Yesterday, I posted a quick story about the lawsuit filed by NY Attorney General Eric Schneiderman against Barclays alleging. I’ve had a chance to read again and more carefully the complete complaint and there’s a bit more to say about the importance of this suit.
This won’t put any of the bankers in jail–a place some of them still belong–because its only a civil suit. But, glad to see this from New York State Attorney General Eric Schneiderman: he’s suing Barclays for fraud.
Ah, so many thieves, so little time. I’m not a big fan of fines that get thrown around as punishment for crimes. But, it’s worth keeping a tally anyway.
It is great that JP Morgan has been sued–and congrats to NY Attorney General Eric Schneiderman. But, we’ve seen this picture before: suits are filed and the executives who committed fraud or financial crimes or misconduct are NEVER–NEVER–held accountable. If we want real change–not phony, uplifting change–these people must go to jail. NO DEALS.
Hey, Bank of America shareholder, how does it feel to have the executives deceive investors (in other words, lie), escape any personal responsibility for the lies, cause huge losses and, then, stick YOU with a bill for over $2 BILLION? Well, probably not a great feeling but, screw you, you are just an investor, not a coddled, overpaid executive who just got handed a stay-out-of-jail card.
You don’t have to look further than the utterly pathetic game of repeated “stay-out-of-jail” cards handed the global banker elite to understand why people are pissed—whether in the U.S., Greece …
This may not seem like an earth-shaking moment but it is a telling truth about where money flows, who controls it and how little ability we have to oversee …