This article is about criminal bankers in London. I’ll tell you right now, and very plainly: America’s bankers are every bit as evil—and worse. Also, our government protects those here, just like European governments do over there.
From Wall Street Insights & Indictments: “Justice? Not When There’s This Much Money.”
Lloyds just paid $350 million fine for its part in manipulating the Libor, the London Interbank Offered Rate, only the most important interest rate on the planet.
The Libor is so important because bankers use it to calculate the cost, value and price of trillions of dollars of loans from sea to shining sea.
That Lloyds got caught isn’t the travesty.
That’s just the cost of doing business.
The travesty is that Lloyds suspended two traders linked to the manipulation scheme. Not fired –suspended.
But it gets better.
One of the traders, who isn’t supposed to be named – psst, it’s Clive Jones – has been suspended before. That’s right. Jones rejoined Lloyds in mid-2012 as global director of money markets after being suspended for presumably manipulating Libor.
Of course, Jones said he didn’t do that. And, of course, the bank’s internal investigation team presumed he didn’t, so they let him come back to work on his next bonus.
The other derivatives trader the bank suspended, who you’re not supposed to know, is John Argent(while British, I don’t think he’s related to Rod Argent of “Hold Your Head Up” fame). And he’s probably going to get his job back, too.
These sociopaths add nothing to the real economy. They produce no products, provide no necessary services, but make part of their gains by playing complex games with numbers, and the rest by skimming fees from others—in that regard, they’re like toll booth operators on the financial highway who personally invest nothing to build or maintain the road.
They bet high and win, and they get big bonuses. They bet high and lose, and you (the taxpayer) bail them out, because they’re “too-big-to-fail,” of course. They manipulate and break the law to reap trillions, and pay a fine of a few hundred million or a billion, and keep on rolling.
All of this made possible by the Federal Reserve, and Central Banks around the world, who exist almost solely to protect the criminality and its gains, and to invest a part of their booty in buying politicians who will keep the show going.
Who owns the stock of the so-called Federal Reserve? Private banks do. And you think the Fed cares about protecting you, not the banks? Puh-leeze!