Saturday, November 15, 2014

How to get rich - rob the rest of us

Their fines are a cost of doing business, passed on to their customers. Someone who shoplifts a small amount can end up in prison, these crooks should too.

This week six of the world’s biggest banks – including JP Morgan Chase and Citigroup – agreed to pay $4.3 billion to regulators in the US, UK and Switzerland to resolve allegations they’ve been manipulating key currency rates, racking up huge profits and costing the rest of us a fortune. The story was buried in the business pages but it’s the tip of a gigantic iceberg of fraud. Wall Street keeps paying out billions to “resolve allegations” – which means it settles out of court without admitting guilt, so no one else can sue and no executives will go to jail.

Make no mistake: The Street is up to its old tricks, and unless we resurrect Glass-Steagall and bust up the big banks we’re in for far more. Any Democratic or Republican presidential hopeful with a shred of integrity will put these two initiatives at the center of his or her economic plans. You with me on this?

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