The business model for these "too big to jail" banks is FRAUD, or as Kara M. Stein, Commissioner at the Securities and Exchange Commission (SEC), wrote in her May 21, 2015 dissenting opinion (objecting to the lack of criminal charges against the top executives at the world's largest banks for rigging worldwide interest rates), the behavior of these executives constitutes:
"... a criminal conspiracy to manipulate exchange rates in the foreign currency exchange spot market ("FX Spot Market"), a global market for buying and selling currencies. Traders at these firms “entered into and engaged in a combination and conspiracy to fix, stabilize, maintain, increase or decrease the price of, and rig bids and offers for,” the euro-dollar foreign currency exchange ("FX"). To carry out their scheme, the conspirators communicated and coordinated trading almost daily in an exclusive online chat room that the traders referred to as "The Cartel" or "The Mafia." Additionally, salespeople and traders lied to customers in order to collect undisclosed markups in certain transactions. This criminal behavior went on for years, unchecked and undeterred."
Here is a partial list from the last few years of the various frauds perpetrated by this criminal conspiracy:
Why the Senate Won't Touch Jamie Dimon: How JPMorgan Props Up US Debt http://truth-out.org/news/item/9876-the-jpmorgan-derivatives-propping-up-us-debt-why-the-senate-wont-touch-jamie-dimonFor those keeping score: The cumulative effect of these frauds means the world's key price benchmarks for interest rates, energy and currencies—as well as all the markets (money, mortgages, and other commodities)—are all compromised and that those who have profited from these scams have gotten away with paying a pittance (mills on the dollar) of their ill-gotten gains. Not one of these criminals has served any prison time.Even before the Fed initiated its POMO (Permanent Open Market Operations) injections of outright treasury buys in a program euphemistically titled "Quantitative Easing 2" (a.k.a printing money out of thin air) the Fed's daily zero percent loans of taxpayer money to Goldman Sachs and J.P. Morgan were used almost exclusively to buy stocks -- and then sell them again within minutes or even seconds. http://www.opednews.com/articles/THE-U-S-STOCK-MARKET-IS-R-by-lila-york-101227-303.html
Hidden purchases of U.S. Treasury bonds http://georgewashington2.blogspot.com/2009/09/is-treasury-faking-foreign-purchases-of.html and http://www.paulcraigroberts.org/2014/05/12/fed-great-deceiver-paul-craig-roberts/.
During the second half of 2019, the banks that control the Fed shifted their strategy to direct printing of Federal Reserve Notes: Government Deficits 100% Funded By Fed Monetary Creation Since September 2019: http://danielamerman.com/va/ccc/F3debt100Fund.html
Rigging of LIBOR: Barclays Settles Regulators' Claims Over Manipulation of Key Rates http://dealbook.nytimes.com/2012/06/27/barclays-said-to-settle-regulatory-claims-over-benchmark-manipulation/
Manipulating the price of gold: http://www.activistpost.com/2014/01/the-hows-and-whys-of-gold-price.html
The rigging of the municipal bond market: http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1yS3rPeCP and http://www.maxkeiser.com/2015/02/swimming-with-the-sharks-goldman-sachs-school-districts-and-capital-appreciation-bonds/
Baltimore sues Wall Street over bond rigging: http://www.baltimoresun.com/news/opinion/editorial/bs-ed-libor-20120716,0,968211.story
Oakland sues Goldman Sachs over interest rate swaps (derivatives) that it bought for protection and lost while the market was manipulated http://www.forbes.com/sites/halahtouryalai/2012/07/11/city-of-oakland-taps-occupy-wall-street-to-take-on-goldman-sachs/
Philadelphia sues banks, alleging antitrust violations http://www.law.com/jsp/pa/PubArticlePA.jsp?hubtype=ThisWeek&id=1202612875031&slreturn=20130629162925
Computerized Front Running: Another Goldman-Dominated Fraud. (How the banks’ computer read incoming orders and jump ahead of them to skim profits (from our pension funds, mutual funds, and 401ks) http://www.webofdebt.com/articles/computerized_front_running.php
Helping the 1% avoid paying U.S. taxes and the "Justice Department" allowing the banks to get away with this http://truth-out.org/buzzflash/commentary/swiss-banking-giant-helped-us-1-evade-taxes-on-billions-of-dollars-but-justice-department-hasn-t-prosecuted
Wall Street Manipulates Energy Prices, Gold … and Every Other Market http://www.globalresearch.ca/financial-criminality-wall-street-manipulates-energy-prices-gold-and-every-other-market/5380325
After a fraud is discovered, banks, their corporations, and their vassal governments collude on fake settlements for which they are fined mills (units of .001 of a cent) on each dollar stolen; then, the pattern is repeated, thus fraud is the business model:
LIBOR investigation labeled whitewash before it begins. Labor MP launches own investigation. http://www.guardian.co.uk/business/2012/jul/13/libor-scandal-banking-inquiry-whitewash
Interest rate swaps: A fraud bigger than LIBOR http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425
50 states’ attorneys general pretend to resist MERS settlement and then settle for mills on the dollar. This fraud began with sub-prime mortgages, which were then securitized, banded together, and sold as legitimate investments. When the economy was brought down, these securitized mortgages were virtually worthless, and were repurchased for pennies on the dollar, or illegally seized by banks through rigged foreclosures. The MERS scam also allowed the banks to avoid filing fees to the counties, thereby illegally depriving them of billions of dollars. On top of all of this, there are legitimate legal grounds for claiming that the chain of title to 70 million mortgages has been broken. http://www.huffingtonpost.com/2012/01/12/attorney-general-foreclosure-settlement-eric-schneiderman-beau-biden_n_1202643.html
Top Justice Department Officials Work for the banks they are responsible for regulating http://www.reuters.com/article/2012/01/20/us-usa-holder-mortgage-idUSTRE80J0PH20120120 and: http://readersupportednews.org/opinion2/277-75/31208-eric-holder-wall-street-double-agent-comes-in-from-the-cold
Stern words and a pea-sized fine for Google http://www.nytimes.com/2013/04/23/business/global/stern-words-and-pea-size-punishment-for-google.html (Fine equals two minutes of annual profit or 0.0002%)
Hedge fund takes position on a corporate collapse, then pulls strings to make it happen. www.nytimes.com/2014/03/10/business/staking-1-billion-that-herbalife-will-fail-then-ackman-lobbying-to-bring-it-down.html
Retiring Obama Administration Prosecutor Says the SEC Is Corrupt. http://www.truth-out.org/buzzflash/commentary/retiring-obama-administration-prosecutor-says-the-sec-is-corrupt
Speculation: The same pattern is repeated for commodities
How Goldman Sachs manipulates the aluminum market: A Shuffle of Aluminum, but to Banks, Pure Gold http://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html
JPMorgan Agrees to Pay $410 Million in Power Market Manipulation Case http://dealbook.nytimes.com/2013/07/30/jpmorgan-to-pay-410-million-in-power-market-manipulation-case/
Wall St. Exploits Ethanol Credits, and Prices Spike www.nytimes.com/2013/09/15/business/wall-st-exploits-ethanol-credits-and-prices-spike.html
Senate Report Finds Goldman and JPMorgan Can Influence Commodities http://dealbook.nytimes.com/2014/11/19/senate-report-criticizes-goldman-and-jpmorgan-over-their-roles-in-commodities-market/
Industries owned and operated by the banks follow the same pattern: Their business model is fraud:
Report Shows Breaking the Law 'Just a Cost of Doing Business for Big Pharma'
Additional frauds (added 11/6/2013 and following):
EU Oil Manipulation Probe Shines Light on Platts Pricing
Worldwide currency manipulation
U.S. Investigates Currency Trades by Major Banks
Two Giant Banks, Seen as Immune, Become Targets
Royal Bank of Scotland retains special status after LIBOR conviction
Credit Suisse Pleads Guilty in Felony Case
Bank of America's fine for massive mortgage fraud is a public relations stunt
America's top 10 corporate tax evaders
Big Banks Face Another Round of U.S. Charges
Prosecutors Suspect Repeat Offenses on Wall Street
Rate-Rigging Case Yields More Hefty Fines for Top Banks
Former Federal Reserve officials commit perjury in AIG fraud case
S.&.P. Announces $1.37 Billion Settlement With Prosecutors
HSBC files show how Swiss bank helped clients dodge taxes and hide millions
Justice Department Is Seeking Felony Pleas by Big Banks in Foreign Currency Inquiry
DOJ fines JPMorgan Chase $50 million for robo-signing
Commerzbank Pays Nearly $1.5 Billion to Settle U.S. Investigations
France May Criminally Indict a Big Bank, Why Can't the US?
Deutsche Bank to Pay $2.5 Billion Fine to Settle Rate-Rigging Case
5 Big Banks to Pay Billions and Plead Guilty in Currency and Interest Rate Cases
History's Largest Financial Crime that the WSJ and NYT Would Like You to Forget
Edward Jones to Pay $20 Million Due to Muni-Bond Overcharges
How Wall Street’s Bankers Stayed Out of Jail
The Rigging of the Shanghai Stock Market
Proof of Ongoing Foreclosure Fraud and Mortgage Document Fabrication, in Five Emails
BofA reaches $335 million settlement over mortgages, MERS
Lawsuit Accuses 22 Banks Of Manipulating US Treasury Auctions
Big banks accused of interest rate-swap fixing in U.S. class action suit
Goldman to Pay Up to $5 Billion to Settle Claims of Faulty Mortgages
The Indisputable Role of Credit Ratings Agencies in the 2008 Collapse, and Why Nothing Has Changed
Analysis of the Yates memo, on why individuals in the finance industry are not prosecuted
See how far Morgan Stanley is willing to go to avoid paying for their role in Wall Street collapse
Wells Fargo just agreed to pay $1.2 billion to settle 'shoddy' mortgage practices
Why Haven’t Bankers Been Punished? Just Read These Insider SEC Emails
US Federal Court: Private Lawsuit Can Bring 16 of the World’s Largest Criminal Banks to Their Knees
New Study Finds Banks Are Cheating Black People Out of Mortgages Based on Race, Not Income
FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal
5,300 Wells Fargo employees fired over 2 million phony accounts
Mortgage and foreclosure fraud continues
Wells Fargo Turns to Arbitration to Kill Lawsuits Over Fraud
EU fines top banks £410m for rate rigging, including HSBC and JP Morgan
DOJ Slaps Deutsche Bank's Wrists for Securities Fraud
Goldman Sachs ordered to pay $120 million penalty for rate manipulation
Did Big Media Run Fake Headlines on the Deutsche Bank “Settlement”?
Megabank Caught Laundering for Terrorists and Drug Cartels and the Feds Are Keeping It Secret
Libor: FDIC sues Barclays, RBS, HSBC, Lloyds and BBA
How America’s Biggest Bank Paid Its Fine for the 2008 Mortgage Crisis -- With Phony Mortgages
JPMorgan Busted Laundering Money After Calling Bitcoin a Money Laundering Tool
Trump Administration Waives Punishment For Convicted Banks, Including Deutsche — Which Trump Owes Millions and here
CBO Reveals Democrat-Backed Bill Really Just Big Gift to Wall Street
Malaysia’s Playbook For Prosecuting Goldman Sachs over the 1MDB Case
Wells Fargo executives are getting the treatment Wall Street deserved after 2008
JPMorgan Chase Confirmed as Target of Metals Price Rigging Prosecution
Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds
FinCEN Files: All you need to know about the documents leak
JPMorgan To Pay Record $1 Billion Settlement Over Precious Metals, Treasury Manipulation
3-Count Felon, JPMorgan Chase, Caught Laundering More Dirty Money
More Than 500 JPMorgan Employees Inexplicably Got Emergency Virus Relief Funds
Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds
GameStop Shares: 5-Count Felon JPMorgan Could Have Made Upwards of $174 Million Yesterday
GameStop Hearing Exposes a Sick Business Model Destined to Exacerbate Wealth Inequality in America
How Corrupt Is Wall Street? Two Watchdogs Weigh In
One Day After the Senate Hearing on GameStop Manipulation, Its Stock Puts on a Wild Show of Manipulation
German Towns To Lose Millions In Greensill Bank Collapse
Goldman Sachs Just Landed in the Cross-Hairs of the Senate Banking Committee
The Robinhood scam and the Wall Street casino
Retail Investors Lose Consistently When They Actively Trade their Own Account
Derivative Bets Blow Up Archegos Hedge Fund; Inflict Billions in Losses on Global Banks
Margin Debt Has Exploded by 49 Percent in One Year to $814 Billion
The Stock Market Is Just One Hedge Fund Blowup Away from a Crash
SEC’s Gary Gensler Picks a 20-Year Wall Street Bank Defender for His Crime Chief
Three Wall Street Mega Banks Have Admitted to a Combined Eight Felony Counts
Justice Department Opens Probe into Potential Bank Cartel that Financed Archegos
Justice Department's Investigation of Dodgy Archegos-Style Accounts at the Wall Street Mega Banks
Three of the Fed’s Wall Street Bailout Programs Vanish from Its Monthly Reports to Congress
The Dallas Fed Board Is Now Complicit in the Robert Kaplan Saga
Federal Reserve Officials Banned From Owning Individual Stock After Scandal
A Second Female Lawyer Who Worked at JPMorgan Chase Says Fraud Is Condoned at the Bank
Wall Street Has Deployed a Dirty Tricks Playbook Against Whistleblowers for Decades
A Group of Midwestern Retirees Are Trying to Stop Wall Street’s Abuse of Retirement Funds
These Are the Plunging Charts that the New York Stock Exchange Hopes You Won’t See
Jamie Dimon Lands in the Cross Hairs of Senate Banking Committee Chair Sherrod Brown
Are the Big 4 Accounting Firms Focused on their Public Duty or Optimizing their Payday
> 5-Count Felon JPMorgan Is at the Center of a New, Multi-Billion Dollar Trading Scandal
Another Raid of Deutsche Bank, Another Dead Whistleblower
PayPal now SEIZING accounts owned by independent media outlets
These Stock Patterns Are Impossible – Without Brazen Manipulation that the SEC Is Choosing to Ignore
The Stock Exchange of the Future Has Arrived – With a Very Dark Past
There Are Three Separate Cases in Federal Court Accusing JPMorgan Chase of a Culture of Fraud
The Fed Is Creating a Permanent $500 Billion Bailout Facility for Wall Street
The Fed’s Trading Scandal Broadens into a Scandal with the Mega Banks It “Regulates”
Three 2nd Circuit Judges, all in their 80s, Decide Traders Rigging Libor Wasn’t Really a Crime
The Latest Digital Token Scheme from Hell
Credit Default Swaps Blow Out on Credit Suisse as its Stock Price Hits an All-Time Low of $2.82
Despite FTX Scandal, the New York Times Features Sam Bankman-Fried at $2500 a Person Event
Sam Bankman-Fried: The Rigged Wall Street System that “Valued” His Company at $32 Billion
An Insider Blows the Whistle on How the Fed Has Allowed Crypto to Invade Federally-Insured Banks
Bankman-Fried's Incredible Shrinking ‘$250 Million Bond’
After 16 Months, There Are Still No Arrests in the Fed’s Trading Scandal
JPMorgan Chase Hit with Lawsuit for Facilitating Jeffrey Epstein’s Crime Network
Four Crypto-Friendly Banks Are Being Bailed Out with Billions from a Federal Housing Program
Goldman Sachs Is Being Sued for 27 Separate Stock Offerings It Underwrote
Silicon Valley Bank Was a Wall Street IPO Pipeline in Drag as a Federally-Insured Bank
As things now stand, the same group of criminals advise Trump.
Copyright, Robert Bows, 2022
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