Are you happy with the sick banks that have rotten balance sheets propped up by the Federal Reserve?
Are you angry to find out that no matter what frauds the banks commit, from using client's money illegally to making wild bets that lose billions of dollars and cause untold pain to millions of average Americans to creating derivatives designed to fail, banks only pay a small portion of their fraudulent gains for restitution! How can that be fair? Most lovely of all is "The companies didn’t admit or deny wrongdoing."
Rule of Law is dead; Rule by Fraud is alive and well.
Below is another reason to be distrustful of banks and everything they stand for:
Citigroup, Goldman Sachs among banks fined over lobbyist payments
By Bloomberg News - nj.com
. . . .
Local authorities were unfairly asked to reimburse payments that the firms made over five years to the California Public Securities Association, a lobbying group, to help influence the state, the Financial Industry Regulatory Authority, which oversees securities firms, said today in a statement. The firms inadequately described the fees, wrapping them into bond- underwriting expenses, Finra said.
. . . .
Goldman Sachs “discontinued the longstanding industrywide practice of seeking reimbursement for such fees” in California last year, the bank said in a statement. It also refunded the lobby-group fees that had been charged on state-level issuances in which the firm was lead underwriter.
Read the whole item here