Libor Impunity: Global Kleptocracy/Plutocracy; From: "Stephen Hester: The great escape artist" | Ian Fraser

We live in a global kleptocracy/plutocracy.

Neil Barofsky, former special inspector-general of the Troubled Asset Relief Programme and author of Bailout, said: 'It seems some banks are still too big to jail."

In a an op-ed in the Financial Times last week, Barofsky added: "This forbearance will have potentially devastating long-term effects, as each settlement on favourable terms reinforces the perception that, for a select group of executives and institutions, crime pays. It is only rational. They know that they will get to keep all of the ill-gotten profits if they go undetected, and on the small chance that they're caught, most probably only the shareholders will pay – and only a relatively minor fine at that. The lack of meaningful consequences for those committing these frauds encourages future fraudulent conduct. Ultimately, the financial crisis was a game of incentives gone wild, and the lack of accountability in the aftermath of the crisis has only reinforced those bad incentives.

via Stephen Hester: The great escape artist | Ian Fraser.

See also: From "US can fix budget woes," by Ellen Brown

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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