Friday, May 22, 2015

Banks Fined $6 Billion; Immediately Promise To Continue Their Criminal Activity. No Joke

Alan: The normalized criminality of The Banking System, coupled with consequent mayhem, injury and death (particularly along the margins) is incalculably more damaging than the cumulative harm done by the entire demographic of low-life felons who inspire the wrath of "good, upstanding Americans."

These "good upstanding Americans" -- in large part professed "Christians" -- do nothing to curb the vility of plutocrats who have enslaved their psyches and corrupted their spirits. Good Americans' sins of omission rival their overlords' sins of commission. 

The systemic criminality of The Banking System -- in conjunction with collateral shenanigans by The 1% -- is largely responsible for the socio-economic marginalization that drives "the marginalized" to commit low-life crimes in the first place. 

Cowboy Capitalism is a perfectly tautological, self-replicating system that funnels ungodly riches to The Top while placing preemptive blame on the poor.

Most Americans cannot believe that Fortune 500 Companies are so cynical that they treat billion dollar fines imposed for deliberate, calculating felonies nothing more than a business expense - a smart way to turn pretty profits.

Teddy Roosevelt: "Malefactors Of Great Wealth... Are Curses To The Country"

  • Matt Taibbi: World's Largest Banks Admit to Massive Global Financial Crimes, But Escape Jail (Again)
    Democracy Now! - No individual bank employees were hit with criminal charges as part of the settlements.
  • Rigging of Foreign Exchange Market Makes Felons of Top Banks New York Times
  • Justice, interrupted The Economist 
  • What these banks did is an outrage, but criminal charges won't hurt them. Allan Sloane

  • Banks say practices that led to conspiracy charges will continue
    Several major banks pleaded guilty to a conspiracy to manipulate currency prices this week, agreeing to pay some $6 billion in fines. In letters to their clients Thursday about the plea, those banks then said that they would keep right on doing the very same things they'd been fined for.

    The banks are permitted more or less to do what they want -- as long as  their clients know they're doing it, explains Bloomberg's Matt Levine:
    Whenever a wave of bank scandals breaks -- mortgage-backed securities, Libor, FX, "bond lies" -- an important theme is always the mutual incomprehension of regulators and the public, on the one hand, who find the banks' behavior obviously abhorrent, and the banks, on the other hand, who are like, "What? This? We've done this forever. We thought it was fine."...
    There is no promise of reform here: The Justice Department caught the banks doing things that it didn't like and fined them billions of dollars, but won't stop them from doing most of those things. As long as there are no more ambiguities or misunderstandings about what they are. It's a weird stalemate.

    Levine calls it "defiance" on the part of the banks, and there's really no other word for it. It's a startling example of how fine the line between normal business practices and outright fraud can be in the financial sector.

    "Plutocracy Triumphant"
    Cartoon Compendium

    "Politics And Economics: The 101 Courses You Wish You Had"

    Pope Francis: Quotations On Finance, Economics, Capitalism And Inequality

    Teddy Roosevelt: "Malefactors Of Great Wealth... Are Curses To The Country"


    “As long as problems of the poor are not radically resolved by rejecting absolute autonomy of markets & financial speculation & by attacking structural causes of inequality, no solution will be found for the world’s problems.,” Pope  Francis said in 224-page document that essentially serves as his official platform.

    Capitalist Pigs And Avarice: The Pathognomic Sin Of Our Age

    "Inside Job"
    Award-Winning Documentary Account Of 2008 Financial Meltdown

    "Christian Conservatism: "The Saved," "The Damned," "The Rich," "The Poor"

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