NEW YORK FINANCIAL REGULATOR
Benjamin Lawsky and The New York State Department of Financial Services are rudely prying into the market rigging habits of the world's largest banks. The regulators wield the power to remove the banks' licenses to trade in New York - which is the world's largest financial center. One investigation focuses on the $5.3 trillion that daily floods through the foreign exchange markets; which are in GOP and UK Tory terms some of the allegedly "Free Markets", magically responding to and adjusting the messy activities of we seven billion souls who collectively comprise the global economy. But there is no magic and no Free Markets; just highly rigged crooked bank bookkeeping that continues to steal from the poor and give to the rich (tax free of course).
$5.3 trillion in real money is $5,300,000,000,000 (five thousand three hundred billion), equivalent to 13 million ten year jobs - EVERY DAY. So it is hugely important to society that the flow of this immense amount is controlled honestly, fairly, ethically, with justice. And that is just one river of gold that banks such as Citigroup, JP Morgan, Credit Suisse, Standard Chartered, Barclays, Deutsche, Goldman Sachs and Britain's recently nationalized now government run, near bankrupt Royal Bank of Scotland, all dip their sticky fingers in daily - and thus into everyone's personal and family lives.
These investigations not only give the lie to the lunatic economic concept of Free Markets, but also to the claimed unique irreplaceable skills of the impeccably honest genius traders who manage these money markets and, due to their unique irreplaceable skills are allowed to gouge out millions of dollars a year for themselves (tax free of course). The truth is that these insiders, these traders have been honed to comply with the inherent dishonesty of their banks' trades - and to maintain the siphons that extract $1 trillion a year - just about the entire global liquid surplus - sent to be hidden in the world's 70 tax-havens annually; adding to the $32 trillion (80 million jobs) buried there. The so called irreplaceable skills that justify gouging out personal millions for these slick guys are in fact simply the willingness to join the gangsters who are embedded in the money-economy - and stay silent. It is not clever, it is just a crooked cartel.
At a time when the unemployment rate in the UK is 35.9% for 16 to 17 year olds and 18% for 18 to 24 year olds, and when the dumb stupid mass of unwashed workers of America are just waking up to the fact that they haven't shared in the staggeringly high growth in real wealth, haven't had a pay rise in the 30 years since Reaganomics, while executive pay has gone into the stratosphere, and when 50% unemployment stalks the streets of Madrid and Athens and other OECD regions like the Four Horsemen of the Apocalypse; at this time it seems that some regulators are at last taking action. But not, of course, in London - where no prosecutions are ever brought or concluded. All London dealers and bankers must be scrupulously honest.
How long before this Lone Ranger, Benjamin Lawsky, is bought off or killed?