In 2008 when millions of people all over the world lost their life savings and everyone’s stock and/or retirement portfolio was decimated our government rewarded the banks with millions of dollars in bailout money and many of the very people responsible for the bank failures received millions in bonus money. US taxpayers funded the $700 billion TARP bailout and the banks today are in worse shape than they were then. The corrupt DOJ simply declared the banks “too big to fail”, which also meant too big to jail.
American Aljazeera (why anyone would believe anything from them is beyond me ~but this makes perfect sense), claims Congress has intentionally starved white-collar law enforcement financially as a subtle and lucrative favor to the crooks and connivers among the political donor class. The big banksters now know through experience that neither the Securities & Exchange nor the Dept of unJustice is going to prosecute anyone. The banks accept their fines as a cost of doing business and go right on doing what they were doing.
Not Iceland. First of all there was no bank bailout. According to Activist Post, the banks failed and the country incurred massive debt which it is still repaying to the IMF & eight other countries. Icelandic President, Olafur Ragnar Grimmson, summed it up best in his response when asked how his country recovered from the global financial crisis.
“We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the people and didn’t introduce austerity measures like you’re seeing in Europe.“
And it took awhile, but they have just prosecuted those responsible for the banking collapse and sent them packing! Twenty-six bankers and financiers have been sentenced to a combined prison time of 74 years!
Not the USA though. They just go whistling away talking tough about corrupt Wall Street, while taking huge campaign donations from them. The Dept of unJustice today declared there would be no criminal charges for ex-IRS official Lois Lerner or any other IRS employees. After a 2-year investigation they simply had no evidence of a crime. Ha!
Aloha, Mikie ~just a blogger (fightin’ like a girl)
~Psst, tired of politics? I‘ve just returned from a road-trip so Check out Travel in the Categories drop down menu (right side panel) for my blogs posted from interesting locations during my travel adventures.