politics for the 99%

… the US needs the Iceland option – Published on Dissident Voice (first on This Can’t Be Happening), by Dave Lindorff, May 16, 2015.

In a couple of days, the so-called US Justice Department will be announcing an “agreement” reached with five large banks, including two of the largest in the US — JP Morgan Chase and Citigroup, the holding companies for Chase and Citibank — under which these banks or bank holding companies will plead guilty to felonies involving the manipulation of international currency markets.  

This is not really a plea deal, or what in the lingo of criminals is called “copping a plea.” It’s a negotiation in which the nation’s top law-enforcement organization — the one that just sentenced a teenager to death in Boston in the Marathon bombing case, and that routinely sends ordinary people “up the river” for minor drug offenses or even tax fraud — is taking seriously these banks’ concerns that if they plead guilty to felonies they might be barred by SEC rules from engaging in many profitable practices. So — get this — the Justice Department is seeking assurances from the commissioners of the Securities and Exchange Commission that they will not enforce those rules against these particular felonious banks.

There will be fines, of course, though nothing that will even dent the profits of these megabanks, which also include two British-based institutions, Barclays and the Royal Bank of Scotland, as well as the Swiss-based bank UBS. But under these deals, not one bank executive will even be forced to quit his post, much less face jail time or even a fine. As the New York Times put it in an article last Thursday, “In reality, those accommodations render the plea deals, at least in part, an exercise in stagecraft.”

What this means is that the departure of bankers’ friend Eric Holder as Attorney General, and his replacement by Loretta Lynch, has not changed the policy announced by Holder several years back that there would be no prosecutions of the leaders of the so-called “too-big-to-fail” banks for the scandals and crimes that collapsed the US and the global economies in 2008, bringing on the so-called Great Recession that is still punishing the people of the US and many other countries. In fact it demonstrates that there will be no real prosecution of wrongdoing by these monolithic banks for crimes committed since the financial crisis either and going forward … //

… (full text).

(Dave Lindorff writes for ThisCantBeHappening!, the independent Project Censored award-winning online alternative newspaper where this article first appeared. Read other articles by Dave).

Links:

Ukraine: Recognizing the Donbass Republics – An Interview with Andrey Purgin, by Alla Pierce, with editing by Jim W. Dean, Veterans Today and Alla Pierce, May 16, 2015;

We Will Have Differences with US No Matter What - Interview with Iranian Foreign Minister Mohammad Javad Zarif, on Spiegel Online International, by Christiane Hoffmann, May 16, 2015;

Why Occupy? – part Two, on Axis of Logic, by Edward Martin and Mateo Pimentel, May 15, 2015 (the first and second of a four part serie – part One);

La stérilité actuelle de la gauche procède de son auto-trépanation de 1983, dans ContreInfo.info, par Jean-Pierre Chevènement, le 3 mars 2009: L’immobilisme idéologique de la gauche, [est nourri par] son incapacité à rendre compte du tournant qu’elle a opéré dans les années quatre-vingt en cédant au vent néolibéral qui soufflait d’Amérique », affirme Jean-Pierre Chevènement, qui pointe une « incapacité à avoir su devancer la crise », et pour cause puisque la gauche a « contribué – en pratique et en théorie – à installer le capitalisme financier dans notre pays – (à mon avis encore valable aujourd’hui – Heidi).