If only Brian Moynihan designed fashionable shoes, Jamie Dimon pitched a mean slider, and Lloyd Blankfein had written the song “Boyfriend” for Justin Bieber. Then they’d prosecute bank fraud.
The Justice Department used as many people to investigate one baseball player as it’s doing to pursuing Wall Street housing fraud. It has coordinated fifteen Federal agencies to seize counterfeit goods worth $178 million, yet all but ignored a bankers’ crime wave which cost the global economy trillions.
Our largest (and, lest we forget, taxpayer-rescued) banks have already paid tens of billions of dollars to settle civil and criminal charges - and now there’s LIBOR. Yet there have been no arrests for a well-documented litany of charges which includes bribery, perjury, forgery, investor fraud, consumer fraud, and money-laundering for Mexican drug cartels.
Let’s do the numbers. Number of seizures to recover counterfeit goods worth $178 million: 24,792. Number of arrests for crimes worth tens of billions in settlements and trillions in losses: Zero.