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“If you ain’t cheating, you ain’t trying.”
That’s a direct quote from a Barclays PLC vice president, as cited in a Financial Times article about the global foreign exchange rigging settlement announced this week.
The Justice Department obtained guilty pleas on several federal crimes, forcing Barclays, Citigroup, JPMorgan Chase and Royal Bank of Scotland to cough up $5.6 billion in fines.
Several banks already paid $4.25 billion to regulators late last year. And of course, as I’ve chronicled in Money and Markets, major global banks have faced several more billions of dollars in penalties for fixing the key LIBOR interest rate and the commodities markets.
Bloomberg also chronicled today how banks rigged the interest-rate swaps market, too. That’s a huge $381 trillion market for financial derivatives – one in which everyone from banks to hedge funds to corporations to pension managers speculate and invest in, or sue to hedge their interest rate exposure on outstanding debts.
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| Banks have agreed to pay billions in fines. |
From an investment standpoint, these ongoing mega-fines and charges are a key reason why some of the largest global banks look unattractive for more than a quick trade here and there. I’d rather focus on smaller, regional and super-regional banks domestically — or select foreign institutions not swept up in the investigations.
But there’s a much bigger issue here. An unbelievable amount of B.S. has been going on at the world’s biggest banks! These are the very same institutions that brought the financial world to its knees during the credit crisis. They’re the very same institutions that taxpayers like you and I … and the Federal Reserve … then spent years bailing out, to the tune of hundreds of billions of dollars. If that doesn’t make you fighting mad, I don’t know what will!
You know what’s better than getting mad, though? Getting even!
You see, the latest settlements come on the heels of others showing how hopelessly conflicted the stock ratings and research that major banks and brokers publish are. It’s clear they’re spending most of their time figuring out how to rip you and other investors off, rather than helping you build wealth in today’s market.
| “You know what’s better than getting mad, though? Getting even!” |
So now more than ever, you need independent guidance … conflict-of-interest-free ratings … and the expertise that comes from decades spent analyzing the financial markets — with a contrarian, skeptical, B.S.-detecting approach.
With that said, what do you think about the latest mega-settlements? Why do banks keep ripping investors off, and keep racking up billion-dollar-plus bills for doing so? Is there something more that regulators or the Justice Department can or should do to put a stop to this B.S.? What would you do if you were “king for a day?” Let me know over at the Money and Markets website.
| Our Readers Speak |
Boy, did the latest article about double-secret-adjusting economic statistics to make them look better get your blood boiling over at the website.
Reader Tradewinds said: “It’s just another bout of a type of ‘social engineering’ where the ‘powers that be’ are simply misrepresenting things to manipulate public opinion to accomplish the things they want to accomplish. With the way many people are right now, it works (because no one has been really hurt yet on account of it). But let the country end up falling into the greatest depression ever, and then watch everybody change their tune.”
Reader Mike C. added: “I’ve never put my trust in the federal numbers (of any sort), and this is now part of my seemingly permanent view given the data manipulation/stunts of the last six years.
“When traditionally predictable information becomes strangely unpredictable, trust goes out the window. And right now I’m hanging outside the window from the window sill by my finger tips, as are many other investors and U.S. corporations. The current leadership in America is the root cause for this diminished trust level, and I fear that the diminished trust will shortly turn to wholesale distrust, and what then?”
Reader Steven tried to have a bit of fun at the government’s expense, saying: “They say figures can’t lie, but liars figure. Yes, we have seen liar’s figures in the past (global warming) but this takes the cake!
“And you wonder why they call those studies ‘sadistical regression.’ Just torture the numbers long enough and they will give you the answer you want while begging for mercy!”
Finally, Reader Gilbert W. said: “How about two jokes? One old and one new. Old joke: ‘Do you know how to tell when a politician is lying? When his or her mouth is moving.’ New joke: ‘Do you know how to tell when the government is lying? When it publishes statistics.’ They would be funny if they weren’t so absolutely pathetic.”
Thanks very much for weighing in on this topic. I’ve seen a lot of ridiculousness in my almost two decades in the business. But this news really takes the cake. We’ve always needed to take statistics out of places like China with a huge helping of salt. But if the U.S. government goes further down this path, what does it say about the numbers here?
Want to add more to the discussion? Then make sure you head over to the website here.
| Other Developments of the Day |
The health-care mega-deals keep on coming. CVS Health just agreed to buy Omnicare for $12.7 billion, or $98 a share plus assumed debt. The move will expand CVS’ pharmacy benefits management business by adding Omnicare’s drug-delivery and senior-living facility services operations.
Only 5.3 million kids ages 7 to 17 played baseball as of 2013, down from 8.8 million at the turn of the century. The story cites increased specialization in only one sport by kids who take competition much more seriously than they used to, as well as the increased travel requirements and costs associated with some leagues.
Any thoughts on these stories, or others I didn’t cover? Then don’t let them fester – put ’em online for me and your fellow investors to see here.
Until next time,
Mike Larson
Mike Larson graduated from Boston University with a B.S. degree in Journalism and a B.A. degree in English in 1998, and went to work for Bankrate.com. There, he learned the mortgage and interest rates markets inside and out. Mike then joined Weiss Research in 2001. He is the editor of Safe Money Report. He is often quoted by the Washington Post, Reuters, Dow Jones Newswires, Orlando Sentinel, Palm Beach Post and Sun-Sentinel, and he has appeared on CNN, Bloomberg Television and CNBC.
{ 86 comments }
Interesting how readers are apt to understand these actions as being caused by the “present administration” When Hoover and the GOP were running things everyone just knew who was at fault for the crooked bankers and brokers but we were told that we didn’t even know what it was really like, that is when we were too young to be aware – during Garfield’s time. So, it is apparently natural for those who dislike the administration to blame all the ills of the evil ones on the elected ones.
balderdash!
The Feds get all the fines. The ones that got ripped off don’t get a cent for their losses. An individual can’t take the big banks with their millionaire lawyers who will stall and stall until the individual is financially wiped out
The Feds should reimburse the individuals from the fines they take in. May Congress has to pass a law to that effect. The trouble is that Congressional members will get paid off not to pass such a law.
Lionel – good point, good idea.
Yes, for decades, even centuries, the mega banks have literally CONTROLLED the world…not a little bit of the world, but a whole lot of the world. The Rothschilds were experts at bankrolling kings & queens by controlling the creation and distribution of the money supply. Of course, the mega banks, billionaires along with the mega corporations control the many of the world’s governments, including our government and congress via their powerful special interest and lobbyists. They are also expert psychological and social engineers and know how to fool the masses by keeping them occupied by many crises and events that are made to appear as very significant to the middle class so they keep the middle class second guessing about what is really important in the world today.
Where there’s money and power there’s bound to be crookedness. Herein lies the problem: the younger generation doesn’t have future pensions, and must save for their future. The present retirees must save and invest, hopefully in something safe to stay alive for the next 20 or more years. It seems the banks are crooked, the interest rates low, the stock market can’t be trusted, the bond market is wavering – what the heck are average people to do? If possible have your house paid off by retirement. At least you’ll have a roof over your head, as long as you can pay the ever-rising property taxes.
Fortunately I am NOT in a major financial institution,but if I was,and I suggest people do this,I would transfer all of my funds into the UNDERGROUND BANKING SYSTEM.It’s legal and the fed can’t do anything about it.Just make your funds VANISH.Google where do I find the underground banking system and follow the instructions.If everyone transfers their money instead of withdrawing the money,remember,if you withdraw more than a few thousand dollars,the bank will rat you out to the local police and they will confiscate that money and you will never see it again,remember it’s called civil asset forfeiture,that is what they are doing to people,so just transfer all of your money and they can’t say anything about it.If you do this,the banks will have to pay those billions of dollars in fines out of their own pockets instead
of yours.SCREW THE BANKS LIKE THEY HAVE BEEN SCREWING YOU!!!!!!!!!!!!!!!!!!!!!
balderdash!
if you do not pay cities their water fees , taxes or zoning fines etc , they will take your house quicker then the bank ,
get a unit with rental income possibilities !
Books, “average people” don’t matter to the global elites/bankers…They could care less. In fact, alternative media has been talking for years about the fact that the elites feel there are too many people on the planet anyway, so why not just turn them into surfs and that is what EXACTLY has happened, especially over the last few decades, with financial engineering and derivatives.
Unless someone on the top in these banks and financial institutions goes to jail, nothing is going to change. Seems like they make 20 billion with these kind of things, pay fines of 6 billion – still 14 billion in profits. They will do it over and over again. Who wouldn’t???
Aatal, you hit the nail on the head. Trouble is, the feds and the TBTF institutions are one and the same. The greatest threat to American freedom, the American way of life, and financial independence is the federal government. And that’s both Democrats and Republicans. The feds regulate you & me, but when it comes to themselves or their partners in legalized crime, they simply create smokescreen diversions to keep the public from seeing things for what they really are.
The mega banks, mega corporations and billionaires control, own and manage the world and the masses. Its THAT SIMPLE and very very disturbing…
An honest man would not. Unfortunately, that is a concept that is lost on our society as it is currently constituted, I do not know if it is time for Diogense or a planet killig event
aatal, you are EXACTLY right and you know what? given the current laws and regulations, which THEY create for THEMSELVES, they are NOT going to jail and will continue to amassed billions in wealth at the expense of the masses..
Theft and embezzlement are crimes . Criminal conduct should be punished by law. Any person doing business with these crooks should have their heads examined….
balderdash!
went from fixed income pundit to stock market gugu to energy expert. whow! not? new HQ has to be paid for. not?
who wouldn’t—–what? answer the question. balderdash! or is this retorical BS ?
criminal conduct, crooks. who, what, why, when, why, where, how.
The healthcare companies buy each other out as do the hospital and pharmaceutical companies. The Insurance companies and Medicare reduce physicians service payments. Then the Doctors demand payment for “Concierge” services that range between $500 to $5,000 per year. If you don’t or can’t pay you have to find someone (probably not in your neighborhood) who will provide services without added cost. Are the “Concierge” services tax deductible? No.
IFFining Corp Only Screws The Stockholder. Put The Ones Who Commit The Crime In Jail And Bar Them From Working In Banks Or Financial OrganizationS In The Future.
If it is illegal, and is criminal,now just pay the fine and carry on,tomorrow I think I will mug some poor bugger and just pay the fine,everything is back to normal,try it ,I bet I will go to jail.
Ps,are the fine tax deductable
of course
so the justice deptment gets the money instead of the general fund thru the IRS
Yes, you will go to jail….but not if you are a Banker and too big or rich to fail and have buddies in the Government. You have cart blanche to steal, pay the fine and make even more money…..welcome to Bankers Capitalism
I didn’t see any names of people going to jail.
5.6 billion in fines for illegal activities and no one gets to prison.
This much worse than any thing Martha Stewart did!
Make the fines come out from the executive’s pockets, and not the bank’s money. If Chase
pays the fine, only consumers feel the pain, with lower interest on their accounts, and higher interest on their loans. If Jaime Dimon pays the money from his own salary and money, and is imprisoned, we won’t be hurt, and bad behavior will be discouraged
Absolutely, positively, wholeheartedly agree!!
Thomas, you are right on!!!!! But, the problem is the global elites control the laws and regulations and thus will not put themselves in jail, they will throw the little guy in jail as they have done for decades before ever putting themselves in jail.
….Actually it’s about DA*N time somebody went to PRISON!!! .It’s as if the DOJ watches them commit the crime,then allows them to pay money for their crimes then continue for a long while ,rinse and repeat.. everybody wins …DOJ colluding with the God Da*ned crooked banksters. Simple! BTW Where do those $ billions in penalties go????No doubt recycled for the bankers benefit.
Robert, you are right and UNLESS and UNTIL there is some DIVINE help, the rinse and repeat system will continue to make the super wealthy even more wealthy and the poor and middle class (including UPPER middle class) less wealthy…BTW, .The Upper middle class, people making $200k-$400k per year have ABSOLUTELY NOTHING in common with the super wealthy….
When bank are caught violating the law, I would institute 10 year mandatory prison sentences for the CEO and all other employees who were proven to be involved in the crime. Also a bank fine equal to 20% of the banks total assets and break the bank or banks into smaller banks. Apply this fully one time and you will make religious men of them all.
I was thinking that the banks should be broken up also !
BTW, Mike Larson, to suggest that getting even is tantamount to accepting the fundamental unethical/ illegality of regulators/DOJ to prosecute, but rather taking fines in lieu of personal prosecution. To me this is destroying our faith in the justice system. Watching collusion going on at the highest levels of govt and big business.
Its all about collusion and the joke has been on the middle class and masses for decades. However, millions are figuring this all out each and every day….
Maybe it is time for the fines to increase ten fold, and jail time for the principles that are “cheatin”. Then, maybe the “tryin” will stop. These people are like some of the politicians today, They think they are above the Law.
John, you are right on!! Unfortunately, they ARE above the law, because THEY made the laws to discipline the masses and make sure that the laws DO NOT apply to them!!!!
What’s even more interesting is that after defrauding the public for so many years, the fine that they pay goes to the United States government.
How much of that $5.7 billion did you get? Because I didn’t get any, and I’m not going to hold my breath waiting for my share.
Ah yes, King for a day: I would immediately change the length of a ‘day’ because I would have a lot of work to do.
Minimally we need our public servants to respect the Constitution by putting teeth behind that requirement. All laws should have a 1 page summary stating whats included. Too big to read belongs with too big to fail, its plain stupid. I would call that a good day.
LAG
Enjoyed todays article. All except reference to David Letterman, who in my view is the Quintessential Liberal piece of Crap. I say Good Riddance! The real stars of late night were Johnny Carson and Jay Leno. With Letterman gone maybe I’ll start staying up later again. Now if we can just get rid of Barry! Keep the faith Brother, America MAY rise again! Right now we are in such DEEP Doodo! Loved the reminder about politicians moving their lips and government issuing statistics. Those are the times we can definitely know that lies are being told. God Bless!
Letterman, Americas favorite sexual predator ! What a jerk.
Thank God for Megyn Kelly!
If I were king for a day (regarding the corrupt big banks)? Three things:
1. I’d emulate Teddy Roosevelt and break up the “too big to jail” banks, especially JPM, Citibank, and B of A.
2. (Tongue in cheek) People go to prison when they are convicted of a crime, right? And so just to prove a point, since “corporations are people” and these corporations are guilty of crimes, I’d put all the employees of the banks in jail as punishment simply to provoke a huge outcry. Everyone knows that corporations are not the same as people and would scream bloody murder. But maybe then Congress would act on a constitutional amendment clarifying that corporations are not people and we could restore some sanity to our electoral process (which would improve the chances of banking regulations being reinforced).
The madness has to stop somewhere, some time!
I have been ripped off by this swindle over at least ten years, but have no way to determine how much in bank transactions and stock trades that would be injured by so I would say the penalty should be in a share of the penalties paid by the offenders is a better way to reimburse me in, lets estimate in U.S. dollars of One million for all the offences over about thirty years. You asked for it and I think that would reasonable. I can name banks and brokerage houses involved. If you need more information, my e-mail address is herewith. Located Dallas, Texas
They could make room for them by releasing all the people that are incarcerated for smoking a little weed!
WOW , never thought of that , ALL employees to jail
sentence could be determined by pay scale [ lol that might help the underpaid and give thought to the over paid ]
and heaven knows we got room in the jails and fema camps for more if they can lock up so many for minor offenses and smoking joints
Return retail consumer banking to the Mom and Pop regional and local levels, while forcing the mega banks to separate their consumer business from hedge funding and investment banking activities. Let them compete with Goldman-Sachs heads up at their own risk, while checking accounts, credit cards and home or car loans are managed locally, as they were for decades before.
I have been ripped off by this swindle over at least ten years, but have no way to determine how much in bank transactions and stock trades that would be injured by so I would say the penalty should be in a share of the penalties paid by the offenders is a better way to reimburse me in, lets estimate in U.S. dollars of One million for all the offences over about thirty years. You asked for it and I think that would reasonable. I can name banks and brokerage houses involved. If you need more information, my e-mail address is herewith. Located Dallas, Texas
The…FINES are “Chump change” to the banks..How much..$$$$$$$$.. do you think they made in just the 5..TRILLION a day Forex markets…..its Tragic…..let alone Criminal. Yet we all know the International Money Monsters…and Their Keepers…are To Big to ..JAIL..! aloha
If I were king for a day the first thing I would do is appt. myself king for life, (nerk nerk nerk), with the power to appt. my successor,,,,,,. The crooked bankers would go to prison and bust rock for their food or die. Wouldn’t take long we’d have some honest bankers. Then the crooked politicians and gov. officials would get the same treatment with the same results. Bottom line is it would take a big arse kicking contest otherwise known as a revolution, and I think it’s coming. When you’re wronged and you won’t stand up and do something about it you will be wronged again…….
And yeah, good riddance to letterman.
Now for each city that was coached &/or directed to an investment to use of these instruments , to all sue these institutions at the same time individually so as to strain their lawyers and budgets
and for all us citizens to withdraw our money / cds / etc to regional banks ….
First we allowed fractional banking and then we allowed banks to print money with no backing. Who did we think would be attracted to the banking profession other than cheats and swindlers. They have a legal license to steal from us and buy as many politicians as necessary to keep it that way. We have no one to blame but ourselves for the state of the financial industry or for that matter an economy based almost entirely on debt. The decision to consume now and pay later will be our undoing as a country.
I bet that many of the same Banksters who were rigging the rates are also bribing our, and other countries politicians to get bills like The TPP passed.
Lengthy prison terms at a regular prison will do a lot to even the score unless they allow us to set up guillotines on Wall St and take matters into our own hands…
Just a few words about mega bank mega fines: they’re getting rich off the taxpayers as the fed prints mega monopoly bucks devaluing our dollars. Second point, think we’ll ever see any of the bankers who have participated in the illegal manipulation of swaps, rates, Libor, etc. go to jail?
Did y’all just wake up! Everything you are taught about post-Revolutionary America is a lie. The individual states were recognized as sovereign in the Treaty of Paris, and several states reserved the right to secede in their ratifications of the constitution. I could write several books about the skeletons in the closet; and the lies we’re all brainwashed to believe because very few get off their duff and research for the real facts. Our government is nothing but a dog and pony show-they know exactly what they’re doing–nobody is that stupid.
Lock them all up for at least 10 years, and throw away the key. They are crooks/criminals and why should we treat them otherwise?
If Bernie Madoff can get 150 years then these guys should get similar sentences. If the courts never make an example of someone then we can expect the same behavior to continue. Its criminal that these thieves aren’t prosecuted for fraud! Where is the Justice Department?
Come on. The Justice Department is full of lawyers as are the banks. The legal profession (?) is a fraternity that looks out for its own!
All the financial problems in America could be handled this way. If I were the President or a king for a day I would issue an official Default of all debt and other money matters our govt has created.Doing this would take away much of this massive Debt it now has. Let’s start over and learn from our mistakes. As things stand now there is no way this country can get out of this massive debt it now has to deal with!
Inflation!
Regarding the banks – check out what is going on in Marketplace Lending (P2P). This industry basically cuts the fat out of the lender/borrower transaction and is disruptive to the banking industry. There are 3 new companies a week adding to this momentum in many specialized industry areas. The big winners so far are Lending Club, Prosper and SoFi (Social Finance) with two of the three going public and the last getting ready to launch. We are talking big disruption here.
Also: regarding baseball – well the instant gratification generation is playing action sports not boring sports like baseball. Lacrosse is the fastest growing sport and putting baseball in jeapordy. Kids don’t want to sit in the outfield and wait three hours for something to come their way. They also don’t want to wait an hour for a couple swings of a bat. Most of us had no choice or alternatives but they do. If you have time watch the lacrosse final 4 this saturday and monday and see what this is all about
Its obvious there is money to be made ripping people off. Banks have no honor any more. I have no doubt for every dollar they have paid in fines they have made $100 to a $1000 clear profit and I am only guesstimating. Chasing the almighty dollar has become the new national pass time for us common folk and an obsession for big business.
They make the big bucks now investing in government.
These TBTF banks make med hopping mad – and I would want to get even. I realize however that I cannot do much other than avoid these banks like the pest. The only way to get even will be to wait for the market forces to do its work, and they will. The governments may take their fines and put them to “good use” whatever that may be – it won’t benefit any of the poor bastards who were ripped off. It is just a big boon for “big government”. And new regulations won’t make these banks behave differently – in the meaning better. They will only find new and better ways to rip us off.
I am however relaxed, since I know that these bastards will meet their Nemesis. And their Nemesis will be the downturn and ensuing depression that I expect will be the outcome of the excesses of the past decade or two. Schumpeter’s :”creative destruction will do the job that the Fed, other central banks and government institutions failed to do, and the “invisible hand of the market” will restore sanity to the system.
Human nature is unfortunately so engineered that we will only act when a real crisis forces us to to take drastic action. The crises that we have had in 2000 and 2008 were only the initial shocks – the coming one will be the decisive one, which will cause “creative destruction” to do its work. Out of the ruins will come a new and hopefully better system of managing the world economy.
The problem is that cca 3\4 od world welth is controled by the banks . Banks and Big corporations cooperating and establishing control over world Economy and that is the fact. First what need to be done is get back FED under goverment control and restore antitrust politie , and set bounders and inplement high survalance and control over monetary politic. It is not enough to fine them couse they male more profite and damadge that they going to pay on the end, need to make them to pay all not just a some.
Second need to start bringing back production on to the US. That way will Economy start groving and Chine and other start slowing down untill they balanced.
Allso great sawings can be done by cutting military expenses and other unprofitabil sectors.
The missing information is the amount these bankers profited from their riggings. I’d bet it was hundreds of times the piddly fine which, by the way, won’t benefit the victims. Banks just view it as a cost of “doing business”. Things won’t change until fines and restitution match the crime and the bastards are imprisoned .
One easy way to exact a very small revenge is just pull all one’s money from these institutions. However, are all the banks doing similar activities? There is just too much money involved for any individual to have any impact.
“I you ain’t cheating, you ain’t trying”. That’s a close second to “Let them eat cake” in sheer arrogance. Perhaps the result will be similar.
Put those responsible in jail! That should stop them. Otherwise they don’t care. Apart from a brief reduction in their obscene bonuses it has little impact; it is the shareholders’ money that gets paid in fines.
Politicians depend on banks to fund their campaigns and perks they can’t figure how to steal from the public. Politicians then make it possible for banks to steal from the public. Scratch my back, etc., etc. Never elect a politician to an office more than once. The longer they remain in office, the more damage they will do to YOU.
In response to banks paying big fines – we pay those fine directly or indirectly through increased fees and charges but what bothers me most is that no bankers go to jail – someone is behind or OKing these illegal acts. Perhaps this is a time to enforce the RICO act in regards to banks.
some time ago I heard this described as the banks being the Mafia and the gov’t is the Don—tax payers get taken by the Mafia and then the Don gets paid part of the take–yet no one goes to jail because that is the system the gov’t wants–I wonder when and if the share holders of these banks will bring the law suits.
So the banks rip us off and cause the meltdown, the tax payers bail them out and suffer AND who collects the fines, the government/politicians who use it to further their pork spending and line their pockets and the pockets of their buddies…
“Power corrupts, and absolute power corrupts absolutely.” Some of our politicians have held their offices so long they have developed nearly absolute power. EVERY politician is corrupt – they have to be to gain office. NEVER elect a politician twice, let alone again and again. The longer they hold office, the more opportunity they have to indulge their corrupt selves and buddies. Our entire government has become corrupted as a result. Even someone like Rand Paul, though he spouts some good ideas, is a career politician, and can’t actually be trusted to follow through. He has to accommodate all the other politicians, after all.
As for Letterman, he always seemed too snide for me. I gave up on TV after the 11 o’clock news after Leno signed off.
The real question is-“how much of these fines are truly deserved, and specifically where does the money paid in fines go.” Since the 2008 melt down literally billions of dollars in fines have been levied. A recent internet article pointed out many of the left wing agencies, through out the coutry, that received these bilions of dollars. Certainly the actual victims did not receive it. I told my students (Finance 365) in 2000, that it would likely only take 10 years for the 1999 Gramm, Leach, Briley, legistation (allowing banks to market and speculate in equity investments) to explode. It did so in 9.
Mike,
You should read all the comments here…Most people are now awake to what is REALLY going on in the world..It is amazing how many sharp and aware millennium generation kids are on all of this nonsense… Yes, for decades, even centuries, the mega banks have literally CONTROLLED the world…not a little bit of the world, but a whole lot of the world. The Rothschilds were experts at bankrolling kings & queens by controlling the creation and distribution of the money supply. Of course, the mega banks, billionaires along with the mega corporations control the many of the world’s governments, including our government and congress via their powerful special interest and lobbyists. They are also expert psychological and social engineers and know how to fool the masses by keeping them occupied by many so called crises and events that are made to appear as very significant to the middle class so they keep the middle class second guessing about what is really going on by the elites…
Perhaps a 10 year minimum prison sentence for anyone caught manipulating interest rates or the market might make some of them think twice about it.
Martin, If I were “King for a day” I would round up all of the Directors of the Magga banks, Mega Corporations, the Regulators and most of the Politicians , those who havw shown a propensity to vote for questionable Financial Spending and I would give them a taste of the real world for Criminals, ie) a 12 X 12 cell and make an ‘Edict” that Society start all over again with “Honesty” as the basic principle of business, although I know that part is a bit fanciful.
regards, George
There is one question I have. Have the conflicting laws by various countries made it very difficult if not impossible for multinational corporations to obey all the laws. What is legal in one country is a no-no in the next one. Child labor is illegal in the US but everyday we have a chance to buy something made by child labor in Asia or Central America and from stores and suppliers located in the US. If a bank has a branch located in country A is doing things legal there but illegal here where they also have a branch, can our government take criminal action here for what they do there? If the answer is yes how come Wal Mart or Target have been fined for child labor abuses? If I were king for a day I’d take the impossible task of getting all the leaders to sent a team of legal/financial experts to a conference to establish an international law covering all multinationals. And nobody would come because everyone is jealous of their sovereignty. (Then I might just be fed-up enough to send the rockets and bombers to adjust Iran’s nuclear ambitions, China’s poaching in the South China Sea, and massive strikes on ISIS, Hamas, Hezbollah and the “volunteer” forces in the Ukraine. Who wants to deal with a crazy man with his finger on THE BUTTON?) So there will be more of this problem.. We are living in a world where there are no easy answers.
Mike,
The bankers will continue to fix markets until they go to jail.Where is the Justice Department? America is in deep trouble as the dollar will soon be toast. A nation that does not serve the Almighty G-d of Abraham, Isaac and Jacob is doomed for Judgement.
I am Canadian, I am also sixty years old.
When I was a young fella strait out of school I enlisted in the Canadian Forces. I was trained to be a radio operator, and eventually became a “keyhole peeper”. The U.S.S.R., our common “evil empire” of the time was engaged in all sorts of different kinds of warfare.
One of their strategies was economic warfare. The soviets had fishing fleets complete with trawlers, factory ships, and supplies tenders. The trawlers and factory ships would be at sea for years at a time, while the tenders would bring men, equipment, and supplies to the fleets, and return to Russia with finished product (canned fish). They didn’t even use the canned fish to feed their population, it was used as dog food to feed their countless border guard dogs that were used to keep it’s citizens within their borders.
The U.S.S.R. used a dragging technique to fish. They destroyed the fishery while they took everything that was alive off the bottom. They operated on the Grand Banks.
The units that I worked with kept track of the Soviet fishing fleet, we could easily read their code, and knew where, when, and how many tons of fish were extracted from the sea on a daily basis.
We not only reported the raw data to NDHQ ( National Defence Headquarters), we also analyzed the data, and put it into perspective. These reports were forwarded to Cabinet, and DFO ( Department of Fisheries and Oceans ). We knew that the Grand Banks were systematically being destroyed, yet the Government of Canada publically expressed shock when the cod stocks collapsed, and the major economic engine of the eastern seaboard was brought to a screeching halt.
My government lied in the ’70s, and I seriously doubt it has ever changed. Expediency is the tool of government, and of it’s minions (yes cartoon reference intended). Heaven forbid that fact of truth should interfere with the lies that are promulgated to the great unwashed.
Government and big business are in bed together. Politicians are addicted to cash, they need it to get elected. They need it to feather their nests. Big business has lots of cash.
Banks are probably more liquid than any other business. It is therefore easy to conclude that Banks are at the head of the line, and politicians are more than willing to ensure that the gravytrain continues.
JDW
Banks Must Never be allowed to make Bets, They are no Casinos.
The way thing have shaped out, They are making Huge Bets. They
keep the winning bets, as for the losing ones, the taxpayers are footing the bill.
It is high time for new laws to separate the Banking Licences from the Casino Licences.
Hi everyone i;-)i miss all of you Danju and all saints and angels,God Father Zanju;-)i am ready for my knowledge about the revelation times the Holy Spirit is very strong to guide me with it’s own force.
Rizalito J Jimena Jr.
Kiarameischi.