Bank regulation is a joke; the banks essentially regulate themselves. From Dennis Miller at theburningplatform.com:
I recently interviewed Chuck Butler about JP Morgan’s recent admission to five felony counts and $1 billion fine. I asked, “When Is It Going To End?”
Right after finishing the interview, ZeroHedge reported:
“Goldman Sachs is reportedly on the cusp of settling one of the biggest criminal cases involving a Wall Street bank since the financial crisis: According to a Bloomberg News report…the Vampire Squid has reached a tentative agreement with the DoJ to pay more than $2 billion in penalties…– and – here’s the key bit – allows the bank to avoid all criminal penalties.
…. Tim Leissner, formerly the bank’s top man in Southeast Asia…reportedly told authorities about the endemic “culture of corruption” at play within the bank.”
Wall Street on Parade (WSOP) confirmed, adding:
“The U.S. Department of Justice is being played like a fiddle at a tractor meet. …. Twice, in a period of just three weeks…the Justice Department (announced) settlements of landmark criminal cases against two of the largest banks on Wall Street….
To prevent the possibility that a reporter…might ask the Justice Department why it was giving JPMorgan Chase a Deferred Prosecution Agreement when these were the fourth and fifth criminal counts it has brought against JPMorgan Chase in the past six years, (it has admitted guilt to all of the charges) the Justice Department simply skipped its usual procedure and did not hold a press conference announcing the charges.”