Why Do Banks Get Away With Murder?

Bank Crime

Why Do Banks Get Away With Murder?

Big banks have copped to heinous crimes that have cost citizens billions of dollars. And it just keeps happening. Daniel Gross on why the madness never ends—and no one goes to jail.

We’re 53 months removed from the Lehman Brothers meltdown. The U.S. bailouts have essentially been wound down at a profit. The Dow Jones Industrial Average is hovering near 14,000, and global bond markets are as calm as the Sargasso Sea. At the World Economic Forum last month, bankers like Jamie Dimon of JPMorgan Chase and Brian Moynihan of Bank of America, strode around proudly, their places and share prices largely restored. To a large degree, we have moved on.

But as William Faulkner wrote: “The past is never dead. It’s not even past.

He could have been writing about the banks. Day after day, our largest financial institutions continue to be revealed as unreformed, largely unrepentant bad actors. Regulators, prosecutors, and plaintiffs in lawsuits continue to unearth scandalous behavior from before, during, and after the credit boom. Bankers conspired with their colleagues, with their counterparts at other banks, and at ratings agencies to milk money through plainly illicit and unkosher means. When caught, frequently indicted by their own emails and instant messages, the banks agree to pay big fines, utter pro forma apologies, and move on. A few people may lose their jobs, and a lot of people may lose their bonuses. But nobody goes to jail.

Why? Prosecutors fear that indicting a highly leveraged, highly indebted institution would trigger a cascade of unwanted outcomes—capital flight, bank runs, disruptions in vital markets. “The greatest triumph of the banking industry wasn’t ATMs or even depositing a check via the camera of your mobile phone,” notes Barry Ritholtz, a money manager and author of Bailout Nation. “It was convincing Treasury and Justice Department officials that prosecuting bankers for their crimes would destabilize the global economy.

The crime without punishment is as predictable as it is infuriating.

Rest here…

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Comments
4 Responses to “Why Do Banks Get Away With Murder?”
  1. c.l.p.a.g. Chris says:

    Talmudic Zionist B.A.R.; Conspiracy of the Black Robed High YAHudai Priests of Satan?
    The ARchons of Lucifer and their CO-CONspiritor Usurious Bankster Gangster Racketeering BrotherHOODS are all IN IT together against the World!

  2. pat farrell says:

    The reason why is this: You gave them permission,when your parents signed a Birth [Berth in Commerce] Certificate.It created a $1,000,000 Bond by the U.S.Treasury.You are actually the “corpus, grantor and Beneficiary.BUT the corrupt govt. is simply ADMINISTERING your portion of that fund [made by all citizen Birth Certificates.You have to take control of that asset,bond,fund, by Copyrighting your name from the Birth certificate with an Affidavit and other documents.I AM a Sovereign,period, no one but GOD and the common sense of my fellow man can tell me what to do.When any asset manager [lawyer,banker,asshole] comes along and claims a debt, you tell them to take a hike,since you have $1,000,000 in the U.S Treasury. All this does is changes WHO is the beneficiary of the asset,YOU ARE! Since it was created [without your permission] therefore revokable.This is so easy for an Irishman like me, because this fucked up bull shit country is run by the lawyers,who are members of the BAR =British Arbitration Regency.ANd I think you know how us Irish fell about the British.If not,watch Braveheart.I AM William Wallace!

  3. Herman Vergara says:

    HSBC Bank. This is an: OUTRAGE: http://www.RollingStone.com/

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