The government is truly servicing the big banks as needed - JP Morgan fined $83 Million for breaking the law

The government is really getting comical these days.

First news in banks today was, that despite all the news releases that Bank of America did not need any additional cash to shore up it's books, that it was not in merger talks with JP Morgan, that it was not going to issue any more stock, Warren Buffet bails out Bank of America with $5 Billion.

Of course no charges of lying to their shareholders will be brought against bank of America by the SEC. Nor will there be any retribution from the FDIC, The Treasury Department or the Federal Reserve Bank.

Just after the market close, the Justice Department fines JP Morgan for breaking laws in lending and laundering money for Cubans.

Now take a minute and follow this scenario.

JP Morgan paid out over $16 Billion in bonuses last year which left the billion + share to divvy up $500 Million in profits. Let me state that again - $16 billion in bonuses to traders in stocks and bonds, the shareholders (and there are over 1 Billion shares outstanding) got to divvy up $500 million.

So the Justice Department stated that the bank broke the rules knowingly - "JPMorgan managers knew the loan violated the regulations against helping nations that proliferate weapons of mass destruction but didn't notify the government until March 2010."

With the Cuban money affair, the banks handled 1,711 wire money transfers - totaling $178 million dollars. Again, the bank knew "JPMorgan managers were given the results of an internal investigation of the transfers, the bank "failed to take adequate steps to prevent further transfers,"

Now think about this for a minute - $16 Billion in bonuses. That means traders are making as much (or close to it) money as the fines the Justice Department is making JP Morgan pay!

How is this type of fine ever going to JP Morgan suffer in any way, shape or form?

No managers were told to be fired, no one was charged with a crime - the Justice Department just said,"Give us some money - $83 Million sounds good, and don't to it again!"

Unfortunately, that "don't do it again" has not worked well in the past. Banks have a history of paying fines for breaking the law, only to be fined again for breaking the same laws a year or two later.

Wondering when the American public is ever going to realize that the government is not doing anything for it's citizens but it is doing all it can for the banks and conglomerates.

How can a small fine (Right, the news report states it was the largest fine ever - but lets be real - $16 Billion in bonuses vs. a a fine for $83 Million. I'd take those consequence for breaking the law everyday of the week!)

Now, have a regular citizen get caught doing illegal wire transfers and sending/giving aid to get nuclear stuff to Syria - well, that would entail a heavy fine for the individual and probably jail time.

Of course regular, average citizens don't toss $1 Million + at Congressman and Presidential campaigns, either.

Nor do they have a lobbying company that spends over $1 Billion to get lunches, drinks, golf games, jet rides, etc. for our Senators, House of Representative folks and then make sure the guys at the SEC and FDIC get their fair share of perks too.

Funny how all these guys, when they leave, drift over to new employment as spokesmen, lobbyists, and board members for the banks. Just seems like they go in circles.

Work for the government, loose an election or quit, work for a bank, then back to the government in an appointed post. Never really ever having to do a days work in their whole lives!

As long as the citizens of the USA tolerate these shenanigans by regulators and appointed representatives, there will be no change in the way the government and banks are stealing their wealth.

Remember - this is the first time in history that the children of the "Baby Boomer" generation will have a lower standard of living than what their parents had.

All brought to you be the US Government, the big banks and the multi-national conglomerates.

Fines are supposed to hurt a company and the wrong doers are supposed to go to jail.

An $83 Million fine does noting to stop JP Morgan from breaking the law again in a year or two.

When dealing with the banks, the Justice Department and Treasury give out slaps on the wrist, a wink of the eye with expectations of seeing the same banks, a few years later, for breaking the law once again.

It proves once again, that if you have enough money, you are above the laws that govern the average citizen.

Disgusting.

Cheers for now.