If you want to know why people are angry at the banking sector one needs to look no further than the report that Barclay’s is being allowed to save face while paying the biggest fine in CFTC history for manipulating the LIBOR for years; engaging in willful defrauding of everyone in the market allowing the transfer of the wealth of billions to those connected from those who are not. And somehow this material theft was handled in a way as to ensure that no one does a perp walk and the CFTC minions that were on the case still have the opportunity to get to move out of their government office and into a nice, plushy one on Wall St. in the future.
Meanwhile we go through the dog and pony show of having JPMorgan (NYSE:JPM) CEO and NY Fed board member Jamie Dimon show up on Capitol Hill and have both the U.S. Congress and Senate genuflect to the great and powerful Oz himself stepping out from behind his curtain to enlighten us rubes and savages of the ‘God’s work’ he does with our money.
The sooner this entire ponzi scheme blows up and these autocratic monsters are humbled before the weight of their mis-managed talk risk, the better we all will be.
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