| Author | Message | ||
     86129squids |
I've always been a fan of Chuck Shepherd's "News Of The Weird", but this one got me pretty steamed up... "While Americans Just Sigh: After a trial on fraud charges, the Iranian judiciary sentenced four bankers and their collaborators to death in February and several others to public floggings for obtaining loans by forgery in order to purchase government properties. The total amount involved reportedly was the equivalent of about $2.6 billion—tiny compared to losses suffered since 2008 by investors and customers of large American banks’ illegality, money-laundering and corner-cutting, for which no one has yet been jailed even for a single day." How about that. | ||
| Blake |
American banks' illegality? Huh? | ||
| Alfau |
The Muslim world in general is devided about Sharia law. http://en.wikipedia.org/wiki/Sharia | ||
| Aesquire |
Blake, the Libor scandal. Also a more recent one in England. http://en.wikipedia.org/wiki/Libor To oversimplify, brokers would call and for bribes the interest rate would be adjusted to let them make money. ( for let them make money.... read that steal from their clients ) One wiretap had an official changing interest rates for day old sushi.... leftovers from a conference. How great is a system where giving company paid for leftovers for lunch to a guy can make you a million dollars? AWESOME! http://www.bloomberg.com/news/2013-04-25/banks-may -seek-quick-end-to-eu-s-libor-probe-almunia-says-1 -.html Theres also the matter of CDOs. Where banks bundled together real estate loans into "stocks" to sell to one another, and most important, to suckers on the street. Several of the President's advizors made a bundle on this, Congress voted to give the banks who ripped off America a bailout, and buy the toxic CDOs ( collateralized debt obligations ) packed with bad loans to "save the banking system". Since the bad loans were a product of government regulation "intended" to help poor people buy houses, an honest man would have expected Congress to step up and fix the problem. ( even though the bulk of the bad loan money was because of "flip this house" speculation by not-poor people, who walked away from $500k loans when the market dipped ) They have not. The CDOs were not bought up as the Trillion dollar program was supposed to, instead massive loans of your money were given to banks that bribed the admin. & it's officials. ( no one busted for that. Oh no. ) CDOs are still sold and traded, and massive new restrictions on business hasn't fixed the actual problems, but just hurt the economy. ( see steadily rising unemployment since 2007, when the D's took the Senate, and Bush failed to curb bad laws and spending. ) http://en.wikipedia.org/wiki/American_Recovery_and _Reinvestment_Act_of_2009 http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wa ll_Street_Reform_and_Consumer_Protection_Act I note that totalitarian regimes like China and Iran often make a big fuss over executing corrupt men in government and business to show how pure they are. How much better than the "West". Actually it's a classic case of "see! We aren't corrupt! We punish, harshly, corruption, so we MUST be great guys!" I don't know how old that practice is. We have no proof that Neanderthals did it, but it wouldn't suprise me. |
