Smart Bird: Stop Protecting Wall Street

I love the Marten’s reporting and their latest article is spot-on. It will never make it to Bloomberg or the Wall Street Journal, because it is about the top and they do not report on themselves.

The just of the article is Warren and Bloomberg for some reason beat up on Wells Forgo but let all the New York centered wall street banksters off the hook.

Here is the summary:

So, to summarize: Wells Fargo did not facilitate the largest Ponzi scheme in history; it did not lose $6.2 billion of depositors’ money at its federally-insured bank through wild gambles in derivatives in London; it has not been criminally charged with rigging three separate markets – foreign exchange, precious metals, and the U.S. Treasury market.

And, Wells Fargo’s regulators have not determined that it is the riskiest bank in America. That distinction, along with the five felony counts, belongs to JPMorgan Chase.

If we’re going to start talking about breaking up behemoth banks and crime syndicates, that conversation needs to start with JPMorgan Chase and it needs to start right now.

But the best paragraph comes here:

The trial attorneys wrote this in their book:

“In Chapter 4, we compared JPMC to the Gambino crime family to demonstrate the many areas in which these two organizations had the same goals and strategies. In fact, the most significant difference between JPMC and the Gambino Crime Family is the way the government treats them.

While Congress made it a national priority to eradicate organized crime, there is an appalling lack of appetite in Washington to decriminalize Wall Street. Congress and the executive branch of the government seem determined to protect Wall Street criminals, which simply assures their proliferation.”

I guess the Gambino’s political donations are not as large as Wall Streets.

I would throw in Goldman Sachs. They escape felonies because all their alum sit in the govt and the regulators. Take a look at the Federal Reserve Bank President with total insight and connections, day trading stocks and getting caught.

Fed Chief Powell, other officials owned securities central bank bought during Covid pandemic

So now the Fox will examine if Foxes should be allowed to guard the chicken coop.

The Fed will re-examine ethics rules after trades by two officials drew scrutiny

Forget the rules, this is unethical, corrupt and should be criminal. They should all resign, but this is the world of the top and this is normal to them.


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Categories: Perspectives