Corporatism and Fraud are Why Were Screwed: | Credit Writedowns

Via Credit Writedowns…

As the Global Financial Crisis rumbles along in its fifth year, we read the latest revelations of bankster fraud, the LIBOR scandal. This follows the muni bond fixing scam detailed a couple of weeks ago, as well as the JPMorgan Chase trading fiasco and the Corzine – MF Global collapse and any number of other scandals in recent months. In every case it was traders run amuck, fixing “markets” to make an easy buck at someone’s expense. In times like these, I always recall Robert Sherrill’s 1990 statement about the S&L crisis that “thievery is what unregulated capitalism is all about.”After 1990 we removed what was left of financial regulations following the flurry of deregulation of the early 1980s that had freed the thrifts so that they could self-destruct. And we are shocked, SHOCKED!, that thieves took over the financial system.Nay, they took over the whole economy and the political system lock, stock, and barrel. They didn’t just blow up finance, they oversaw the swiftest transfer of wealth to the very top the world has ever seen. They screwed workers out of their jobs, they screwed homeowners out of their houses, they screwed retirees out of their pensions, and they screwed municipalities out of their revenues and assets.Financiers are forcing schools, parks, pools, fire departments, senior citizen centers, and libraries to shut down. They are forcing national governments to auction off their cultural heritage to the highest bidder. Everything must go in fire sales pun intended at prices rigged by twenty-something traders at the biggest and most corrupt institutions the world has ever known.And since they’ve bought the politicians, the policy-makers, and the courts, no one will stop it. Few will even discuss it, since most university administrations have similarly been bought off—in many cases, the universities are even headed by corporate “leaders”–and their professors are on Wall Street’s payrolls.We’re screwed.

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Robert Diamond, Disgraced Barclays Banker, Pulls Out Of Romney Fundraiser

Is accepting campaign donations from foreign banks even legal?

A disgraced London banker has rescinded an offer to co-host a high-dollar fundraiser for Mitt Romney, sparing the GOP hopeful the difficulty of appearing at a lavish event with a man embroiled in scandal.

Romney’s plan to hold a fundraiser in London this summer with Barclays CEO Robert Diamond was reported June 28 by the London Telegraph. The cost of the dinner seemed to shock the British paper, which noted that “the price of invitations dwarfs the amounts paid for such fund-raisers in British politics.”

On Tuesday, Diamond resigned from Barclays after his bank was fined more than $450 million by British and U.S. authorities for attempting to manipulate the Libor rate (London interbank offered rate), a key global metric used to set everything from credit card to mortgage interest rates.

more at Robert Diamond, Disgraced Barclays Banker, Pulls Out Of Romney Fundraiser.