zerohedge.com / by Tyler Durden on 06/10/2015 12:45
One week ago we took delight in one particular headline in which Fed vice-chair Stanley Fischer was quoted as saying that bankers “should be punished for financial crimes.”
We doubt we need to explain the virtually infinite circularity of irony contained in this quote, suffice to say that for the Fed to admit that the US judicial system is broken and that not a single banker has gone to prison following years of abuse, nearly a third of a trillion in legal settlements and charges by US commercial banks many of which have been now found to criminally manipulate markets (of which none more so than JPMorgan, whose CEO Jamie Dimon is now a billionaire as a result), and that the Fed has enabled and encouraged all of this with its policies, is… well, frankly we don’t even have the right word for it.
Today, the irony goes a notch higher when another central banker, this time former Goldman partner and current Bank of England head, Mark Carney doubled down on Fischer’s commentary.
Moments ago Carney said that prison sentences for market manipulating traders and bankers should be extended from 7 to 10 years. He added that so-called “rolling bad apples” or individuals who are fired from financial firms would no longer be able to move to another job without their new employer knowing about their history.
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