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Monday’s Mobbed-Up Markets – “Investment Banks Are the Mafia”

Posted on the 25 June 2012 by Phil's Stock World @philstockworld

Matt Taibbi and Yves Smith, two people who really understand what the Banksters are up to, explain to Bill Moyers how Investment Banks are no different than any other form of organized crime except for the fact that they completely own the politicians and the judges and the regulators who are supposed to be prosecuting them and the ones that can't be bought – like Elliott Spitzer – are destroyed.  

Things are not going to get better in this country – or anywhere in the World – until we begin to treat these Banksters like what they are – criminal organizations that are stealing the wealth of the World.  The problem is they are smart enough to share their ill-gotten gains with the little people along the way who look the other way – so there's no one in power who wants this game to end.  This is obvious to anyone who saw that farce last week when Jamie Dimon went to Capital Hill so all the Congressmen and Senators could apologize to him for wasting his valuable time.  

Monday’s Mobbed-Up Markets – “Investment Banks are the Mafia”
Jefferson County in Alabama is bankrupt thanks to JPM, Stockton California is now filing for bankruptcy as well with $700M in bond debt going into default.  Tiabbi exposed the auction-rigging that has led to these bankruptcies (as well as those in Europe) in "The Scam Wall Street Learned From the Mafia" and the fact that you hear almost nothing about this in the MSM shows you just how far the Banksters control of the media extends.   

ALL of the major banks were involved in the systematic rigging of bond auctions throughout the country yet very few Americans even know it happened.  They did the same thing in Europe but it's the people who are being blamed for spending money they didn't have – not the people who sold them the loans at unrealistic rates that were essentially a massive Ponzi scheme aimed only at generating fees for the lenders – who were not just lenders but the consultants who deemed the spending programs "necessary and affordable."

 

Monday’s Mobbed-Up Markets – “Investment Banks are the Mafia”
The muni bid-rigging investigation described in the article, as large as it is in scope, is likely just the appetizer for an even broader and more serious investigation into another cartel-style corruption scheme, the manipulation of LIBOR, the interbank exchange



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