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It’s Good – no – Great to be the CEO Running a Huge Criminal Bank

Posted on April 30th, 2014 at 18:50 by John Sinteur in category: Robber Barons -- Write a comment


Every day brings multiple new scandals.  At least they used to be scandals.  Now they’re simply news items strained of ethical content by business journalists who see no evil, hear no evil, and speak not about evil.  The Wall Street Journal, our principal U.S. financial journal ran two such stories today.  The first story deals with tax evasion, and begins with this cheery (and tellingly inaccurate) headline: “U.S. Banks to Help Authorities With Tax Evasion Probe.”  Here’s an alternative headline, drawn from the facts of the article: “Senior Officers of Goldman Sachs and Morgan Stanley Aided and Abetted Tax Fraud by Wealthiest Americans, Failed to Make Required Criminal Referrals, and Demanded Immunity from Prosecution for Themselves and the Banks before Complying with the U.S. Subpoenas: U.S. Department of Justice Caves in to Banker’s Demands Continuing its Practice of Effectively Immunizing Fraud by Most Financial Elites.”

Oh, and the feckless DOJ (again) did not require any officer who committed the felony of aiding and abetting tax fraud to resign or to repay the bonuses he “earned” through his crimes.  But not to worry, the banks – not the bankers – may have to pay fines as the cost of doing their felonious business.  The feckless regulators did not even require Goldman Sachs and Morgan Stanley to disclose to shareholders their participation in the program.

  1. Couldn’t the DOJ just get an injunction to bar the executives from the banks while they investigate? Surely, no one in their right mind would leave the executives in charge while there’s an ongoing investigation. It would be too easy for them to destroy evidence. The executives are just employees, not owners, they have no rights in these investigations. The corporations has the rights guaranteed by the supremes (pronounce as “a-holes”), not the employees.

  2. @chas – I’m not saying they’re bent but there are suggestions of questionable practices by “the authorities” (admittedly the SEC not DOJ).


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