"Said a Broker to a Trader: ""Mate your getting bloody good at this Libor game...think of me when yur on your yacht in Monaco won't yu."
"Said The Man Called "Trader A:" I need you to keep it as low as possible..if you do that"I'll pay you, you know, "$50,000, $100,000 dollars.. whatever you want"I'm a man of my word."
Notice these violations of banking regulations are always presented as victimless crimes or crimes that only affect investors, never people who lose jobs or homes or how they impact on the economy worldwide,
Most of the coverage does not link all these financial crimes to the larger effect and impact they have had on the world.
Last June, Congresswoman Maxine Waters tried to raise these issues with Ben Bernanke, the Chairman of the Federal Reserve Bank asking him to take action. He retreats into bland and passionless responses. It didn't seem he was in much of a hurry to anything. (Watch her efforts on You Tube" http://www.youtube.com/watch?v=GJX-0944ass&feature=player_embedded
Months later, other regulators in Britain and the US acted but also in a low-key way.
These prosecutions are highly selective and show a real unwillingness to crack down on bank crimes, even when they involve drug running.
Former NY State Governor Eliot Spitzer, and a former prosecutor who went after Wall Street commented on a refusal to go after the HSBC Bank on these charges, ""The decision to not prosecute in this instance belies everything that the government has ever done with regard to drug prosecutions everywhere.
"I mean, when you think about the way they behave toward ordinary people who get caught up in drug cases, where they seize all your property and they use absolutely the maximum sentences they can possibly avail themselves of, and in this case they catch a bank that launders billions of dollars for Colombian and Mexican drug cartels " for years on end, and they can't find something to charge these people with?"
"If the law doesn't apply equally to everybody, then you don't really have a system of law.
It's not just the banks or governments. The media seems to just be admitting that many banks are run like criminal enterprises.
I and other in the independent media have been making these points for years, as the website Zero Hedge noted:
" Fraud caused the Great Depression and the current financial crisis, and the economy will never recover until fraud is prosecuted
" Criminal fraud is the main business model adopted by the giant banks.
" Largely because they are out-of-control criminal enterprises, economy cannot recover unless the big banks are broken up.
" The Obama administration has made it official policy not to prosecute fraud. Indeed, the "watchdogs" in D.C. are so corrupt that they are as easily bribed as a policeman in a third world banana republic.