Thanx to Clinton and his DLC a/holes we are stuck in this vicious cycle of banks dictating to the society……..the repeal of Glass-Steagall made it possible for banks to gamble with others money and not face any charges for their complicity in the fraudulent practices of a few big banks in the schemes……
Oh yeah the Obama admin passed a reform bill and some toothless regulations to make us think that we are safe to return to the “markets”……I disagree….I believe that this will happen again and the banks will be more covert in their operations…..but at least the present admin is trying to do something….JP Morgan has been hit with a little fine and Bank Of America as well….but they continue their fraudulent practices……
The FDIC has tried to change stuff………
The Federal Deposit Insurance Corp sued 16 of the world’s largest banks on Friday, accusing them of cheating dozens of other now defunct banks by manipulating the Libor interest rate.
The global financial institutions broke certain swaps contracts they had entered into with the now-closed banks, by separately colluding to rig the Libor rate to which the contracts were tied, the FDIC said.
They have also been sued by investors and others who claim they lost money due to the manipulation. A federal judge last March dismissed many of those claims that were based on antitrust law, but has yet to rule on cases that rely on the “breach of contract” theory used by the FDIC.
The lawsuit also accused the British Bankers’ Association, the U.K. trade organization that during the period at issue administered Libor, of participating in the scheme.
The BBA had said it independently monitored the banks’ Libor submissions, and represented that Libor was a “transparent” benchmark, even though it knew those statements were false, the FDIC said. A representative of the BBA declined comment.
The banks named as defendants include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, and Royal Bank of Scotland Group PLC.
Other defendants in the lawsuit are Rabobank, Lloyds Banking Group plc, Societe Generale, Norinchukin Bank, Royal Bank of Canada, Bank of Tokyo-Mitsubishi UFJ and WestLB AG.
Everybody wants me to be responsible for the stuff I do then corporations, who are people now, should be held to the standard that the rest of us are held……..if they commit a crime it is time for jail time and total restitution.