BREAKING: Wall Street Is a Sinkhole of Corruption and Fraud
—By Kevin Drum
| Tue Oct. 7, 2014 1:26 AM EDT
The New York Times reports on the latest in Wall Street malfeasance:
With evidence mounting that a number of foreign and American banks colluded to alter the price of foreign currencies, the largest and least regulated financial market, prosecutors are aiming to file charges against at least one bank by the end of the year, according to interviews with lawyers briefed on the matter. Ultimately, several banks are expected to plead guilty.....The charges will most likely focus on traders and their bosses rather than chief executives.
Ha ha ha. That goes without saying. Everyone knows that the CEOs of big banks know absolutely nothing about what's actually going on in their banks.
In any case, I think we might all have an easier time from now on if we wrote stories explaining which areas of banking aren't under investigation for collusion and gobsmacking levels of fraud and corruption. You know, just to save time.
TheBrett • a day ago Oooh! Me-me-me Professor Drum! *Waves hand around*Let me guess. Some talk about punishment, no jail time for the traders or their bosses, a publicly disclosed settlement that sounds big until you realize that it's been set just low enough so that the banks can treat it like a cost of doing business without being seriously penalized financially. Which of course is how the Justice Department and federal government wants it, since they fear the impact of a wounded bank on the world economy more than they want to actually prosecute financial sector crimes.
sandrajeanford TheBrett • a day ago Doesn't levying a fine just say "Hey, cut us in for a share of your ill-gotten gains and we're good to go."
Citizen13 sandrajeanford • a day ago Yes, indeed. Like allowing a Cocaine Cartel to pay its criminal fines in China White.
paul TheBrett • a day ago You forgot the part where they pay tens of millions of dollars to some well-connected Justice Department crony to "monitor" their compliance with the deferred prosecution agreement.
AldousHickmamn TheBrett • 20 hours ago Read the article. DOJ is pursuing criminal sanctions and guilty pleas.
BigBearcatBill • a day ago Has Wall Street (or these rogue personnel, of course not the CEOs) basically got the keys to the US Mints now? Thought the free market was going to dictate things like the value of currencies, ours and theirs. I would call them good gamers, but a real or legitimate game is not rigged as it appears they were doing. Next question, who really controls the Fed Reserve, and SEC for that matter? Too bad a cable show like Elliot Spitzer's on Al Gore's old Current TV is not around covering this stuff as well as that did, he interviewed a few that had some pretty shocking comments kind of warning about these type of things and how deep it goes. Want to hear some comments from that NY AG who gets a lot of interviews on his investigations.
Tillyosu • a day ago Maybe we should elect Republicans and audit the FED?Honestly, is anyone surprised that the department who controls trillions of dollars and is not accountable to the people might be slightly fucked up, corrupt, and hurting us?That said, as someone who spent the entire birth of the recession in a classroom with law and finance professors at the graduate level, I will say there are more complicit parties than the FED.BigBearcatBill Tillyosu • a day ago So why did Hagel and Comey come work for Obama? Honest repubs are not staying to work for repubs. Time to split that party in two, major dishonest part needs exposing, like Enron and Arthur Anderson got exposed and disintegrated, the great repub accounting auditors.
TheRaven Tillyosu • a day ago There's no equivalent to Teahadists among Democrats. Please proceed with splintering the GOP. It's quite entertaining.FThumb Tillyosu • a day ago Should we also split the democratic party in two?It's not already? At least the Dems have more a few members against perpetually feeding the MIC and protecting the .01%.
Deserteagle911 Tillyosu • 16 hours ago It's about red states with low information voters because, you know, Jesus.
RIRedinPA BigBearcatBill • a day ago I'm pretty sure the GOP has already split - there's the TeaOP, where if you are xenophobic, homophobic, racist or a military fetisher you are welcome, then there's the "modern" GOP members, where if you believe that corporations are people and the only thing preventing America from being great is government regulations you are welcome, then there's the social conservatives, where if you think Christianity is constantly under siege in America then you are welcome. The venn diagram overlap would be that we are taxed too much, don't spend enough on defense and something, something freedom.You can't split the Dems up because in order to split something apart it has to be initially unified...the Dem's are made up of people who just don't self identify as Republicans but still want to belong to a major party. But it's so fractured by subgroups they rarely get any momentum on any issue.sandrajeanford RIRedinPA • a day ago Or to put it more simply "I'm not a member of an organized party, I'm a democrat." (paraphrasing Mark TwainBigBearcatBill RIRedinPA • 21 hours ago yep but the dominant head on the monster is the far righty one.Citizen13 RIRedinPA • 18 hours ago Pelosi and Reid got healthcare and financial reform passed, along with the original stimulus and more. And yes- it was herding cats, but it got done.
FelineCannonball Tillyosu • a day ago You spent years in graduate level law and finance classes and all you can say is that Glenn Beck and Ron Paul are missing a few little details?Here's your Republican politicians to the rescue, genius:http://www.washingtonpost.com/...
thersites3 FelineCannonball • 21 hours ago as someone who spent the entire birth of the recession in a classroom with law and finance professors at the graduate level,He didn't mention anything about being awake, just that he was in the same room.
spork_incident randomworker • a day ago Oh, dear randomworker, don't you yet understand that the Fed, like the Illuminati, the Jesuits, and the Jews, is behind everything?.
gyrfalcon randomworker • a day ago One o' these days, we should have a thread where people could explain their handles and/or avatars and why they chose them. Yours, dear Random, is fairly obvious, but I suspect there's a story behind "spork incident."
Snarki, child of Loki gyrfalcon • a day ago I just post under my real name. And stop snickering, all of you!Citizen13 gyrfalcon • 18 hours ago [spews absinthe-spiked coffee out of his nose]
Oh- sorry... thought that was a command.....
[sniff]
Snarki, child of Loki NCSteve • a day ago Wait, the Fed is behind the Freemasons?It's all so very confusing.
Morgan Tillyosu • a day ago You think Republicans have any interest at all in stopping Wall Street corruption? That's hilarious.Chris Farley Morgan • a day ago Just a quick question? Who gets most wall street cash, a dem or repub? Wall street is in what state? What color is that state?FelineCannonball Chris Farley • a day ago Look it up. You dont need to shoot from the hip.Leadership on the banking committees get the most. In the current cycle it's 62% republican money in Congress. 67% Republican in the senate -- as Wall Street evidently expects an R win. Last cycle it was closer to 50:50 in the senate.Look up the "tea party" folks too. They get a lot if they're on the right committee. Rubio, Toomey, Dold.They tend not to fund losers and longshots so Romney did get a lot less than Obama. Maybe that's what you're thinking about. Or the Schumer anecdote.Citizen13 Chris Farley • a day ago While Obama received his largest donations from GoldmanSachs in 2008, that all changed due to Dodd-Franks and his support of it (and the DoJ's aggressive campaign to investigate the major players behind the crash). In 2012, 80% of Wall Street campaign contributions went to the GOP, as they tried so very hard to put Gordon Gecko into the White House.
Aquarian_Dreamer Chris Farley • 20 hours ago Wall street donations Republucan candidates recieve are the largest, dems get money(depending on the state/district) mostly just in case; wall street would prefer they didnt win at all, but they are simply hedging their bets.
oakchair Chris Farley • 11 hours ago Or we could look at which party actually does things to rein in fraudulent and shitty wall street practices.For example democrats voted and created the Consumer protection agency which has forced wall street to return billions to consumers for being dishonest or fraudulent; republicans on the other hand tried their hardest to block the Consumer protection agency.Democrats passed the credit card reform act which limited hidden fees etc which reaps consumers tens of billions yearly; republicans on the other hand called it an end to America.
So in short: you're either a complete tool or a complete idiot
Citizen13 Tillyosu • a day ago Yes, who could possibly be more diligent about Wall Street oversight than Republicans?LOL! It's like you've never heard of Dodd-Franks, or the unending assault on the Consumer Financial Protection Bureau. Or much of anything else.The most outspoken voice on Wall Street regulation these days is about as far from Republican as you can get. In fact, she kicked a GOP Senator right off the Hill....
SeanThomes Tillyosu • 20 hours ago " audit the FED?"lulz.you realize GAO already does this right?and who honestly believes Congress, Congress!, has the wherewithal to assess the Fed on anything beyond a cursory level?oakchair Tillyosu • 11 hours ago The FED was already audited by the Dodd-Frank act which republicans voted against and wanted/want to repeal....
Reality step into it.
NoKingsYAllComeAlong • a day ago I'm not in favor of abolishing banks. I just want to shrink them down to the size where we can drown them in the bathtub.Snarki, child of Loki ghhshirley • a day ago Something about "The Tree of Liberty needs to be watered with the blood of Patriots and Traitors and Banksters", as I recall.
Red_cted NoKingsYAllComeAlong • 17 hours ago "Everyone knows that the CEOs of big banks know absolutely nothing about what's actually going on in their banks."The Peter Principle suggests that this actually may be true.
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