iota from pulling the exact same fraud again on hapless consumers.
This time, banksters are accused of helping debt collectors pursue faulty judgments against credit card customers by various dirty tricks that include – surprise! – robo-signing and using sewer service or failing to properly serve notice of debt collection lawsuits against consumers (Chase dumped the notices “in the sewer”, but then lied and said it did).
All of this, of course, is unlawful. But it’s happening on a massive scale.
To summarise the latest scandal to be reported by Matt Taibbi at the RollingStone magazine. Everything Is Rigged: The Biggest Price-Fixing Scandal Ever http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425
“It’s now evident that there is a ubiquitous culture among the banks to collude and cheat their customers as many times as they can in as many forms as they can conceive,” he said. “And that’s not just surmising. This is just based upon what they’ve been caught at.” And they have been caught again.
It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps known as ISDAfix by brokers at ICAP are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland that were embroiled in the libor scandal. At ICAP, swap desk, this small group of brokers made so much money for themselves the unit was nicknamed “Treasure Island.” The bad news didn’t stop with swaps and interest rates. Investigators are also examining the possibility of collusive manipulation of gold and silver price
It is outrageous that apart from a few low-level flunkies overseas, no individual involved in this scam that impacted nearly everyone in the industrialized world was even threatened with criminal prosecution.
When prices are set by companies that can profit by manipulating them, we’re fucked. “You name it,” says Frenk. “Any of these benchmarks is a possibility for corruption.”
The only reason this problem has not received the attention it deserves is because the scale of it is so enormous that ordinary people simply cannot see it. It’s not just stealing by reaching a hand into your pocket and taking out money, but stealing in which banks can hit a few keystrokes and magically make whatever is in your pocket worth less. This is corruption at the molecular level of the economy, Space Age stealing – and it’s only just coming into view.
This corruption and stealing will continue until we start prosecuting these banking criminals, the too big to jail too big to fail banks have to be broken up simple.