The US Security & Exchange Commission delivered another gentle slap on the wrist to the banks that brought you the world’s financial crisis of 2008. JPMorgan has to cough up us$153,6 in fines for what can only be called fraud. Goldman Sachs reached a settlement last year for the same thing: betting against clients to whom they sold mortgage backed debt, and GS willy nilly threw in the government’s face us$500 million which they earned back in no time from the market.
And these very banks are poring millions more in lobbying Congress to not regulate their bad behavior. At a time when the US and Europe are feeling still the fallout of the recession the banks brought about owing to unbridled greed and avarice, they still want to do risky business to fill stuffed coffers and satisfy coupon clippers.
Like the the verse from1 Corinthians, they subscribe to ‘let’s eat and drink, for tomorrow we shall die’, and so are the millions whose lives are wrecked thanks to the these plutocrats.
And the political class they own in the US play along as poodles on a golden leash, as everyone awaits the whirlwind!