...big banks will keep manipulating markets unless and until their executives are thrown in jail for fraud. Why? Because the system is rigged to allow the big banks to commit continuous and massive fraud, and then to pay small fines as the “cost of doing business”. As Nobel prize winning economist Joseph Stiglitz noted years ago: “The system is set so that even if you’re caught, the penalty is just a small number relative to what you walk home with. The fine is just a cost of doing business. It’s like a parking fine. Sometimes you make a decision to park knowing that you might get a fine because going around the corner to the parking lot takes you too much time.”
Posted on: Fri, 02 Jan 2015 15:37:29 +0000