And Bankers Think They are Off the Hook?




“…until banks stop acting as criminal enterprises, and outside agencies thoroughly investigate and fully prosecute banks and their executives for criminal activity, we will continue to move towards a government of the banks, by the banks and for the bankers”

WASHINGTON - JANUARY 13: (L-R) Lloyd Blankfein...

The Bank Boys give evidence Image by Getty Images via @daylife

“…The clearest manifestation of the financial industry’s power is its ability to consistently avoid criminal charges for egregious acts and barter its way out of serious harm by accepting civil charges and paying off its keepers so this sector’s players can continue to run free.
The numbers are staggering when you consider:
•The hundreds of millions of dollars that banks were fined for their dot-com-bubble “pump-and-dump” scheming back in 2000.
•The $550 million that Goldman Sachs Group Inc. (NYSE: GS) paid to settle allegations that it defrauded its own client in a single deal that came to light last year.
•The $100 million Citigroup Inc. (NYSE: C) had to pay to settle allegations of misconduct stemming from its sale of auction-rate securities.
•And the hundreds of millions in fines JPMorgan Chase & Co. (NYSE: JPM) paid to settle allegations that it defrauded investors in a single collateralized debt obligation (CDO) sale, for bribing public officials in Jefferson County, AL, over a muni-bond scandal, and for bid-rigging to win business in 31 states…”

Read it all here:
The Bank of America Settlement: The Latest Travesty in the U.S. Banking System
Jul 21, 2011 – 07:16 AM By: Money_Morning

UPDATE: Next disaster, the unknown unknowns -“derivatives could seriously destabilise the Eurozone government bond market”

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One Response to And Bankers Think They are Off the Hook?

  1. Pingback: Cyprus: European Economic Heart Attack Ahead? | FrenchNewsOnline

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