No… no… no…
Banks don’t need to be regulated.
They’re doing quite fine with all the money they’ve stolen from you already.
No, they don’t need regulation.
And no, we don’t need to re-enact the Glass-Steagall Act – the federal law that kept Wall Street Brokerage Houses, Insurance Companies, and Banks separate and out of each other’s business. Right now, as things stand with them, they’re enjoying an incestuous fiscal orgy. And that’s good. We need more incest. We need more orgies. They’re all good. In fact, the more mammon… er, money you have, the more holy you are, the more the Almighty has blessed you – and not someone else (those lazy slobs who don’t deserve anything). {/sarcasm}
But there’s really no reason to worry… the banks will get what’s comin’ to ’em – and the ‘what’ is NOT your money. They have that already.
Come a-courtin’ time (that’d be in the court room), the Banksters be ruled against in a BIG way.
Just wait.
It’s coming.
Next thing you’ll hear in the news are the BIG BANKSTERS wanting legal protection from Congress for the wrongdoing they’ve done.
Just wait.
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Losing With LIBOR: One Trader’s Story
Listen to the Story All Things Considered [3 min 18 sec] Download
We’ve been talking a lot lately about what’s been dubbed the “LIBOR rate fixing scandal,” where some of the biggest banks in the world have been accused of manipulating a key global interest rate.
London-based Barclays Bank agreed to pay a $453 million fine over charges it manipulated the London Interbank Offered Rate — LIBOR — a key global interest rate. Oli Scarff/Getty Images
If those words — “manipulation of a key interest rate” — leave you wondering what the big deal is, and who would be harmed, meet Dan Sullivan. He says the manipulation of LIBOR cost him a million dollars, in just 24 hours.
Dan Sullivan used to work Read the rest of this entry »
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