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European Union Tells Banks To Commit Fraud Again

Per the NYTimes:

The European Union has fined eight banks a combined 1.7 billion euros… The banks were accused of fixing rates for the London interbank offered rate, or Libor, as it relates to the Japanese yen and the euro interbank offered rate, or Euribor.

Let me spell it out: they made more money from fixing those rates than they were fined, and the people who did the fixing kept thier bonuses (worth many millions) based off the profits from those fixed rates, therefor the lesson is: do the next fraudulent activity you can think of it, it’s totally worth it!

This is why white collar criminals are proliferating and our economies suck, because the people at the top know that there are no real consequences for soaking everyone else.


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  1. Fraud is the new business model in today’s economy. If you can buy off the politicians and regulators for pennies on the dollar and keep getting away with it, what’s to stop you? The Department of Injustice sure as hell isn’t doing anything to put white collar executives in jail. Time to brush up on some literature from Howard Zinn. This isn’t going to end well; it never does.

    Stewart did another nice piece on the state of corporate malfeasance for profit…

  2. Formerly T-Bear

    Distinguish please between the population of the European Union and the governance of the European Union, the one is not the other. The governance of the European Union is firmly in the grasp of neoliberal dogmat, the population is firmly socialist in the historic liberal traditions. It is the foundation of neoliberalism to provide cover for capitalist (corporate) economic extortion. The governance of the European Union is not giving such instructions as the title suggests again, the governance is still encouraging those policies and removing the capacity to regulate existing law. It is the politicians who, in deference to banksters, mold their administrations, regardless of all public indication, even to the otherwise, to the requirements of such banksters, thereby creating personal fraud in their occupation of political office. Only until there exists a viable alternative, TINA (There Is No Alternative) will haunt the nightmares of the population.

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