Banksters admit rigging markets since 2007, ‘fined’ 33% of 1 quarter’s income while looting tens of trillions tax-free
by Carl Herman, Washington’s Blog
Asset-hole and so-called “too big to jail” banks admitted criminal looting through market manipulation and collusion last week, and will return a mere 33% of one quarter’s income without prison sentences (total “fine” of $5.7 billion from $15.5 billion 2015 1st-quarter combined incomes – see below).
- this is a bankster operating expense for pretending to operate under law that will be paid by the shareholders,
- “regulators” serve in government “minor league” positions until “called up” to work for the banksters in the “big leagues,”
- requiring the banks to “fire” eight responsible executives without prison sentences just allows them to be rehired by other banksters to resume “business” as usual.
In Orwellian language, US Attorney General Loretta Lynch claimed the “fines” are “fitting” and “commensurate with the pervasive harm” of the banks.
“Today’s historic resolutions are the latest in our ongoing efforts to investigate and prosecute financial crimes, and they serve as a stark reminder that this Department of Justice intends to vigorously prosecute all those who tilt the economic system in their favor; who subvert our marketplaces; and who enrich themselves at the expense of American consumers,” said Attorney General Lynch. “The penalty these banks will now pay is fitting considering the long-running and egregious nature of their anticompetitive conduct. It is commensurate with the pervasive harm done. And it should deter competitors in the future from chasing profits without regard to fairness, to the law, or to the public welfare.”
Of course, Attorney General Lynch is a criminal lying sack-of-spin because she ignores the massive trillions of looting every year:
- Banks creating what we use for money as debt owed to them, with the fundamental fraud that debt is “money” and somehow good for us.
- The .01% have already looted ~$30 trillion, placed in shell companies in tax havens. One to three trillion would end poverty forever on Earth, and save ~one million children’s lives every month from gruesome slow deaths while decreasing population growth rates.
- The US top seven banks have ~$10 trillion in these tax havens, according to the Federal Reserve.
- The top US banks gamble in ~$300 trillion in derivatives (awesome infographic here from Demonocracy).
From Washington’s Blog also documenting rigged markets in derivatives, energy, commodities, gold, silver, interest rates, high-frequency trading, and more:
It has long been known that currency markets are massively rigged. And see this, this, and this. Indeed, not only do the banks share confidential information with each other … they also shared it with a giant oil company.
… New York’s state financial regulator called it “a brazen ‘heads I win, tails you lose’ scheme to rip off their clients.” The formal admissions by the banks include a trader saying, “We trying to manipulate it a bit more in ny now . . . a coupld buddies of mine and I.” And a vice president of a big bank said: “If you aint cheating, you aint trying.”
- Barclays “fined” $2.3 billion; 2015 1st-quarter income of $2 billion.
- Citigroup: “fined” $1.3 billion; 2015 1st-quarter income of $4.8 billion.
- JPMorgan: “fined” $892 million; 2015 1st-quarter income of $5.9 billion.
- RBS: “fined” $669 million; 2015 1st-quarter loss of $687 million.
- UBS: “fined” $342 million; 2015 1st-quarter income of $2.1 billion
- Bank of America: “fined” $205 million: 2015 1st-quarter income of $3.4 billion
And to see what millions, billions, and trillions look like: