JPM has been caught manipulating energy and aluminum markets, which is just another walk in the park for the “untouchables”. The most notorious of the bankster banks, JP Morgan, has been caught AGAIN violating THE LAW. A list of the frauds, that has resulted in $7 BILLION worth of fines in the last two years, but no jail time, can be found here).
I believe that banking institutions are more dangerous to our liberties than standing armies — Thomas Jefferson
Equally nauseating as the crime itself, is the (non)response by REGULATORS (those would be GOVT EMPLOYEES that some people want more of because they idealistically think it will make a difference). Just as in the Bernie Madoff case, the regulators have known about the frauds for a long time, but failed to act because the regulators and everyone in the food chain either make too much money off the fraud, or they are blackmailed with information obtained from the NSA, or they are promised high paying jobs when they leave govt.
On a positive and funny note, SAC Capital’s CEO, Steve Cohen appears to be getting his just deserts. Not only has he been indicted for MASSIVE AND SYSTEMIC insider trading, but one of the companies he destroyed by naked short selling, Overstock.com, is getting some well-deserved revenge. On Saturday, Overstock.com CEO Patrick Byrne colorfully explained in his own words why he took out a full-page ad in The Wall Street Journal mocking SAC Capital’s Steve Cohen. As you read this piece, please note how long this fraud lasted and all the bank execs (especially Merrill Lynch) that were involved.
People like Bernie Madoff and Steve Cohen are sacrificial lambs, which occasionally must be offered up by the banking gods when the heat gets ratcheted up to high. Only when fraudsters like Blankfein, Dimon, and Blythe Masters go to jail will anything change, and that will only happen when politicians lose their job, minimum time limits are placed on government employees that are courted by lobbyist, and term-limits are instituted (de facto term-limits can be implemented immediately).
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered — Thomas Jefferson