This note appeared in BBC Online todays: “Five of the world’s largest banks are to pay fines totalling $5.7bn (£3.6bn; €5.1bn) for manipulating foreign exchange or interest rates, US officials say. Four of the banks – JPMorgan, Citigroup, Barclays, RBS – have agreed to plead guilty to US criminal charges while the fifth, UBS AG, will plead guilty to rigging benchmark interest rates.”
These foxes are among the ones which Republicans want to free from government control so that they can lead America to financial soundness. No rational person would trust such a silly idea. These banks have proven over and over and over again that morality plays no role in their business dealings, that cheating and lying and deceiving are normal business practices for them. They will get away with all the crime the government will allow. People like the fabulously wealthy Jamie Dimon of JPMorgan are no more respectable than Al Capone or Bonnie and Clyde or Blackbeard the Pirate.
How could politicians still favor freeing them from regulation? The answer seems unavoidable: The politicians are being bought.
Shame on them all.