$5.4B is chicken feed to these guys, a rounding error. They’ve probably planned for this and, from what I’ve heard, can write it off on their taxes. So we get to subsidize it.
A Modest Proposal: You know how a lot of conservatives long for a “Flat Tax”? How about if we have a “Flat Sentence”? It’s very simple: Whether through white collar crime, pickpocketing, burglary – whatever – if convicted, you spend a day in prison for every dollar you steal. If weapons are involved, of course, that’s an additional charge with additional penalties, but I’m only talking about the theft itself. So, if a corporate CEO – who is ultimately responsible for the goings on of their corporation – is found guilty of theft in the amount of, say, $1 Billion, he or she would spend a billion days in prison (roughly 2,740 years if my math is correct). Each criminal treated equally – what could be fairer?
Illegal or unethical acts by financial Institutions marches on:
“A survey of 1,200 U.S. and U.K.-based financial services professionals has found that 22 percent have observed or have direct knowledge of illegal or unethical acts in their workplace. This number jumps to 34 percent when asking only those who make $500,000 or more a year. The study is the result of a collaboration between Notre Dame University and the law firm Labaton Sucharow, which specializes in representing whistleblowers. Besides the fact that, apparently, one fifth of professionals seemingly know about, but aren’t revealing, illegal or unethical acts, other troubling findings include: "http://www.nysscpa.org/news/publications/thedaily/blog-posts/poll-22-percent-of-finance-workers-know-about-or-have-seen-illegal-or-unethical-acts-052015
Most “cage free” chickens are on the floor of hundred yard long sheds and are raised primarily for meat. One could, but seldom do, have the advantages of free range with the convenience of egg collecting by 20×20 foot pens with roosts and wheels so that they can periodically be moved to fresh grazing grounds.
“U.S. regulators hit five global banks with $5.4 billion in penalties Wednesday for trying to rig foreign currency markets in their favor.”
Small nit, Rad. It wasn’t attempted rigging. And with what they gained, they can pay the fines, bribe Congressmen and Senators, and declare hundreds of millions of bonuses all around.
Wall Street and related markets have become more of a rigged game than ever before. You may as well take your savings to a casino as try to play Wall Street’s game.Human greed is boundless, and is one of the reasons why “pure” laissez-faire capitalism doesn’t work as advertised. With the sales pitch the Cons have perfected over the past 30 years, and the direction US politics is headed, it is only a matter of time before the chickens come home to roost.
The Reagan administration made their actions “legal” within regulations, and conservatives in Congress wrote legislation to take away crime, and punishment, at least for the banker investment class. Finding anything to prosecute these dudes for is therefore difficult, and their actions truly egregious if in violation.
Liverlips McCracken: Why not? You can imprison a ship: just nail the sentence to the main mast (and even motor vessels have one) and it may not be moved except by court order.
With a corporation, it would operate the same as in a bankruptcy except any and all profits would go in payment of fines instead of to the owners. Also, those humans responsible for the crime could be sent to prison – for conspiracy, if nothing stronger, like negligent homicide if their actions resulted in death.
Theodore E. Lind Premium Member almost 9 years ago
An accurate description of the current situation. All of poor slobs who have money in pension funds and IRA are frequently the target of these crooks.
vwdualnomand almost 9 years ago
unfortunately most chickens are not cage free due to contract farming. contract farming(sharecropping) is ruining families and farmers.
kaffekup almost 9 years ago
$5.4B is chicken feed to these guys, a rounding error. They’ve probably planned for this and, from what I’ve heard, can write it off on their taxes. So we get to subsidize it.
kaffekup almost 9 years ago
Sorry, the pun was not intended.
cdward almost 9 years ago
A Modest Proposal: You know how a lot of conservatives long for a “Flat Tax”? How about if we have a “Flat Sentence”? It’s very simple: Whether through white collar crime, pickpocketing, burglary – whatever – if convicted, you spend a day in prison for every dollar you steal. If weapons are involved, of course, that’s an additional charge with additional penalties, but I’m only talking about the theft itself. So, if a corporate CEO – who is ultimately responsible for the goings on of their corporation – is found guilty of theft in the amount of, say, $1 Billion, he or she would spend a billion days in prison (roughly 2,740 years if my math is correct). Each criminal treated equally – what could be fairer?
PainterArt Premium Member almost 9 years ago
Illegal or unethical acts by financial Institutions marches on:
“A survey of 1,200 U.S. and U.K.-based financial services professionals has found that 22 percent have observed or have direct knowledge of illegal or unethical acts in their workplace. This number jumps to 34 percent when asking only those who make $500,000 or more a year. The study is the result of a collaboration between Notre Dame University and the law firm Labaton Sucharow, which specializes in representing whistleblowers. Besides the fact that, apparently, one fifth of professionals seemingly know about, but aren’t revealing, illegal or unethical acts, other troubling findings include: "http://www.nysscpa.org/news/publications/thedaily/blog-posts/poll-22-percent-of-finance-workers-know-about-or-have-seen-illegal-or-unethical-acts-052015
PainterArt Premium Member almost 9 years ago
OH I should say that poll was from this month May 2015
Zen-of-Zinfandel almost 9 years ago
A woman went camping with a JP Morgan banker and found evil intent…
hippogriff almost 9 years ago
Most “cage free” chickens are on the floor of hundred yard long sheds and are raised primarily for meat. One could, but seldom do, have the advantages of free range with the convenience of egg collecting by 20×20 foot pens with roosts and wheels so that they can periodically be moved to fresh grazing grounds.
braindead Premium Member almost 9 years ago
“U.S. regulators hit five global banks with $5.4 billion in penalties Wednesday for trying to rig foreign currency markets in their favor.”
Small nit, Rad. It wasn’t attempted rigging. And with what they gained, they can pay the fines, bribe Congressmen and Senators, and declare hundreds of millions of bonuses all around.
Liverlips McCracken Premium Member almost 9 years ago
Wall Street and related markets have become more of a rigged game than ever before. You may as well take your savings to a casino as try to play Wall Street’s game.Human greed is boundless, and is one of the reasons why “pure” laissez-faire capitalism doesn’t work as advertised. With the sales pitch the Cons have perfected over the past 30 years, and the direction US politics is headed, it is only a matter of time before the chickens come home to roost.
Dtroutma almost 9 years ago
The Reagan administration made their actions “legal” within regulations, and conservatives in Congress wrote legislation to take away crime, and punishment, at least for the banker investment class. Finding anything to prosecute these dudes for is therefore difficult, and their actions truly egregious if in violation.
Lloydl333 almost 9 years ago
Not one A-hole goes to jail……
lopaka almost 9 years ago
betcha none of them see prison time
Liverlips McCracken Premium Member almost 9 years ago
Don’t even give the idea of prison time a second thought, or a second OF thought. You can’t imprison a corporation.
hippogriff almost 9 years ago
Liverlips McCracken: Why not? You can imprison a ship: just nail the sentence to the main mast (and even motor vessels have one) and it may not be moved except by court order.
With a corporation, it would operate the same as in a bankruptcy except any and all profits would go in payment of fines instead of to the owners. Also, those humans responsible for the crime could be sent to prison – for conspiracy, if nothing stronger, like negligent homicide if their actions resulted in death.