US Banks Funnel Drug Money? What Else Is New?

Did the banks funnel drug money to Columbian traffickers? The International Business Times reports: U.S.-based accounts at Citigroup Inc. (NYSE:C), Deutsche Bank AG (ETR:DBK) and Bank of America Corp. (NYSE:BAC) were used to channel tens of millions of dollars’ worth of global drug money that was sent to shady Colombian currency brokerages, an affidavit from an undercover Massachusetts detective obtained recently by 100Reporters says. The revelation comes as the U.S. Justice Department has been Read more […]

Bank of America Crimes Are Taxed, not Punished

How should we think of Bank of America crimes? Pretend for a moment that you’re a master-criminal, or a major national or international banker (but I repeat myself), and you make trillions of dollars from swindling others. Then, the big, bad sheriff Eric Holder comes to town–ropes you into court–and hits you with a $17-billion fine, but no jail time. Think you’d change anything about how you do “business”? Of course not. [See also, “Sorry ‘Distressed Borrowers,’ Politicians Steal Read more […]

Even Establishment Economists See The Bank Run Coming…

I’ve said it, and you don’t listen to me… so how about when a former Harvard economics professor says it, on PBS? Before I explain, let me disclose that I have been a stopped clock of criticism of the Federal Reserve for half a decade. That’s because I believe that when the Fed intervenes in markets, it has two effects — both negative. First, it decreases overall wealth by distorting markets and causing bad investment decisions. Second, the members of the Fed become reverse Robin Hoods as Read more […]

Jail Martha Stewart & Ignore Bernie Madoff: Prosecute Petty Thieves To Cover For Banker Crime Lords

From the Washington Post: A bank executive in the Hampton Roads area of Virginia was sentenced to 23 years in federal prison. Another from Orlando received eight years. In Stockbridge, Ga., a top bank officer is serving 12 years. At a time when the government is being criticized for not holding senior bank executives liable for crisis-era crimes, a little-known federal agency is compiling a growing list of criminal convictions. Since 2008, the Office of the Special Inspector General for the Troubled Read more […]