It all culminated with yesterday's settlement in which five of the world's biggest banks, including JPM, Citi and Barclays, agreed to plead guilty in a currency-rigging probe.
And, to Bloomberg's dismay, the public yawned.
Bloomberg's amazement continues:
Barely more than a year ago, criminal charges against major U.S. banks were considered unthinkable, with lawyers and analysts viewing felony convictions as a death sentence and a threat to the financial system.Now, by granting waivers allowing lenders to keep operating even after a felony plea, the government has managed to punish firms while protecting them from fatal consequences.
Others, including those who work in the industry, are just as amazed:
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Others, including those who work in the industry, are just as amazed:
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4 comments:
Penalties, if any, will go to government, where they will disappear from view. The money to pay for the penalties will be exacted from the public in the end, and in that end, as always, the little people are left holding the bag.
But they thew Martha Stewart in jail.
What's wrong with that picture?
THIS----
Hundreds of thousands of people, you know, regular citizens, cannot get a job because of a felony, but our "leaders" and "representatives" (WHO are they leading and representing??)
have made it possible for BANKERS with felony convictions to continue to play with BILLIONS of dollars of OUR money.
And poor people who protest that are just whiners and thugs? And when I complain about "two sets of laws", bozo goofs come back and act like there isn't???
You people (mostly, the ones who "aren't doing anything wrong") better start paying more attention to something other than price ratio's and stock indexes.
Equal justice under the law FOR EVERYONE.
It's really hard to argue against THAT, but, I know you will.
Keep cheering!!
Penalties just get recycled into political donations.This is why the working class of people cant get ahead,they lend at 0% to the rich so they can live large while the working class gets 0% on savings and investments and spends there principle to survive.
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