I highly recommend the movie, The Big Short,
(which should have won Best Picture at the
Oscars earlier this year) which tells the story of
how Goldman Sachs and the rest of the Banksters blew
up thereal estate bubble whose collapse precipitated
the Great Recession.
It is Goldman Sachs world, we just live in it.
So, this week the Banksters have to give back some of the money they stole.
How would that work for the armed robber in the picture?
He gets away with $100,000, and gets caught.
And the government says, well, give back, say, $50,000
and don’t you worry about jail time.
What is a Bankster?
a member of the banking industry seen as profiteering or dishonest.“nothing ever seems to happen to any of the banksters who caused all the problems in the first place”
From the Eric Tucker Associated Press article linked to above:
“The worst thing about all of this is, once again, not one single individual is being held accountable,” said Dennis Kelleher, CEO of Better Markets, a consumer advocacy group. “Banks don’t commit crimes— bankers do. And until bankers are punished individually and significantly, the crime wave on Wall Street is going to continue.”
Another advocacy group, Public Citizen, said there’s “not even the illusion of accountability” in the settlement.
So, this get out of jail free card cost the Banksters:
It requires the bank to pay a $2.39 billion civil penalty and an additional $1.8 billion in relief to underwater homeowners and distressed borrowers, along with $875 million in other claims.
Banksters Too Big To Fail?
Yeah, it is worse than I have described so far.
To push the bank robber analogy, not only would he keep half the money he stole, and face no criminal charges, but you, the taxpayer-homeowner who got screwed by them in the first place, would BAIL HIM OUT with money he keeps.
Worst of all?
It is happening again.