In spineless prosecutor and regulator news, the UK’s Serious Fraud Office (“SFO”) is ready to make its first arrests for the Libor crime syndicate that has long been dubbed a scandal by propaganda blindstream media, according to new reports. Thus far, it appears the first targets will be traders at UBS and the Royal Bank of Scotland, because obviously, those are the big wigs you want to go after first for banks stealing untold billions for years, and which involved trillions of dollars weekly.
As Zerohedge notes, “Note the word “traders” – not CEOs, not COOs, not General Counsels, not Managers, not Supervisors… Traders” the blog writes. “Because remember: it was a scheming 28-year old Frenchman that was the mastermind behind Goldman’s CDO fraud for years. Nobody else. Just him. That said, we are looking forward to the latest minimum prison reality TV show: “How Many Cigarettes* For A Bollinger?” it says.
As an attorney, I must also note that this choice is ludicrous as well – this is the equivalent of having uncovered a massive mob network where the identities are known of all the bosses and where serious crimes have been committed and gone unpunished for who knows how long. Despite the mountains of evidence ready to damn them all, the targets of prosecutors are not the mob bosses, the mid level bosses or the corrupt police looking the other way, but a few street bookies and extortionists.
I suppose the spineless prosecutors and regulators want to give the big wigs some more time to destroy evidence while the low level trader lackeys on the floor take the heat in one of the better case scenarios, but again, if this was a serious attempt at justice I would expect some executives and some veterans at numerous banks being targeted, otherwise it is just smells like the beginnings of a kangaroo court trial.
What’s truly sad is that when one reads the source article, there are marks of kleptocracy everywhere – for the world’s largest crime syndicate, the SFO was given a little under $5 million to investigate an army of banks with deep pockets and armies of white shoe lawyers, accountants and “professionals” ready to defend them for the purposes of trial.
This is what you call preparing to fail, and the crooks at the helm should be ashamed of themselves. Since this is multi jurisdictional and covers numerous countries, I suppose the bureaucrats will play pass the buck, make excuses and talk about how difficult and complicated the situation is, and that it’s always someone else’s job to actually do something.
This can change if the individual decides to say “enough is enough!”. The citizenry needs to say that this farce of justice is exactly what it is, and the spineless prosecutors and blindstream journalists have to say the same. It is that simple and that’s how things do change. If a few people are worried about losing their careers and livelihoods then that’s the exact reason why all this criminality occurs in the first place – if a whole agency all of a sudden gets fired for whistleblowing, do you think the stooge bureaucratic heads of these farce agency’s have any cover left for themselves?
It’s time to do the right thing, this is one of the most blatant injustices staring us in the face and what we get are a few announcements of traders getting arrested? Absolutely ludicrous.