A few years ago, eight bad guys at Wells Fargo in positions of authority set up false accounts at the bank or had their employees do that. John Stupf was one of them. He made bonus money in the millions. These eight executives helped to set up thousands of frauds that operated by charging people fees for fake accounts, a kind of fraud that strikes down trust and confidence in banking. And now these same bad guys are being fined but not jailed. This is an example of white collar crimes in banking not being criminally prosecuted. Those bad guys probably have money stashed in off shore accounts. Why aren’t they in jail? What about all the economic and social damage that they caused? What about harms to employees and customers? This is an example of economic violence. I’m disgusted that this is happening. It makes it hard to put money in the bank at all. What a shame.
Financialization, ZIRP, TARP, QE, massive borrowing, Derivatives are all destroying the value of our money. A failure to prosecute financial crimes strikes a blow against our society’s order and its ability to reward those that create value. Without a working monetary system, there’s no way to trade or share opportunity. There’s only fraud. If you want to find out more about this kind of travesty and the policies that have caused it, buy a copy of Political Catsup with Economy Fries available at Amazon.com.