Before our politicians set out on a Wall Street housecleaning, they better take a good hard look at how they themselves and the justice system are handling white collar crime. Talk is cheap and the rich and powerful have every reason to bank on it. Banks invested in volatile and dangerous derivatives that collapsed and left taxpayers holding the bag. Heads of the companies got golden parachutes and Riviera retirement. Recently, JP Morgan Chase & Company won the dismissal of three private antitrust lawsuits, which had charged the country’s largest bank with rigging the market for silver futures contracts traded on the COMEX.
Deutsche Bank got busted for London spot price manipulation, just a month ago. There is no doubt whatsoever that manipulations and outright breaches of the law occur regularly. There seems to be no downside to what banks feel they can get away with, so apparently they feel the need to push the envelope. However, the only real confusion is caused entirely by this country’s willy nilly application of justice. And the only common denominator to those able to avoid prosecution is the incredibly deep pockets necessary to pay off all the necessary parties. But if your golden parachute includes a get out of jail free card, how much of a deterrent is there, if at all. The news hasn’t carried anything about it, but there’s a whole new crop of derivative investments that will be bankrupting more banks and taking a toll on taxpayers soon enough, courtesy of our “too big to fail” philosophy. But we should just be honest about it. Let’s call the banks what they truly are…too big to care.
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