Banksters still out of prison

“On Wednesday, five major international banks, including JPMorgan Chase and Citigroup, America’s largest and third-largest financial institutions, pleaded guilty to felony charges for helping to manipulate global foreign exchange markets, paying a wrist-slap fine of about $1 billion apiece.”

“The financial impact on JPMorgan and the other banks for pleading guilty to a felony will be effectively zero. As part of the deal, the Securities and Exchange Commission issued waivers exempting the banks from the legal repercussions arising from their status as criminal organizations, giving them continued preferential treatment in issuing debt, as well as the continued right to operate mutual funds.”

“Despite the claims by Justice Department officials of a criminal conspiracy 'on a massive scale,' carried out with 'breathtaking flagrancy,' there was no talk of breaking up JPMorgan or any other bank, let alone bringing criminal charges against any of their executives.”

“The rigging of global foreign exchange rates is only the latest in the string of crimes, frauds and criminal conspiracies for which JPMorgan has been fined by US and international regulators.”

“As a result of the crimes perpetrated by JPMorgan and other banks over the past decade, millions of people have had their homes foreclosed, and millions more have lost their jobs, while countless university endowments, pension plans, and municipalities have been swindled out of billions of dollars.”

“... the financial oligarchy and the state officials who defend their interests are effectively immune from prosecution. This tiny elite constitutes not merely a separate economic class, but effectively a separate estate, judged under what are, in effect, a different set of laws. A worker can be thrown in jail for failing to show up for a court date, while bankers who steal billions of dollars get off scot-free.”

“This financial oligarchy controls all the levers of power in contemporary society. The media, courts, politicians and so-called financial regulators are all under the thumb of the Wall Street mafiosos. Far from seeking to restrain Wall Street’s criminality, the government functions to facilitate and cover up for its crimes.”

Full article:

https://www.wsws.org/en/articles/2015/05/22/pers-m22.html

It is very hard someone to believe that something could change, since the only thing that the state authorities can do, is to admit that “As a result of the rescues and consolidation of financial institutions through failures and mergers during the crisis, the U.S. financial sector is now more concentrated than ever in the hands of a few very large, systemically significant institutions.” (official-financial-crises-favor-banking)

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