"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Monday, August 10, 2015

Calif. County targets felonious Wall Street banks

Blast from the past 2008 cartoon

"Corruptus in Extremis"

  • The Double Standard  -  If you rob a 7-Eleven of $50 you go to jail.  
  • But if you are a cooked banker who defraud investors of hundreds of billions in phony real estate loans and crashed the economy you never go to jail.  The GOP and Democrat politicians that you bought consider you a "protected class" that is above the law.

(Cal Watchdog.com)  -  Millions of Americans — mostly but not entirely on the political left — remain furious that Wall Street giants were protected by the political class from catastrophe during the Great Recession even though their dangerous credit and lending practices were key factors in the economic downturn.
In June, in a move that rated only a brief in the local newspaper, one California county found a way to express this frustration:
At the urging of Supervisor Ryan Coonerty, the Santa Cruz County Board of Supervisors voted Tuesday not to invest for five years with the five banks that recently agreed to plead guilty to felony charges.
The Department of Justice announced in May that four major banks — Citigroup, JP Morgan Chase, Barclays and the Royal Bank of Scotland — have agreed to plead guilty to felony charges of conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange spot market. In addition, a fifth bank, UBS, has agreed to plead guilty to manipulating the London Interbank Offered Rate and other bench mark interest rates.
While the action of Santa Cruz County alone may not have a major impact on Wall Street, Coonerty will be contacting other local jurisdictions across the country to urge them to consider taking similar action in order to send a message to Wall Street.
That’s the entire item in the Santa Cruz Sentinel. Scroll down; it isn’t the lead item in that day’s news briefs.

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