The City of London is so Criminogenic That It Boggles Even Its Banking Apologists

[Jefferson23]

Posted on February 12, 2015 by William Black

HSBC’s most recent scandal is the perfect holiday gift. Whatever genre of entertainment one favors – from blood diamonds to drug cartels to rollicking royals to sport stars HSBC was happy to aid the wealthiest stars of your genre to illegally evade their taxes. Taxes were once termed the price we paid for civilization, but they now represent the price the wealthy brag to each other about refusing to pay as they pillage civilization. Because the City of London “won” the “regulatory race to the bottom” it is the worst “vector” for the epidemic of sleaze led by our most elite bankers. Oh, sorry, I let reality intrude in that last sentence.

The “respectable” government people in the UK and the U.S. (and Ireland) insist that we are experiencing the first virgin crisis – consisting of hundreds of thousands of fraudulent transactions by bankers – in which not a single CEO of the largest banks knew that his bank was a massive criminal enterprise. The long-running (anti) morality play with an extended run in each of these three nations claims that we are experiencing the first “Virgin Crisis” conceived without sin in these bank C-Suites. In every case, the bank CEOs – paid like Croesus because they are financial geniuses and managerial wizards – has been bamboozled by the tiny folks in the banks’ “org charts.” Such a betrayal of the trust that the elite bank CEOs reposed in these unworthy junior officers and employees! The pain of the elite bank CEOs is palpable – having their reputation besmirched by their ungrateful and immoral lesser. We’ll put aside who it is that crafts the perverse incentives that created the City of London’s (and Wall Street’s) corrupt financial cultures for the same reason that the CEOs’ apologists put aside that unsettling question.

The latest installment from the UK comes in the testimony of Martin Wheatley, the chief executive of the Financial Conduct Authority (FCA) about HSBC’s latest scandal. Wheatley decried the “staggering” number of scandals the City of London’s banks have committed. Of course, “banks” can only commit scandals through “bankers,” so we all eagerly await which bank CEO will finally be prosecuted. As with the Rebbe’s response at the end of Fiddler on the Roof, we will all have to “wait somewhere else” for a real prosecutor to appear and redeem the promises to protect us from the unjust no matter how great their wealth and power.

Wheatley’s testimony began digging his own political grave.

“He told MPs: ‘I think it’s quite clear that the number of scandals that we’ve seen in financial services, particularly in banks, has been staggering, and the latest allegations I think are equally scandalous.’

Mr Wheatley said he had not known about the specific latest claims about HSBC until they emerged in recent days, though the wider issue of its alleged misconduct had already been made public following leaks in 2007.”

in full: http://neweconomicperspectives.org/2015/02/city-london-criminogenic-boggles-even-banking-apologists.html

[Newest Reality]

1. Levels of Justice!

Brought to you by the Justice Has Levels League.

The contestants are brought into the justice level room:

Level 0: Poor and/or not white and/or, etc. Poor, huh? Please proceed to the meat cleaver room and prepare for either life in prison with electrodes implanted in your ass, or you can bargain for a plea deal to be human refuse as determine by the court. Don't forget there will be heavy fines and fees levied in the process. Oh, and we will be watching just in case you don't want to play and decide to suicide yourself. Would you like a side of death penalty with that? We love a good show.

Level 1: In the "middle-class" zone. To the "lotsa' litigation" area for you. Be prepared to spend a lot of money and be sure to fill each hand held out on your way to the bench, justice can be very expensive, so your worth can help determine your outcome. We have many industries to support just so you can have any justice at all, so be sure not to complain.

Level 3: Kind of wealthy zone. Hmmm. So, who do you know? How much ya' got? Don't worry, this will go well, especially if it is a white-collar crime, you know, doing daily business in the usual way. Make sure your contacts are contacted and be sure to get that rather expensive lawyer who actually fashions justice with his suave and sophisticated tongue like Michelangelo sculpted figures. Here, have some wrist balm in case we get you a slap, but worse comes to worse, you spend some time at the minimum security "country club" and your done. We also have an expunge brush ready to cleanup after you and your family, when needed. For a little extra, we'll get our best media people on the PR.

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Level X and beyond: Ultra-super wealthy: Crime? What crime? The mere suggestion will make somebody liable for a lawsuit. See those three monkeys at the door? You always land on GO, too.

Justice has been served. Now for dessert.

[Jefferson23]

2. lol@To the "lotsa' litigation" area for you.

Thanks..wonderful response..painfully true.