Good thing they’re handling the money.
Government work is pretty good for the most part. (There’s the whole selling your soul aspect, but that aside. — I kid. I kid.) The pay is far above average. Union protections mean you basically can never be fired. The pension comes early, is forever, and is backed by the US taxpayer. Civil servants have it pretty darn good. Government employees on average earn over $120,000 in total compensation. Banking regulators make on average far more than this.
Nomi Prins is a very interesting and talented financial journalist and attached is a great in-depth interview with her on Democracy Now. She discusses her new book All the President’s Bankers.
In the book she explores the relationship between the banking establishment and the American presidency. It probably won’t come as a shock but she finds that in many respects Wall Street and Washington have long been partners, and particularly since the establishment of the Federal Reserve in 1913.
He gave a huge one to HSBC which laundered hundreds of millions of dollars for Mexican drug cartels because if he prosecuted he said it could destabilize the financial system. Too big to jail.
Now another one. Holder is retiring soon to defend banks in court (like he did before) so we shouldn’t be surprised. Credit Suisse may very well become a future client. (After a cooling off period of course, to keep things kosher.)
We wrote a couple of weeks ago that Bitcoin was under all out assault. The cryptocurrency was being attacked (and it continues) on all fronts, legally, through DOS attacks, in the media, by Jamie Dimon who surprise surprise said that the government would just regulate the alternative currency out of existence and “that would be the end of them.” Of course JPMorgan, Dimon’s company, has been trying to get its own rival “alternative” currency off of the ground.
I liked GE so much better when all I thought they made was light bulbs.
This guy was just thinking too small time, so he got busted. One has to go big to avoid prosecution.
This is not a radical idea though many will try to characterize it as such. 100% reserves for banks is actually quite a “conservative” idea.
With 100% bank reserves the credit addicts will scream and holler. The bankers will scream and holler. (Often they are one and the same.) Our economy however would be healthier.
I don’t agree with everything Professor Black prescribes. He and I have pretty different views as to the roll of government generally.
However he advocates shining a light on the dark swamp which is our worldwide financial system, where super leveraged bankers swim through the economic muck like pinstriped alligators. And we are certainly for that.