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:
Current humans empowered with the facts are actively engaged to shatter humanity’s collective Emperor’s New Clothes deceptions. The general public would never consent to what’s being done to them if empowered with accurate comprehensive information of their conditions. The informed are motivated to create a new future of peace, technological advance, and cooperative happiness.
The ongoing costs of Earth’s history controlled by a .01% group of literal psychopaths (and here), extending to our world of the present, are annual war and poverty murders of millions, harm to billions, and looting of trillions.
Our case is as clear as asserting a baseball pitch ten feet over everyone’s head is not even close to the definition of a “strike,” with video evidence for anyone’s independent review and analysis. Ironically, if we were discussing baseball rather than wars, money, and media, Americans would never allow their sacred game to suffer such Emperor’s New Clothes propaganda.
When enough people are willing to apply their educations to look, and exercise their integrity to state simple facts, humanity will be in position to seize the alternative of a brighter future for all Earth’s inhabitants:
- Peace, as the 99.99% realize they’ve been lied-into unlawful wars by the same nations who colonized every part of the planet, then engaged in two world wars among themselves.
- Prosperity, as what we use for money is created debt-free for direct payment of public goods and services, and as at-cost credit to allow good-faith transparent experimentation to optimize public benefits rather than oligarchic .01% looting in the tens of trillions.
- Truth, as media work to report on good-faith exploration of what’s possible for all the inhabitants of our beautiful and currently viciously dominated planet Earth (consider here, here, here, here, here, here, here, here, here, here, here, here for current good-faith work to reveal challenges and possibilities).
Note: I make all factual assertions as a National Board Certified Teacher of US Government, Economics, and History, with all economics factual claims receiving zero refutation since I began writing in 2008 among Advanced Placement Macroeconomics teachers on our discussion board, public audiences of these articles, and international conferences. I invite readers to empower their civic voices with the strongest comprehensive facts most important to building a brighter future. I challenge professionals, academics, and citizens to add their voices for the benefit of all Earth’s inhabitants.
Carl Herman is a National Board Certified Teacher of US Government, Economics, and History; also credentialed in Mathematics. He worked with both US political parties over 18 years and two UN Summits with the citizen’s lobby, RESULTS, for US domestic and foreign policy to end poverty. He can be reached at Carl_Herman@post.harvard.edu
Note: Examiner.com has blocked public access to my articles on their site (and from other whistleblowers), so some links in my previous work are blocked. If you’d like to search for those articles other sites may have republished, use words from the article title within the blocked link. Or, go to http://archive.org/web/, paste the expired link into the box, click “Browse history,” then click onto the screenshots of that page for each time it was screen-shot and uploaded to webarchive. I’ll update as “hobby time” allows; including my earliest work from 2009 to 2011 (blocked author pages: here, here).