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Forum Post: The boat is turning

Posted 8 years ago on July 15, 2012, 5:10 p.m. EST by richardkentgates (3269)
This content is user submitted and not an official statement

For decades, we have witnessed the financial sector commit fraud, operate in shady ways, with no legal action and without even much attention from the people employed to regulate. Now we see the FBI investigating reputable firms in the same manner they would investigate a common con. We also now see regulators executing their tasks with a fervor never seen. If we see the regulators and not law enforcement bringing the fraud into the light and media following press releases of regulators rather than the regulators following the media as it has been, I think this would be an indication that this boat is finally turning around. If you find any info on the new round of investigations into citi, Bank of America, or others, please post it so others can spread it on the web. The media completely ignored the 257 billion dollars the fed just handed to wall street less than a month ago, I don't expect they will report on any other new financial info that they can't candy coat or spin into partisan talking points.



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[-] 2 points by jrhirsch (4714) from Sun City, CA 8 years ago

The fraud is exposed, a fine is paid, and they continue to commit fraud. The fine becomes just a relatively insignificant cost of doing business. Compared to the size of these institutions, even a $450 million fine is like a speeding ticket to you and I. Would a speeding ticket prevent you from speeding in the future?

Fraud should be treated as a criminal offense, especially when it involves trillions of dollars as in the latest LIBOR scandal. But the greater offense is to the system of justice itself. When the law has one standard for the wealthy and another for everyone else, the law itself becomes a fraud.

[-] 1 points by spermcoffinACAB (5) 8 years ago

we have to destroy them. there is no other way. in small acts, every day, we have to show our anger publicly. people will catch on. i don't want to be at the bottom of the pyramid, not because i'm "jealous" but because there shouldn't be a pyramid.

[-] 1 points by richardkentgates (3269) 8 years ago

Anyone producing goods or services with their physical being shouldn't be on the bottom of the pyramid because without the production, their is no civilization.

[-] 1 points by hchc (3297) from Tampa, FL 8 years ago

I think the FBI and other orgs only "investigate" to get the masses to calm down a bit....