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Forum Post: Bankers Are Still At It

Posted 8 years ago on July 9, 2012, 1:07 p.m. EST by shoozTroll (17632)
This content is user submitted and not an official statement

Yes it's true, bankers have no morals.

Atlanta (CNN) -- A Georgia banker who went missing last month is being sought by federal authorities for allegedly embezzling millions of dollars from a south Georgia bank.




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[-] 3 points by shadz66 (19985) 8 years ago

Occupy The SEC ( http://www.occupythesec.org/ ) is a critical, technical arm of "Occupy" & well worth consideration. I also copy here, a few words by Noam Chomsky - "On Banks" :

"Before the 1970s, banks were banks. They did what banks were supposed to do in a state capitalist economy: they took unused funds from your bank account, for example, and transferred them to some potentially useful purpose like helping a family buy a home or send a kid to college. That changed dramatically in the 1970s. Until then, there had been no financial crises since the Great Depression. The 1950s and 1960s had been a period of enormous growth, the highest in American history, maybe in economic history.

"And it was egalitarian. The lowest quintile did about as well as the highest quintile. Lots of people moved into reasonable lifestyles -- what’s called the “middle class” here, the “working class” in other countries -- but it was real. And the 1960s accelerated it. The activism of those years, after a pretty dismal decade, really civilized the country in lots of ways that are permanent.

"When the 1970s came along, there were sudden and sharp changes: de-industrialization, the off-shoring of production, and the shift to financial institutions, which grew enormously. I should say that, in the 1950s and 1960s, there was also the development of what several decades later became the high-tech economy: computers, the Internet, the IT Revolution developed substantially in the state sector.

"The developments that took place during the 1970s set off a vicious cycle. It led to the concentration of wealth increasingly in the hands of the financial sector. This doesn’t benefit the economy -- it probably harms it and society -- but it did lead to a tremendous concentration of wealth."

fiat justitia ...

[-] 2 points by Nevada1 (5843) 8 years ago

Banker, a dirty word.

[-] 3 points by shoozTroll (17632) 8 years ago

WallStreet, where breaking the law is just business as usual.


[-] 3 points by shadz66 (19985) 8 years ago

"Wall Street's link to Libor ; Americans still assume the London banking rates scandal doesn't affect them – but they're wrong", by Robert Reich : http://www.guardian.co.uk/commentisfree/2012/jul/08/american-libor-banking-scandal-us?newsfeed=true

"Why is Nobody Freaking Out About the LIBOR Banking Scandal ?", by Matt Taibbi : http://www.rollingstone.com/politics/blogs/taibblog/why-is-nobody-freaking-out-about-the-libor-banking-scandal-20120703 &

"Banking scandal : How document trail reveals global scam", by Jamie Doward : http://www.guardian.co.uk/business/2012/jun/30/banking-scandal-barclays-lawsuits-libor .

fiat lux ...

[-] 2 points by Nevada1 (5843) 8 years ago

Yes, and they really feel they are entitled, to acquire more money than they deserve (what ever it takes).

[-] 0 points by Odin (583) 8 years ago

All this while kids who got caught growing pot spend lengthy sentences in prison.

[-] 2 points by Nevada1 (5843) 8 years ago

Another good link. Regarding stealing, they are very busy.

[-] 2 points by factsrfun (8277) from Phoenix, AZ 8 years ago

You don't have to be a thief to be a banker, but it helps.

[-] 2 points by shadz66 (19985) 8 years ago

"LIBOR Scandal Latest Sign of Financial System’s Rotten Core - Imagine finding out the Dow is rigged or the S&P 500 doesn't really measure the stocks of the 500 largest U.S. firms and you have a hint at how big a deal this really is.", by Aaron Task : http://www.informationclearinghouse.info/article31806.htm &

"Mainstream Economist : We Might Need to Hang Some Bankers to Stop Criminal Looting - Even Nouriel Roubini Says We Need to Jail or Hang Some Bankers", by 'WashingtonsBlog' : http://www.informationclearinghouse.info/article31809.htm .

ad iudicium ...

[-] 1 points by shoozTroll (17632) 8 years ago

That it does, but do remember one of the guys from Enron got away with over $350,000,000.

Is that the cost of not getting caught, as he has never been found?

[-] 1 points by factsrfun (8277) from Phoenix, AZ 8 years ago

always a good time to post this I think


BTW Enron was part of an even bigger game, used to strip power plant workers of their power, let me know if you're interested in details

[-] -1 points by Odin (583) 8 years ago

We can agree on that.