The deregulation winds blowing through Washington could add $27 billion of gross profit at the six largest U.S. banks, lifting their annual pretax income by about 20%.American Banker
Lawyers representing traders who allege they were ripped off by a group of colluding global banks filed eye-popping evidence in a Manhattan Federal Court yesterday showing that even as global banks were being criminally probed for rigging currency markets, they continued to engage in rigging the silver market, with a UBS trader referring to the group as the “mafia.”...
With the evidence filed yesterday, there is no longer any justification for the Justice Department to dawdle further. From Libor rigging, to currency exchange rigging, to precious metals, to the charges of stock market rigging made in the Michael Lewis book, Flash Boys, there is an overarching appearance that every market has been rigged against average investors. We need a Justice Department that will grab the reins to restore trust, transparency and honest dealing in U.S. markets.Wall Street On Parade
Former Secretary of State Hillary Clinton, in her debate with Senator Sanders minutes ago, said that she went to Wall Street and told them to stop their “shenanigans.” The context was that she was being asked to respond to the complaint that she was too close to on Wall Street billionaires. She had every incentive, therefore, to demonstrate how tough she would be on Wall Street. In that context, the best she could muster was the pusillanimous “shenanigans.” …
Hillary cannot bring herself to use the “f” word in the context of Wall Street CEOs leading the largest and most destructive fraud epidemics in history – frauds that made them spectacularly wealthy. A few minutes later, Bernie said that “fraud” was Wall Street’s business model.…New Economic Perspectives
