Are we supposed to be happy every time the SEC extorts fine money out of crooked bankers? What's in it for us? Answer- nothing. This time it is JP Morgan's turn. http://www.zerohedge.com/article/jpm-settles-sec-charges-related-misleading-cdo-information-1536-million It has been Angelo Mozilo, Countrywide, Goldman Sachs. Bank of America.
So just how is it that the government can bring charges against all of these outfits, extort millions and billions in fines and yet not one son of a bitch goes to jail? No crime committed? Fascinating.
A few years ago I got swindled for about 10 jumbo by a corrupt company called China Expert Technology (cxti). They had these glowing balance sheets, gobs of business, and then poof- stock price zero. Where was the fucking SEC?
No fraud charges. Nobody went to jail. Zero protection for investors. No settlement check. Goodbye 10 grand. The SEC didn't even bother returning or answering my complaint. Probably busy watching porn and deciding which crooked bankers to extort money from.
I don't mind losing my investments. That's risk. But if people are going to rip us off- I do mind a government that fails to prosecute or lock up anyone. A government that calls theft business. Noriega ran something like that. If all the government can do to protect investors amounts to extorting money in civil court- then all that amounts to is another bizarre taxing strategy. That's the government we have now. Broken, worthless, and self serving.
Great link from William Banzai. http://www.zerohedge.com/article/jp-morgan-bank-americans-should-all-love-hate