Tuesday, May 20, 2014

And Still, Nobody Goes to Jail

(Reuters) - Credit Suisse has agreed to pay a $2.5 billion fine to authorities in the United States for helping Americans evade taxes after becoming the largest bank in 20 years to plead guilty to a U.S. criminal charge.
Chump change for them. They can shake more than that out of their sofas in Geneva. The DOJ didn't force the bank to hand over its client list. The DOJ didn't have their banking license revoked. Nobody lost their job. Nobody went to jail.

In other words, the DOJ showed up and said, in essence: "Nice little banking operation yo have here. It'd be a shame if something happened to it."

You can tell how hard the bank was hit by this, because the article mentioned that their stock price went up.

After the S&L crisis, Reagan's DOJ got convictions and sent people to jail. Obama's DOJ just extorts money. Ol' Barry's lesson to the banksters is "if you steal, we'll make you pay a bullshit fine."

But it's just another day in the American Oligarchy.
on or about

2 comments:

  1. Old NFO5/20/2014 12:16 PM

    Yep, it's no longer about the enforcement of LAWS it's about how much money one can get NOT to enforce... sigh

    ReplyDelete
  2. FrankC5/20/2014 8:13 PM

    $2.5 billion. Do you want that in dollars or a hard currency?

    ReplyDelete

House Rules #1, #2 and #6 apply to all comments. Rule #3 also applies to political comments.

In short, don't be a jackass. THIS MEANS YOU!
If you never see your comments posted, see Rule #7.

All comments must be on point and address either the points raised in the blog post or points raised by commenters in response.
Any comments that drift off onto other topics are subject to deletion.

(Please don't feed the trolls.)

中國詞不評論，冒抹除的風險。僅英語。

COMMENT MODERATION IS IN EFFECT UFN. This means that if you are an insulting dick, nobody will ever see it.