Of course, no bank article would be complete without at least a mention of the bank frauds and illegal actions that are now merely a cost of doing business: Helping Mexican drug dealers launder money (HSBC); funneling cash to Iran (Standard Chartered); LIBOR fraud (Barclays and a cast of dozens); falsifying mortgage records/improperly foreclosing on borrowers (all the giant banks); routinely misleading clients (Merrill, Morgan Stanley, Citi); Selling securities known to be garbage (Goldman Sachs, Merrill); secretly betting against clients to profit from their ignorance (Goldman Sachs).
Ah the dirty ass engine of capitalism.
We should be proud of our banks, our culture, and our government for letting these companies regulate themselves.
When you look at this list of horseshit fraud, how can you turn around and say the housing bubble was largely absent of fraud? It was all greedy homeowners taking mortgages they couldn’t afford?
I don’t think so.