The 19 biggest US banks will have to show they are on course to comply with the “Basel III” banking reform package as part of next year’s Federal Reserve stress tests even though the US will not have formal rules in place, global regulators pledged on Friday.
And what if they don’t? Remember that The Fed, the OCC and Treasury have all dragged their feet on this, and have even gone so far as to suggest that the middle finger is more akin to the actual response to Basel III.
The FSB also said in a statement that in the US the relevant agencies took “very seriously” their commitments to implement Basel III and were working “to conclude the rule-making process as expeditiously as possible….”
Yes, the “relevant agencies” will double their porn-surfing quota in the United States. That way they’ll have something to diddle other than the banksters and their accounting status (not to mention all the other games being played with derivatives, “mark to fantasy” and the like.)
Jonathan Sugarman, who was one of first big whistle blowers in Ireland (who has been “pursued” for telling the truth, incidentally) gave an interview on Greek TV, which is rather interesting even though I can only understand part of it as the translations (in the background) are incomplete.
He brings to the forefront the real question which is this: How many of the banksters have gone to prison? (The answer, of course, is “Zero!”)
Of course there is also Iceland — where they did jail the banksters and refused to bail them out, nor did they pay the extortion demanded by international banksters. Did the world end? Nope.
Of course you don’t see that reported in the US media; you have to go look at Pravda to find it! It is nonetheless true; gee, what sort of free press do we have in the western world when nobody seems to want to talk about a little nation that literally stuffed the people who had screwed the public in a nice jail cell instead of rewarding them and suckling their <omitted>.
Oh wait — there has been some reporting on this. Bloomberg did highlight some lefty accolades of Iceland’s policy steps — kind of.
But isn’t it funny how none of the other nations seem to think this is the appropriate path forward, when in fact none of their “programs” have worked but Iceland’s did?
We need to start locking up the banksters and de-fang their BS strum-and-furor game, starting with the biggest of them.
That is, if we’d like this result:
Unemployment, which jumped nine-fold between 2007 and 2010, eased to 4.8 percent in June from a peak of 9.3 percent two years ago.
If you want jobs, the answer is simple: Jail the banksters.