Bankers getting Jailed

occucards.com

Some 347 years ago central banking was established by Swedish Riksbank in 1668, so we move ahead to 1791 where the first bank in the United States was put in place by former Robert Morris (Superintendent of Finance) aide and chief advocate for Northern mercantile interests, this was modeled after the Bank of England.  Thomas Jefferson saw it as an engine for speculation, financial manipulation and corruption.  Well, old Thomas was right for in 1907 a panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company.  When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company, New York City's third-largest trust.

After the 1907 panic the Federal Reserve was put in place (1913) a central bank to inject liquidity back into the market and yeah this works but as time has shown the manipulation of markets and currencies puts us right back to 1907.   Fast forward to today the financial crisis of 2008 has left the world economy at a snails pace and the idea of the too big to fail ideology was supported by the government through the Executive branch, Legislative and Judicial a real cozy club of the official rubber stamp, we don't follow rules but the public, has no choice.  The hell with that and from public outcry and none participation this has had an impact on banking today.

In the news last night  The Justice Department issued a new policy Wednesday "Effective immediately, we have revised our policy guidance to require that if a company wants any credit for cooperation, any credit at all, it must identify all individuals involved in the wrongdoing, regardless of their position, status or seniority in the company, and provide all relevant facts about their misconduct,’’ Deputy Attorney General Sally Yates.  Wow, a long train coming for public justification that has left many homeless and others broke.

In the mean time, several bankers have jumped to their death and some have gone to jail, here's a small list bellow.  Sen. Elizabeth Warren: "No one should be above the law," If you steal 100 bucks on Main Street, you're probably going to jail. If you steal a billion bucks on Wall Street, you darn well better go to jail, too."

Charles Antonucci, 64, pleaded guilty in 2010 to trying to scam $11 million in taxpayer money.

John Femenia a former Wells Fargo banker sentenced to five years in prison. 

Former Citigroup investment adviser Glenn Schwarzkopf admitted to lying to his 84-year-old client for four years that his investments were safe and growing.

Ex-Goldman director Rajat Gupta is going to jail for two years for insider trading, where he'll be joining some of his former peers.

Mr. Farkas is still fighting his 2011 conviction for masterminding a $2.9 billion fraud that contributed to the 2009 collapses of Taylor, Bean & Whitaker Mortgage Corp.

Jeffrey Burnham, a former vice president of TD Bank, was sentenced to 18 months in jail on charges of bank theft and three years of supervised release for using his corporate credit card.

Ex-trader of National Australia Bank Ltd. Lukas Kamay, 26, was sentenced to seven years and three months in prison, while former Australian Bureau of Statistics analyst Christopher Hill, 25, was jailed for three years and three months, according to the Supreme Court of Victoria.

Elaina Patterson, at Bank of America Corp, pleaded guilty on Monday to stealing more than $2.1 million from 31 people in a Ponzi-like scheme and was sentenced to between three and five years in prison.

Former FNBB president Mark Hardyman pleaded guilty to charges associated with falsifying documents and leading actions that caused a financial institution to fail.