Posts Tagged ‘banks’

Yet Another Peanuts Settlement

Tuesday, January 8th, 2013

A few billion here, a few billion there, you’re still not talking about actual accountability…

The banks engaged in wholesale fraud, their executives knew all about it, they destroyed millions of lives, and they got away with it.

So, it won’t be long now before the next casino comes crashing down, as regulators discover that the word “risk” means “whatever you can get away with before the next bailout”.

Oh, and by the way, the banks themselves still haven’t come clean about their trillions in bad loans, some sitting on the Fed’s balance sheet but many still hidden away in the dark recesses of minds like Jamie Dimon’s.

And in Europe, of course, the accounting hasn’t even begun!

What matters first and foremost to the political leaders the banks own, which is to say all of them, is to keep the contributions coming, keep the rich happy, and pretend they care about idiocies like the deficit and the debt (they don’t).

Gorilla says: “A great triumph for capitalism, and the socialized losses that continue to make it all possible!!!”


Why Sanctions Don’t Work

Monday, August 6th, 2012

All you need is one (or more) corrupt banks willing to break the law and launder money for bad regimes

And until the CEOs and Directors of such banks are indicted, preferably for treason, tried, found guilty and sentenced to long prison terms, nothing will change.

Gorilla says: “There needs to be a well founded fear by bankers that they will be imprisoned and lose everything if they engage in treason. Until that fear is real, sanctions and all the rest are just more window dressing for an accountability free era”.


Why Isn’t Bob Diamond In Jail?

Thursday, June 28th, 2012

A criminal conspiracy to fix a market, if that’s not a felony, then what’s the point of the rule of law?

Until governments begin to exert real control over the financial services industry, criminality in the service of risk taking will continue. We need much smaller banks, much greater transparency, and much greater efforts by regulators and central banks to prevent being captured by these con artists.

Gorilla says: “Unless banksters believe their freedom is in jeopardy, they’ll continue doing whatever they please!”


Heading Off A Bank Run

Thursday, September 15th, 2011

Or at least trying to, as 5 central banks offer 3-month dollar loans

The purpose is to provide liquidity because Eurozone banks are not able to get financing from the US market.

Everyone’s temporarily happy, but the real problem remains unaddressed: these banks are woefully undercapitalized and heavily exposed to PIIGS debt, the latter of which will only grow larger if the austerity idiocy continues.

Gorilla says: “They’ve bought a little time, but contagion will be here long before Christmas!”


Quote Of The Day

Monday, September 12th, 2011

Jamie Dimon, CEO, JP Morgan: “I’m very close to thinking the U.S. shouldn’t be in Basel anymore. I would not have agreed to rules that are blatantly anti-American”.

Gorilla translates: “Pro-American would be very close to thinking the first rule of banking regulation is to bail out blatant, bloodsucking failures like me”.


A Small Bit Of Accountability

Friday, September 2nd, 2011

Suing the banks for misrepresenting their toxic mortgage backed securities: should have been done long ago!

And the officials of said banks, who knowingly engaged in fraud, should also be held accountable, preferably through criminal trials.

And said banks should be broken up, and much more heavily regulated, so that the financial services industry never again has the power to destroy the global economy.

Gorilla says: “Baby steps so far, but the day of reckoning is within sight at last!”


True Equivalence

Monday, August 22nd, 2011

The amount of money given by the Fed to rescue from bankruptcy Wall Street and Europe’s largest banks almost exactly equals the amount of money delinquent and foreclosed American homeowners owe on their mortgages!!!

Gorilla says: “And that number would be $1.2 trillion!!!”


Better Fund Your Contagion, Bucco!

Thursday, August 18th, 2011

The Fed seems worried about the US arms of Euroland banks.

Helicopter Ben and company want some reassurance that these banks can wall themselves off from their parents’ troubles as the Eurozone contagion continues.

The feeling that there’s nobody in charge in Euroland appears at the moment to be a self-fulfilling prophecy of doom.

The global economy is again stalling out, and policymakers aren’t doing anything but the wrong things to right the ship.

Gorilla says: “And it’s on to QE3, 4, and 5!!!”


Austerity: Still Not Working

Thursday, May 5th, 2011

England, European banks, Portugal: you name it, the economic growth is Euroland is either nonexistent or anemic!

Inflation, too, is nonexistent, but that’s not stopping the collective idiocy to cut spending, raise unemployment, and keep the recovery stalling out.

Gorilla says: “We don’t know any better, even though we should!”


Here They Go Again

Monday, February 28th, 2011

The banksters: financing cars!!!

It’s great to see some credit being extended to some people, but what it looks like mostly is the pursuit of more risk, in the belief that the government will bail the auto industry and its bankers out (again) when things go south (again)!

Gorilla says: “Hope the regulators have the blinders off!”