The world's bankers have got away with the greatest two scams in history - the US Subprime Mortgage Affair and the Great Euro Periphery Heist.
'........leaving aside the (remote) possibility of arrests over Libor rigging and the slap on the wrist for StanChart over Iran, you'd have to say the world's bankers have got away with the greatest two scams in history, which are the US Subprime Mortgage Affair and the Great Euro Periphery Heist.
Not only have they not been arrested in their pyjamas, they haven't had to give back their bonuses, regulators are getting nowhere, and governments are still bailing them out with cash and cheap money.'
'...........Not only has there been no Ferdinand Pecora, the fierce senior counsel to the US Senate Committee on Banking and Currency in 1932 whose name went on their report, but the efforts to re-regulate them have been pathetically easy to deal with (the banks have been playing whack-a-mole with politicians) and central bankers have been keeping the insolvent banks alive with cheap money.
This time, you see, the banks are "too big to fail". That means they are too big to prosecute as well, by the way, since prosecution usually means failure, and they're too rich to regulate. That means bankers are above the law as well as fantastically rich and powerful.'
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