- Fri May 22, 2015 5:49 am
#58363
I posted about this a while ago but this article goes into depth about how it happened and the impacts.
1.
http://www.sovereignman.com/podcast/ban ... -it-16984/" onclick="window.open(this.href);return false;
1.
They traded against their own customers for personal gain; they used sensitive information entrusted to them to manipulate markets; and now, all they’re going to get is a fine and a slap on the wrist.2.
What’s even more interesting is that after defrauding the public for so many years, the fine that they pay goes to the United States government.3.
The US federal government paid $430 billion just in interest last year on its prodigious debt.4.
Commercial banks own a huge chunk of that debt, and thus earn a huge chunk of that interest. So rather bizarrely, when the government writes them their interest checks, the bankers will get their entire fine right back.5. Remember, from my previous post, most of that fine is tax-deductible and the rest comes out of the shareholders pockets. Amazingly, no one goes to jail.
http://www.sovereignman.com/podcast/ban ... -it-16984/" onclick="window.open(this.href);return false;
- By johnforbes
- By brandon