“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:
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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