Thursday, May 1, 2014

Only In America, Part I

The New York Times has a front-page story about how Federal prosecutors are getting tough on the banksters. The headline: “Long Seen As Immune, Two Wall Street Banks Become Targets”.

But look closer. The two “targets” of government prosecutors are BNP Paribas and Credit Suisse: The latter for offering tax shelters to American clients, the former for making deals with Sudan and other blacklisted countries.

Meanwhile, Goldman Sachs’ front-running of its own clients? Bank of America’s shameful, shameless mortgage scam loan business? Robo-signings? High Frequency Trading? Collusion on interest rates? All that and much much more, the government regulators have let slide.

They are going after two minor banks—two minor foreign banks, which did not receive any American government largesse (i.e., taxpayer dollars) when the Too Big To Fail banks were bailed out in 2008—while letting the big fish swim away, untouched.

And the New York Times has the gall to say, “The banks are finally getting their due!”

See, this is why it’s becoming too depressing to blog. Like Capt. Willard said: The bullshit piles up so fast, you need wings to stay above it.

4 comments:

  1. Know just how you feel about blogging when the world seems enthralled by a very determined set of stubborn ignoramuses. But remember, it requires great strength of character to recognize past error, condemn past acts as wrong which grew out of that error, and readjust world views and self regard in light of new truths.

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  2. Good piece Gonzalo. Short and to the point. Thanks!

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  3. I can certainly understand about feeling more and more disillusioned with this whole system they've made sure to build. But thing is, you've been a source for many, helping people navigate the waters of national economics, of making sense of what is happening out there - cuz you know there are a whole lot of other places where people can get it straight!

    I'm saying, you may be frustrated, but you aren't doing this just for you - you're helping people. Don't focus on how the oligarchy makes you feel - you're obviously not doing this for them! Focus on who you're helping.

    Thanks for your work! Keep it up!

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    1. Thanks Chad, very kind of you to say.

      GL

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GL