Oh Really? Fraud As A Business Model Is News?

Business Crime

Bloomberg, you gotta love ’em.

For some reason, Wall Street never seems to get the message that bribing government officials — and paying each other off– to get access to lucrative municipal-bond underwriting business is illegal. Wall Street has never learned this lesson because the miniscule price it ends up having to pay for misbehaving has absolutely no deterrent value whatsoever.

Of course the poster child at present is Jefferson County in Alabama.

When did I start writing about this?  In 2008.

Aren’t we a bit beyond the point where mainstream media outlet opinion pages should be asking about jail time?  And how about the citizens of Jefferson County, who are still being scammed to this day with ridiculously higher sewer rates as a consequence of this fraud?  Why is not JP Morgan being forced to cover that — to the last dollar?

I’ll tell you why: You, dear reader, have not gotten sufficiently pissed off about being robbed to do something about it.  You still do business with these banks, directly and indirectly.  And you still elect politicians who refuse to prosecute and jail these banksters.  Indeed, even the so-calledLibertarian Presidential Candidate has famously said, on-stage in a public debate, “none of them committed any crimes.

I guess being serially assaulted from behind by these fraudsters is ok with you — after all, you continue to approve it each and every day that you walk into a store, transact with a business that clears transactions through these institutions or vote for someone — whether that be a local, state or federal politician — who has not either promised to or actually has gone after the fraud factory otherwise known as “Wall Street” with a semi-trailer full of handcuffs.

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