Today, five major U.S. and European banks – including giant Citicorp and JPMorgan Chase -- agreed to plead guilty to criminal charges and pay more than $5 billion in penalties to settle charges their traders manipulated the $5.3-trillion-a-day foreign exchange currency market for the banks' profit. Their self-described “cartel” used an exclusive electronic chat room and coded language to manipulate national exchange rates in ways that benefited their own trading positions. It’s one of the biggest bank swindles of all times.
But is any top executive going to jail?
Not a chance.
Black and Latino teenagers are locked up for selling ounces of marijuana.
Bankers who fleece the rest of us for trillions of dollars get fat bonuses.
Jamie Dimon, CEO of JPMorgan (pictured below), has been lobbying on Capitol Hill to roll back the Dodd-Frank Act and eviscerate other bank regulations. If, as the Supreme Court says, corporations are people, then when Citicorp and JPMorgan plead guilty to criminal charges their top brass (including Dimon) should feel the pinch.
What do you think?
Not a chance.
Black and Latino teenagers are locked up for selling ounces of marijuana.
Bankers who fleece the rest of us for trillions of dollars get fat bonuses.
Jamie Dimon, CEO of JPMorgan (pictured below), has been lobbying on Capitol Hill to roll back the Dodd-Frank Act and eviscerate other bank regulations. If, as the Supreme Court says, corporations are people, then when Citicorp and JPMorgan plead guilty to criminal charges their top brass (including Dimon) should feel the pinch.
What do you think?
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