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U.S. Big Banks: A Culture of Crime – Jeff Nielson

by Jeff Nielson, Sprott Money:

Organized crime. This phrase is now a precise synonym for big-banking in the United States. These Big Banks commit big crimes; they commit small crimes. They cheat their own clients; they swindle outsiders. They break virtually every financial law on the books. What do all these crimes have in common? The Big Banks commit all these crimes again and again and again – with utter impunity.

These fraud factories commit their serial mega-crimes, year after year, because the Big Banks know that they will never, ever be punished. On rare occasions, their crimes have been so egregious that U.S. ‘justice’ officials could no longer pretend to be oblivious to them. In such cases, there was a token prosecution, there was a settlement where the law-breaking banks didn’t even have to acknowledge their own criminality, and there was a microscopic fine – which didn’t even force the felonious financial institutions to disgorge all of their profits from these crimes.

Criminal sanctions, by definition, are supposed to deter criminal conduct. The token prosecutions against U.S. Big Banks didn’t deter Big Bank crime, they encouraged it. But even these wrist-slaps were becoming embarrassing for this crime syndicate, so they dealt with this problem. The Big Bank crime syndicate told its lackeys in the U.S. ‘justice’ department that they were not allowed to prosecute one of its tentacles, ever again.

The lackeys, as always, obeyed their Masters, and issued a new proclamation . The U.S. ‘Justice’ Department would never prosecute a U.S. Big Bank ever again – no matter what crimes it committed, no matter how large the crimes, no matter how many times the same Big Banks committed the same crimes. Complete, legal immunity; totally above the law. A literal culture of crime.

What happens when you create a culture of crime in (big) banking? Not only the banks break laws – with impunity – their bank employees do so as well. Case in point: Warren Buffett’s favorite Big Bank – Wells Fargo. Wells Fargo employees came up with a good idea for boosting their salaries: stealing money directly out of the accounts of the bank’s clients .

Consider how large this crime became, in just one of these tentacles of organized crime.

Thousands of bank employees stealing millions of dollars from bank customers, in tiny, little increments, again and again and again. But the story gets much worse. Why was a lowly city attorney involved with the prosecution of this organized crime?

So where is the FBI? Where is the Department of Justice? How about California Attorney General Kamala Harris? Too busy campaigning for the Senate to notice? How about L.A. District Attorney Jackie Larry?

Only City Attorney Mike Feuer took action, and he only has the authority to prosecute misdemeanors…

There are only two ways in which the non-action of the U.S. pseudo-justice system can be explained:

All of the layers of “justice” above the City Attorney, are completely bought-off, and refuse to prosecute one of the corporate fronts of their (real) Masters.
All of the layers of “justice” above the City Attorney considered this systemic crime by Wells Fargo’s employees to be nothing more than a misdemeanour.

L.A City Attorney Mike Feuer announced a $185 million settlement reached with Wells Fargo, after thousands of bank employees siphoned funds from their customers to open phony checking and savings accounts raking in millions in fraudulent fees. [emphasis mine]

Read More @ SprottMoney.com

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