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"Many of its senior figures should be serving prison sentences or disgraced -- and would have been if British regulators had been weaned off the doctrine of 'light touch' regulation earlier and if the Serious Fraud Office's budget had not been emasculated by Mr. Osborne (UK Chancellor of the Exchequer)."
"It is a tax on wealth generation and an enemy of honest endeavour -- the beast that is devouring British capitalism."
It's far more than Britain, of course. It's global, unchecked, and hugely destructive. Regulatory oversight is absent. Mary Schapiro heads America's SEC.
She turns a blind eye to fraud and abuse. She protects Wall Street, not investors. She lets banks self-regulate, and why not. She's a consummate insider.
As former head of the Financial Industry Regulatory Authority (FINRA), she promoted self regulation. She also ran the the National Association of Securities Dealers' (NASD) and Commodity Futures Trading Commission. She's an expert at quashing fraud investigations.
So are UK Financial Services Authority (FSA) officials. Instead of regulating, they collude. Political leaders from major parties are involved. Duopoly power runs Britain and America.
Tories, New Labor, Republicans and Democrats prioritize what serves bankers. The economies of both countries are financialized. Casino capitalism runs them. Whatever bankers want they get. Stealing is legitimized without saying so.
Whitehall and Washington operate the same way. They facilitate fraud. It's institutionalized.
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