Why were banksters fined when the penalty was so tiny compared to the rewards? Why bother?
Bloomberg News reports, “Six Banks Pay $5.8 Billion, Five Guilty of Market Rigging.”
Six of the world’s biggest banks will pay $5.8 billion and five of them agreed to plead guilty to charges tied to a currency-rigging probe as they seek to wind down almost half a decade of enforcement actions.
I could write an entire book on this cruel joke, but no one would read it, so allow me to summarize three key facts in this case:
The media will “ooh” and “ahh” over the “record” fines levied, and laud Attorney General Loretta Lynch as some kind of modern day hero for “sticking it to Wall Street,” while the bankers will be laughing all night with $10,000 bottles of wine and hookers beyond number.
The markets they admit to rigging trade upwards of $5 trillion per day. $5 trillion per day. (No, you’re not even close to understanding how big that number actually is. A trillion is a thousand billion, which is a thousand million… are you starting to get the picture? No, I bet you need to read that again to even begin to start feeling it.) Do you think a measly $6 billion in fines will even be felt by those who confessed to rigging a market of $5 trillion per day for over five years!
JPMorgan chief Jamie Dimon, Citigroup president Michael Corbat, and the rest of their cohorts are giggling uncontrollably, and using $100 bills as Kleenex to wipe the tears of hilarity from their eyes right about now.
No one has, or will, go to jail. No one. Zero. Nobody.
Try holding up your local bank for a lousy couple grand tomorrow and let’s see you avoid jail time when you show up at the police station and admit guilt. Yeah, right. Call me. I’ll visit you in the pokey.
These “penalties” are a pathetic sideshow in the grand modern Central Banking-concocted scheme where bankers buy the best politicians money can buy, and the politicians protect their donors at all costs.
Bailouts, rampant fraud, and no jail time—even when they’re caught red-handed. Welcome to the modern American Fascist Oligarchy, where the big boys party, while you pay the bill.