Didja Get Yer Check Yet? . . . . . No, Me Either

Hey I’m sure the check is in the mail. Five BIG banks, you know those “too big to fail” type, were recently fined by the government regulators & the unJustice Dept. for fraud & rigging in the foreign exchange market (FOREX).

JPMorgan Chase, Barclays, Citigroup and Royal Bank of Scotland in cahoots with USB plead guilty to conspiring to manipulate the price of U.S. currency and euros and manipulating the Libor rate banks.Go to jail

But this is how it works:  Rig the rates, manipulate the currency, screw the public, get caught admit to wrongdoing, pay the fine and keep on going. Notice nobody ever goes to jail and the government never puts anyone on trial (they don’t want their own participation uncovered). The fines seem big, but not compared to how much money they make on their various schemes. It’s just the cost of doing business. And here’s a question for you. What does the government do with that money they collect in fines?

According to a Washington Post article, Attorney General Loretta E. Lynch said the banks had engaged in “brazenly illegal behavior . . . on a near-daily basis.” The scale of the price-fixing scandal is hard to grasp, yet it touched, imperceptibly, almost every company and individual in the financial markets. Lynch said the government “intends to vigorously prosecute all those who tilt the economic system in their favor [and] who subvert our marketplaces.”

Did you get your check yet? Me either!

Government in bed with the big banks is toxic for you and me.

Help pass liberty on to the next generation.

Aloha, Mikie ~just a blogger (fightin’ like a girl)

~Psst, tired of politics? Check out Travel in the Categories drop down menu (right side panel) for my blogs posted from interesting locations during my travel adventures.

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