Whatever the reason, the darkness that started growing around the crimes committed by the big Wall Street banks during the Obama administration has now evolved into such a complete dark curtain that regulators are refusing to say what the crimes actually are that are being settled for huge amounts of money....
Wall Street On Parade
Both Citigroup and JPMorgan Have Now Received Huge Fines for Crimes the Regulators Won’t RevealPam Martens and Russ Martens
How is this different from a bribe?
ReplyDeleteHow is this different from a bribe?
ReplyDeleteShh. It must not be spoken.
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ReplyDeleteThe problem was created in the aftermath of the GFC when bloodlust required punishment of ALL regulated banks rather than criminal acts of a few. Now we have largely irrelevant zombie mega banks that can't grow so they have invested in and created hundreds of small unregulated tech companies to grow into all areas of finance. Because they come under the guise of "tech", they are almost completely unregulated. Nearly all growth in payment systems, deposit taking, lending, financial trading, financial market making, consumer credit, business credit, credit arbitrage.. and much more are done with zero or very light regulation. The largest new deposit taking institutions are non insured tech companies, not banks. There is juicy opportunity for progressives to regulate before a crash, RIGHT NOW. Pretending you are outraged in five or ten years and calling out our good friend Bill Black after the fact to mop up the mess, it's not an acceptable way to run a financial system. Let's not pretend JPM or Citi are in any way as dangerous or a threat to the system like the poorly capitalized, insecure, systemically unstable and poorly designed system of shadow fintechs that run our post GFC system. Wake Up. Do you jobs in DC. stop fighting the last war and focus on today.
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