12-06-30 Big Banks Have Become Mafia-Style Criminal Enterprises, and Regulators Have Become “Cops On the Take”

Posted on June 29, 2012 by WashingtonsBlog

   

Banks Conspire to Fleece the Public

Two stories this week prove once again that the big banks are literally criminal enterprises.

Initially, all of the big banks have engaged in Mafia-style “bid-rigging” of municipal bonds, to bilk money from every city in the nation … to the collective tune of tens billions of dollars.

And Barclays and other large banks – including Citigroup, HSBC, J.P. Morgan Chase, Lloyds, Bank of America, UBS, Royal Bank of Scotland – manipulated the world’s primary interest rate (Libor) which virtually every adjustable-rate investment globally is pegged to.

And see this. That means they manipulated a good chunk of the world economy.

Other recent stories also show criminal fraud as well. For example, the big banks have been cheating homeowners … especially veterans.

And as Max Keiser explains, banking giants Mellon and State Street shaved money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide:

(Details here, here, here, here, here, here, here, here, here, here, here.)

Indeed, the entire business model of the big banks is fraud. See this, this, this, this, this and this.

Fraud caused the 1930s Depression and the current financial crisis.

Regulators Have Become “Cops On the Take”

There’s no recovery because the government made it official policy not to prosecute fraud (and see this,this, this, and this).

Unfortunately, the cop is on the take … and the government’s only actions are to cover up the fraud and to leave the people holding the bag.