Banks plead guilty

[ThunderCat98]

http://mobile.nytimes.com/2015/05/2...y-and-interest-rate-cases.html?_r=0&referrer=

You mean we can't trust large, multinational corporations to follow the law and look out for the best interests of their customers? Who knew??? Btw, notice no one is going to prison for this.

 

[HerdandHokies]

Whoever allowed that second sentence to be published should be hanged for crimes against readability.

 

[i am herdman]

Damn near treasonous and an attack on the USA.

 

[CockyHerd]

Just go to Rolling Stone a read some of Matt Taibbi's stuff on this.........Capitalism at it's finest.

 

[HerdandHokies]

Unrestrained, completely disloyal capitalism.

 

[Raoul Duke MU]

Unless someone goes to prison, it doesn't mean shit.

 

[banker6796]

I agree Raoul. There's a difference between mistakes and planned, deliberate action. Those traders knew what they were doing and it's no different than any common criminal fraud scheme. The sad thing is the government doesn't prosecute the individuals because the banks are more than willing to hand over company assets with little fight for that accommodation. All the fed and states want is the money, they don't want to fix the problem. If they fixed the problem they would lose their income stream from the fines. Basically, it's an indirect tax. The government let's these banks steal from the customers and then takes a portion of the stolen gains. The money being paid isn't the bank's money, it's the money of the companies and consumers that got ripped off.

 

[HerdandHokies]

What? You think the politicians care about the money from the fines? They're after the money, sure, but it's naive to think its the money going to the government, on the books.

 

[CockyHerd]

And now the banks and financial institutions move on to the next scam.

The reverse Robin Hood......Steal from the Middle Class and give to the rich.

 

[-Olen-]

Anti-competitive, collusive, cartel-type activity is not free market capitalism.

 

[CockyHerd]

Not enough money in free market capitalism for them.

 

[raleighherdfan]

Olen is correct. Actual Free Market Capitalism died long ago when the govt got into the business of "protecting" the little guys and promoted their ability to create "fairness" for all. Anytime I hear a bureaucrat/politician speak to "protecting the little guy and insuring fairness"..........I run. Might as well assume you are getting boned. Free Market capitalism isn't supposed to be "fair". And the new forms of govt "protection" are more about locking out competition, guaranteeing mediocrity and putting in the glass ceilings that the little guys struggle to break.

When your bureaucratic job is insured by billions $ in collected fines, no reason to make an effort in eliminating the law breakers.

 

[-Olen-]

Olen is correct. Actual Free Market Capitalism died long ago when the govt got into the business of "protecting" the little guys and promoted their ability to create "fairness" for all. Anytime I hear a bureaucrat/politician speak to "protecting the little guy and insuring fairness"..........I run. Might as well assume you are getting boned. Free Market capitalism isn't supposed to be "fair". And the new forms of govt "protection" are more about locking out competition, guaranteeing mediocrity and putting in the glass ceilings that the little guys struggle to break.

When your bureaucratic job is insured by billions $ in collected fines, no reason to make an effort in eliminating the law breakers.

Regulatory creep has turned the US economic system into something like (or is de facto) state capitalism. Even though the "state" doesn't technically own the businesses, when the regulatory schemes are devised in such a way that one has to bend to the will of the state to receive approval to operate, then one is not an owner but a subordinate of the state. Good example is the coal industry and MSHA, esp. with regard to air ventilation plans significantly more narrow than called for by the regulations (saw that first hand).