C.R.E.A.M. = Crime Rules Everything Around Me.

Philip Ridley nailed an explanation of the corruption in the financial world today.  He said, “Don’t believe the hype, think of the worst thing they could probably do, and that is probably what they are doing.”

I couldn’t agree with Philip more.  If you follow the story of what is happening it is obvious these banksters operate well beyond above the law; they are in a brand new, yet-to-be-named category.  They’re not just stealing the value out of the stock market with the LIBOR scandal, or lying to investors about “London Whales”, they are doing much worse.

It may appear that progress is being made in justice with the confession of PFGBest’s boss Russell Wasendorf Sr.  Who was arrested Friday and said yes, I cheated and lied for years in order to maintain the appearance that his leading commodity brokerage business was actually successful.  He repentantly admitted that basically in order to be successful you have to cheat and lie.  Wasn’t this exactly what Bernie Madoff was doing?  Are his competitors doing the same thing?

This groundbreaking confession received muted coverage this week even though it is Bank earnings week and all of the 6 big banks are reporting on 2nd quarter performance.  Last week Chase reported earnings and said that they’re profits are exactly what they projected they would be almost to the penny.  This is their story even though they lost billions more than they initially testified to congress about.  Are they just that good or are they crooked as  a broke finger?

Stephen Gandel exposed how easily Jamie Dimon hid the billions lost in the Whale trade.   The questions I have is who really believes what they say or report?  In a financial world absolutely saturated with lies fraud and crime what reason do you have to believe them? Even their own guy won’t pick their stock.

So how deep can this thing go?  Well, who thinks this LIBOR rate-fixing crime is over?  It seems like everywhere you look you see more evidence that the real business these banks participate in is drug money laundering.  Here is a report from just last month of new evidence that these thugs are just that, overdressed drug thugs.

Even the Vatican has been caught.

What do you think?

   

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