Moral Outrage
Whew! God help us!

Banks too big to fail also too big to jail

Barclays recently coughed up $298 million for violating a US trade law. A judge is still deliberating on a settlement that may cost Citi $70 – 100 million for misleading investors about $40 billion in sleazy subprime holdings. Wells Fargo settled for $200 million after being caught gouging their own customers. This follows a $550 million settlement on the part of Goldman Sachs, and a $600 million deal involving Countrywide and Bank of America.

Why is this issue off the media agenda? If the bankers were Moslems who wanted a mosque in the lobby of JP Morgan Chase, this might change. But better to keep the anger focused on “distractions” rather than the financial practices that really hurt average Americans.

Bear in mind that very little, if any, of this money wrested from the banksters goes back to the people who were ripped off in the first place.

And what have these settlements settled other than payoffs substituting for criminal prosecutions?

While I don’t think filling our prisons with white-collar criminals will fix the economy, it might send an overdue signal. Reuters reported recently: “The American public wants to see bankers’ heads on spikes for triggering a global financial crisis, but so far prosecutors and regulators have come up empty.”

[Excerpt of an article by Danny Schechter, graduate of the London School of Economics and a Nieman Fellow at Harvard]

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One Response to “Banks too big to fail also too big to jail”

  1. It is a far better idea to end the corruption inside American Banks and work our way out from here into the Global Markets. Because if we hold ourselves accountable first then we have set a good example of being credible and accountable for to manage the world banks too. That promotes and attracts investors which will rebuid the Global and American Banking system as well as pay off our Economic debts. Also we can leverage better control of sanctions and force compliance on the terrorists money supply too. We can literally buy our and the Worlds Security.


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