Monday, January 06, 2014

JP Morgan To Pay $2 Billion In Fines For Role In Madoff Ponzi Scheme

Drug dealers, Bernie Madoff, illegal crime syndicates, shysters, con men, grifters, the Russian mafia, financial predators, counterfeiters and on and on.  In a world of deregulated finance, all have benefited as now it is easier to create schemes to launder illegal money.   Not only that.  But to do so globally.  All of these and more now have massive deposits and ties in global banks.  Dirty money has now been recycled into legitimate deposits and business opportunities.   Time and again these banks have turned a blind eye in return for winning the business of large clientele.  Large, corrupt clientele.  Just another reason to have a public banking system owned by We The People.  One that is out of the reach of politicians who created this outcome for their corporate masters.  

Or, even better, to do away with the concept of money.  Period.  If there is no money, how are criminal elements, including predatory elites and rent-seeking corporations ever going to achieve such vast amounts of wealth?  They can’t.

Title link here.

posted by TimingLogic at 10:33 AM

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