The Banking Industry: Seven Years Later, Will Justice Be Served? by Nathan McDonald, Sprott Money
It is safe to say that most people are aware that Banksters were predominantly responsible for the economic crisis in 2008.
This crisis was created by the banking industry, the very ones that claimed they were the stewards of the economy, the very people that claimed they were the “smartest” men in the room and knew exactly what they were doing.
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Much to the world’s dismay, we learned a hard lesson. We learned that these “geniuses” are no smarter than anyone else when it comes to the economy and what is best for it, perhaps they are even dumber.
It is common knowledge that one of the leading causes of the 2008 crisis and the aftereffects that are still being felt around the world, was shoddy subprime mortgages that were repacked and sold as “good” to unknowing pension funds and investors.
The ones creating these “deals” knew exactly what they were doing. They knew precisely what they were selling, they knew it was pure and utter garbage. These people were and still are nothing more than common con men.
Still, following the largest economic crisis in modern history, not one of these Banksters in the United States, or the UK went to jail. Iceland was the only country that cracked down on their fraudsters and did what was right, persecuting and charging them.
This fact left many stunned, including myself. How could the people who orchestrated the biggest financial collapse, in modern history get off scott-free?
At first you may be confused, but as time goes on and you learn more about who truly runs the world. You will quickly come to the realization that these people didn’t go to jail, because they are the ones pulling the strings, writing the laws and running the show.
Now, nearly a decade after this monumental crisis, something appears to finally be happening. Federal prosecutors, after a string of successful civil settlements can no longer ignore the facts and are taking action. The Wall Street Journal reports:
Federal prosecutors are actively pursuing criminal cases against executives from Royal Bank of Scotland Group PLC and J.P. Morgan Chase & Co. for allegedly selling flawed mortgage securities, people familiar with the probes said, as the clock ticks down for bringing cases from the 2008 financial crisis.
Officials are working to establish that the bankers ignored warnings from associates that they were packaging too many shaky mortgages into investment offerings and are weighing whether they can prove that constituted fraud, the people said.
At RBS, prosecutors are scrutinizing a $2.2 billion deal that repackaged home mortgages into bonds in 2007, the people said. In a 2013 civil settlement with RBS, the Securities and Exchange Commission described the lead banker on that deal, whom it didn’t name, as trying to push it through over concerns of the diligence department.
At J.P. Morgan, prosecutors are focusing on two people who worked on a different residential-mortgage deal, the people said.
J.P. Morgan noted the existence of a criminal probe in a Nov. 2 quarterly securities filing. A spokesman declined to comment beyond that document.
Reading the above, you have to ask yourself, what took them so long? The facts have always been there, as has the truth. These criminals should of been arrested a long time ago.
Although it is encouraging to see something being done, even if it is nearly a decade later, I wouldn’t hold your breathe. It is highly unlikely that you are going to see a parade of Banksters from JPMorgan and RBS being carted off in handcuffs, giving the incredibly powerful influence that the banking elite have in the West.
The day of justice will come one day, but not under this current system. No, the ones in charge will run this system will see it crash and burn before they finally admit defeat. Then and only then will the masses wake up and see the light, then and only then will there be justice.