Great writing this week from David Malone on the twilight of justice in our modern economy. In light of the recent scandals surrounding virtually all of our global too-big-to-jail financial institutions, and virtual admission by our own Department of Justice that large banks are too big to prosecute, David Malone provides us with a list of the corporations that are being given a free pass to shred existing laws and regulations for profit.
“So … what does it take? How many billions of dollars do you have to launder for drug lords and how many economic sanctions do you have to violate before someone will consider shutting down a financial institution like this?”
there was no answer because the real truth is that there is apparently no crime heinous enough to force the cops on the beat to put a large bank out of business. David Malone takes a closer look at the international banking cabal and the institutions and organizations which are thwarting existing law at every turn to further their agenda and enrich the executives and those connected. As Jesse describes it, “This isn’t about lack of proof or the complexities of financial crimes or showing who knew or proving actual intent. It is not about proof or criminality at all. It is about there being a new category of financial entity which our law makers and prosecutors have decided for us, is above the law. They are called G-SIFIs, Globally, Systemically Important Financial Institutions or G-SIBs, Globally Systemically Important Banks.”
Malone gives us a list of the global to-big-to-prosecute corporations as decided upon by the FSB (Financial Stability Board). It’s a who’s-who among crony capitalist crooks who loot the public purse to promote their well being. Malone also notes the combined assets of said institutions totaling over $42 trillion according the Banker’s Almanac. The implications of such monstrous proportions are pretty clear, and thus we have regulators who are afraid of bringing down the system by poking through the fake veneer of their mark-to-fantasy derivatives-laden balance sheets.
The really sad part of this story is that our own teleprompter in chief had an opportunity to put a stop to this madness here in the states. There was popular support and political will to make a substantive change in 2008. As Obama himself described the situation, he was the only thing standing between the control fraud bankers and the pitchfork-wielding public. What Obama did in that moment of crisis will forever seal his legacy. For as much as he might think of himself as progressive leader and savior, the truth of the matter is that his total capitulation in the name of compromise was a total sellout to the banks. Instead of using the pitchforks, Obama handed our largest banks a blank check backed by American taxpayers. No surprise that they’ve been playing at the casino for the last four years as a result, raking in huge bonuses for themselves every step of the way.