HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Retired » Retired Forums » 2016 Postmortem (Forum) » Wall Street is a fraud. S...

Mon Feb 8, 2016, 08:43 AM

 

Wall Street is a fraud. Since 2009, Wall Street has paid over 200 billion in fines

and settlements. Let that sink in. And with quite a few of those fines, firms got off easy.

<snip>
Since 2009, Wall Street has paid $204,000,000,000 in fines and settlements.

This is the equivalent to writing a $640 check to every man, woman and child in America including all undocumented residents. It's hard to imagine an industry running up such a liability unless its basic business model was deeply flawed.

They violated laws by the facilitation of money laundering for drug cartels and rogue nations, illegally evicting homeowners, selling fraudulent mortgages and mortgage backed securities, manipulating vital interest rates, insider trading, and facilitating off-shore tax evasion.

The damage done to homeowners and those who lost their jobs during the Great Recession is arguable far worse than the problems caused by drug trafficking. Yet millions have been arrested, fined, convicted and jailed through the failed War on Drugs, while not one of Wall Street's top banking executives has gone to jail or even paid a fine. (Conveniently, $204 billion have been paid by the companies, not by the top executives.)

2. Profits Extracted through Pay Day Lending
Loan sharking is something from the Sopranos. But payday lending, the legalized form of loan shaking, is a mainstream Wall Street activity. An estimated 120 million payday loans are issued annually worth a total value of $42,000,000,000. One study reports:

<snip>
http://www.huffingtonpost.com/les-leopold/hillary-not-truthful-abou_b_9185412.html

14 replies, 1766 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 14 replies Author Time Post
Reply Wall Street is a fraud. Since 2009, Wall Street has paid over 200 billion in fines (Original post)
cali Feb 2016 OP
Downwinder Feb 2016 #1
cali Feb 2016 #3
R. Daneel Olivaw Feb 2016 #7
Sophiegirl Feb 2016 #2
cali Feb 2016 #4
Downwinder Feb 2016 #5
reformist2 Feb 2016 #6
mountain grammy Feb 2016 #8
saidsimplesimon Feb 2016 #13
mountain grammy Feb 2016 #14
colsohlibgal Feb 2016 #9
JudyM Feb 2016 #10
raouldukelives Feb 2016 #11
PoliticAverse Feb 2016 #12

Response to cali (Original post)

Mon Feb 8, 2016, 09:17 AM

1. I can't imagine the profits where 200 billion

is considered a cost of doing business.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Downwinder (Reply #1)

Mon Feb 8, 2016, 09:49 AM

3. Trillions- which is hard to imagine

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Downwinder (Reply #1)

Mon Feb 8, 2016, 10:21 AM

7. The penalties paid are chump change compared to profits.

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cali (Original post)

Mon Feb 8, 2016, 09:44 AM

2. What happens to the fines collected?

Where do those billions go?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sophiegirl (Reply #2)

Mon Feb 8, 2016, 09:50 AM

4. That is a good question. Into the treasury?

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cali (Reply #4)

Mon Feb 8, 2016, 09:59 AM

5. When I filed an IG complaint under Medicare Part D,

the Insurance Co. got fined. Didn't help me any.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cali (Original post)

Mon Feb 8, 2016, 10:06 AM

6. And yet the owners of the banks are richer than ever. The government needs to go after their wallets


They will never take regulation seriously until we do.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cali (Original post)

Mon Feb 8, 2016, 10:26 AM

8. Will Rogers said something like

when a guy robs a bank, he goes to jail, when a bank robs a guy, they're good businessmen.. No Shit!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mountain grammy (Reply #8)

Mon Feb 8, 2016, 11:33 AM

13. grammy, you reminded me

of my only County Democratic Caucus (Convention). I was there as a guest. There were "hand" vote counts. As I surveyed the room during these votes, no one was actually counting votes. The chairperson would ask for a show of hands, then announce the party decision, no paper trail.

"I don't belong to any organized party, I'm a Democrat." Will Rogers



Reply to this post

Back to top Alert abuse Link here Permalink


Response to saidsimplesimon (Reply #13)

Mon Feb 8, 2016, 11:47 AM

14. Will Rogers was a gem! I've always loved that quote.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cali (Original post)

Mon Feb 8, 2016, 10:29 AM

9. Their Should shave Been One Big Perp Walk

Not only did they just pay what was to them a small fine, often they did not have to acknowledge any guilt. Unbelievable, it is one reason for Bernie's surge.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cali (Original post)

Mon Feb 8, 2016, 10:33 AM

10. Well laid out argument. I'd like to read a critique or counter-argument, if there is one.

Very stark.

Disagree with his last line, though. I'd prefer that she donate to an organization that's trying to fight corruption, or to the consumer finance protection bureau, rather than giving it back.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cali (Original post)

Mon Feb 8, 2016, 10:47 AM

11. Some say "Not in my name." Some "Hey! How can I get a piece?" nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cali (Original post)

Mon Feb 8, 2016, 10:59 AM

12. "Cost of doing business". n/t

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread