It’s hard to think of the many billions of dollars in fines that big banks have paid over the last few years or so as anything other than the cost of doing business. Here’s Matt Taibbi with Nermeen Shaikh and Amy Goodman of DemocracyNow to explain why.
What’s humorous about this is that virtually all of these so-called too-big-to-fail banks have been embroiled in scandals of varying degrees of extreme seriousness since 2008. So for them to say, “Oh, it’s just a few bad apples in this one instance,” is increasingly absurd. They have been dinged for everything from bribery to money laundering, to rigging Libor, to mass fraud in subprime mortgages and now the forex markets. It’s one mass crime over—you know, after another, and there’s no consequence.
See also Banks Will Keep Doing FX Stuff That Got Them in Trouble at Bloomberg if you feel you’ve not been sufficiently disappointed by the above.