Simon Black – [On May 20, 2015] it was reported that some of the largest banks in the world were slammed with yet another stiff fine by the United States government.
This time it amounted to roughly $5.7 billion, after the likes of JPMorgan, Barclays, Citigroup and RBS admitted to criminal wrongdoing in years of manipulating currency markets.
The word “crime” is derived from the Latin word crimen. In their day, Romans were incredibly creative at dealing with their own criminals: crucifixion, torture, beheadings, were all commonplace. Some people were put into sacks with wild animals and then thrown into the river.
The bankers being charged now had spent years abusing the public trust.
They traded against their own customers for personal gain; they used sensitive information entrusted to them to manipulate markets; and now, all they’re going to get is a fine and a slap on the wrist.
It’s unlikely that anybody is going to go to jail, or that any individual will be held accountable—except for potentially a token scapegoat. Continue reading