History


SurFeRGiRL30 on Flickr

SurFeRGiRL30 on Flickr

The History of Big Banks

The business model for these “too big to jail” banks is FRAUD, or as Kara M. Stein, Commissioner at the Securities and Exchange Commission (SEC), wrote in her May 21, 2015 dissenting opinion (objecting to the lack of criminal charges against the top executives at the world’s largest banks for rigging worldwide interest rates), the behavior of these executives constitutes:

 
“… a criminal conspiracy to manipulate exchange rates in the foreign currency exchange spot market (“FX Spot Market”), a global market for buying and selling currencies. Traders at these firms “entered into and engaged in a combination and conspiracy to fix, stabilize, maintain, increase or decrease the price of, and rig bids and offers for,” the euro-dollar foreign currency exchange (“FX”). To carry out their scheme, the conspirators communicated and coordinated trading almost daily in an exclusive online chat room that the traders referred to as “The Cartel” or “The Mafia.” Additionally, salespeople and traders lied to customers in order to collect undisclosed markups in certain transactions. This criminal behavior went on for years, unchecked and undeterred.”
 
For those keeping score: The cumulative effect of these frauds means the world’s key price benchmarks for interest rates, energy and currencies–as well as all the markets (money, mortgages, and other commodities)–are all compromised and that those who have profited from these scams have gotten away with paying a pittance (mills on the dollar) of their ill-gotten gains. Not one of these criminals has served any prison time.