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“Too Big to Fail” Apparently Means “Too Big to Jail”

May 13, 2015


    As we near the 2016 U.S. Presidential election, one of the major talking points will be the corruption of the big banks.

    In recent years, populist lawmakers like Sen. Elizabeth Warren and Sen. Bernie Sanders have begun asking questions that will no doubt make many of the big banksters uncomfortable, especially if those questions are broadcast before the American people in the upcoming 2016 Presidential debates.

    Here are a couple of examples that are definitely worth watching.

    Sen. Elizabeth Warren Grills the Bank Regulators Over “Too Big For Jail”

    Sen. Bernie Sanders Slams Ben Bernanke Over Bank Bailouts

    The last thing the banksters want the American people thinking about is how to rein in the excessive size and power of the big banks.

    In fact, the big banks are reportedly preparing early for the inevitable anti-Wall Street rhetoric.

    According to the Wall Street Journal:

    “Senior executives from seven of the biggest U.S. banks gathered or dialed into a March 31 meeting on the 51st floor of the Bank of America Tower in New York to discuss the upcoming election cycle and how the firms can counteract what they view as false and damaging statements about large banks.”Banks Prep Defense for Anti-Wall Street Campaigns - WSJ

    I’ll have plenty more to say on this topic as we get closer to the 2016 elections. But for now, consider just a handful of the high crimes recently committed by the big banks.

    “When average Americans are sent to jail for life for growing plants in their backyard while big bank executives walk the streets after destroying the economy and laundering money for terrorists and drug lords, you know the revolution is almost here.”

    Deutsche Bank hit with $2.5B fine due to rate rigging (CNBC)

    After being busted for engaging in a “a widespread effort to manipulate benchmark interest rates for financial gain,” Deutsche Bank pled guilty and was forced to pay a $2.5 billion fine and to fire certain employees who engaged in interest-rate rigging. No one went to jail.

    HSBC to pay $1.9 billion in US money laundering penalties (BBC)

    In 2012, HSBC was busted by regulators for acting as a conduit for “drug kingpins and rogue nations.” Despite being found guilty of laundering money for known terrorists and international drug cartels, the bank settled for a $1.9 billion fine. No one went to jail.

    Credit Suisse pleads guilty to criminal charges in US tax evasion settlement

    Credit Suisse in May 2014 pled guilty to criminal charges that included subverting disclosure requirements, destroying bank records, and concealing transactions all in an effort to help wealthy Americans illegally evade taxes. The bank was slapped with a $2.6 billion fine. No one has gone to jail.

    JP Morgan Chase agrees record $13bn settlement charges over toxic mortgages

    In November 2013, America’s largest bank JPMorgan Chase was hit with a $13 billion fine after admitting to knowingly bundling toxic mortgage loans and selling them off to unsuspecting investors. No jail time.

    BNP Paribas regrets misconduct that led to record $8.8 billion fine

    In July 2014, France’s biggest bank, BNP Paribas, agreed to an $8.8 billion settlement with U.S. regulators after they admitted to violating Western sanctions against Iran, Cuba and Sudan by conducting business with those countries. Soon after the fine, the bank raised its stock dividend and no one went to jail.

    This is just a small sampling of the known crimes committed by the big banks in recent years. No wonder they are worried about becoming a major focus of the 2016 election cycle.

    With the massive growth of income inequality in America, they should be concerned.

    When “too big too fail” also means “too big to jail”, the time for reform becomes obvious.

    And when average Americans are sent to jail for life for growing plants in their backyard (cannabis) while big bank executives walk the streets after destroying the economy and laundering money for terrorists and international drug lords, you know the revolution is almost here.


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