I recently posted JPMorgan manipulated CA’s energy market to great profit, lied about it. Penalty? Chump change (1 day’s revenue). Please link over, because Michael Hiltzik's take is worth a read.
With that, here are today's Los Angeles Times letters to the editor, because our voices matter:
Why do we so seldom hear about any of these hundreds of guilty market manipulators — all cherished employees of large corporations — going to prison? They never admit any wrongdoing, and seldom do we see their heads bowed to express shame as destroyers of America's social contract.
Michael Hiltzik reminds us that a $421-million fine is pocket change to JPMorgan Chase & Co. against total annual net revenue of $97 billion. No wonder its spokesman is "pleased to put this matter behind us."
Contrary to what federal regulators say, this ridiculous slap on the wrist will never be a strong deterrent to continuing big-money corruption. Nor will it result in any "material impact" on the secretive culture of yet another Wall Street giant that exalts profit over morality — at the expense of the rest of us.
JPMorgan's manipulation of energy markets is nothing short of criminal.
The fact that no one will go to prison for this crime, and that the manipulators see fines as the cost of doing business, reminds me of my childhood in San Francisco, where the bookies to whom I sold newspapers told me they weren't worried about being arrested for illegal gambling; they just paid the fine and came back the next day, where they cooked the books once more — or paid off the arresting officer.
That area of San Francisco was called the Tenderloin District. It seems we have our own Tenderloin, but on a national level — it's called "investment banking."
San Juan Capistrano
I think of myself as an informed citizen. After 68 years of life, I am starting to think "the fix is in."
Major corporations — contributors to both parties — write the rules for their benefit. Politicians are now professionals, not citizens doing their civic duty like our founders envisioned.
As Will Rogers said, we have the best politicians money can buy.