US May Bring Criminal Charges Against JP Morgan, RBS Executives, Prosecutors Pretend

‘In the aftermath of the financial crisis, it was truly amazing to watch as the world slowly came to grips with the reality that the vaunted institutions entrusted with promoting and preserving the stability of the global financial system were not only responsible for its collapse, but had for years engaged in the rigging of everything from benchmark rates to FX to gold.

It wasn’t so much that the public completely trusted Wall Street. Rather, it was the blatant character of the manipulation and the sheer scope of the endemic corruption and greed that took average investors off guard. The public, for instance, couldn’t understand how a Wall Street firm could create a product based on mortgages for the sole purpose of betting against that product even as it encouraged investors to take the other side. Similarly, the notion that there were cabals of bankers calling themselves things like “The Cartel” working in concert to rig the very benchmarks on which trillions in lending is based was beyond the imagination of the naive masses.’

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