Smart Bird comment: This should be the number one debate topic today, but it is ignored by politicians and the media. The simple story is made complicated by the industry and the media. The simple story is we have felons running our financial system and they continue to get away with mere slaps on the wrist.
Excerpt from Pam and Russ Martens post Citigroup Is Slapped with a $400 Million Fine for Doing Something So Bad It Can’t Be Spoken Out Loud:
For years now, we have explained in grotesque detail why the Federal Reserve and its surrogate, the New York Fed, are both incompetent and incapable of overseeing the mega banks on Wall Street. For starters, these banks literally own the New York Fed. Secondly, the New York Fed has the ability to create money by pushing an electronic button and bailing out its incompetent supervision of these banks by creating $9 trillion out of thin air to prop up Wall Street banks it refuses to name.
There is no better proof that things are completely out of control at the Fed than the fact that Federal Reserve Chairman Jerome Powell has had the audacity to tell the American people, repeatedly, that the big banks are “a source of strength” during the current crisis.
How could that possibly be true when the largest bank in the country, JPMorgan Chase, was charged with two more felony counts just last month for turning its precious metals desk into a racketeering enterprise and rigging the U.S. Treasury market – the market that allows the federal government to pay the bills of this nation. And just yesterday, Citigroup, the third largest bank in the U.S., is said to be operating in an “unsafe or unsound” manner.
And let’s not forget that Goldman Sachs paid $3.9 billion in July to settle a bribery and kickback scandal with Malaysia over its sovereign wealth fund, 1MDB. According to Goldman’s August 7, 2020 10-Q filing with the Securities and Exchange Commission, it remains under a criminal investigation in that matter by the U.S. Department of Justice.
Unless one is a capo in a crime family, this doesn’t sound like an industry operating from a “source of strength.”
Read Pam and Russ Martens’ full post Citigroup Is Slapped with a $400 Million Fine for Doing Something So Bad It Can’t Be Spoken Out Loud
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