Big banks escape meaningful punishment again

Do you really believe we are all equal before the law? Do you really believe that “justice is blind”? Do you really believe we are all entitled to life, liberty, and pursuit of happiness? Do you really believe we have a “democracy” here in the United States? If you answered yes to all, you must certainly also believe in the Easter Bunny.

The giant banks last week pled guilty to innumerable crimes that ruined the lives of millions of people in this country and around the world, but because they are “too big to fail” they have become “too big to prosecute” in court, and therefore no one individual or groups of individuals will be held accountable for their horrific crimes against society. Their crimes are far to numerous to list here, but they did things like money laundering to drug cartels, did business with countries who are labeled “enemies” of the US, massive fraud, cornered commodities like gold and controlled the prices, sold investors stocks and bonds that they knew were failing, then bought into companies and investments that were betting on those failures. The crimes and those who committed them were immoral, reprehensible, had worldwide ramifications, and ruined lives, but not one person will be held accountable.

Instead, our “Injustice” Department chose to hold a press conference and make the announcement that the large banks who have pled guilty to innumerable serious crimes will be “fined.” The “Injustice” Department makes it appear as if the banks are being hammered by its power and might, but in reality they have given the large banks the mildest slap on the wrist possible.

The fines might seem large to the public, but these banks are so large the fines are inconsequential, and will be paid by bank customers in raised rates and fees. In addition, most of the fines levied by the Department of Injustice can be written off as tax losses in a tax code cleverly written to be gracious to the banks and the wealthy. So the fines are, in effect, meaningless. Meanwhile in Iceland big bank leaders who committed similar crimes have been imprisoned.

While large bank executives can commit the most serious of crimes and skate, we have 360 California inmates serving life sentences for “shoplifting.” And you think we have a democracy where we are all equal before the law? Here comes Santa Claus!!