"We had to struggle with the old enemies of peace--business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering.They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob."Franklin D. Roosevelt"Why is JP Morgan getting so much heat? Maybe because it is a massive international crime syndicate."Matt Taibbi, Talking JPM With Sam Seder
JPM and Goldman sought and obtained manipulative powers in global commodities, even while they were being bailed out on the back of the American people? Oh no, nothing like this could be true, or so the shills and toadies of the moneyed interests will say. Just get the government out of our way, and everything will be all right. The market is naturally rational and efficient, pure and pristine. No Bank would risk its reputation by doing anything illegal.
Especially when they buy off and intimidate enforcement, write the laws, and do what they will.
I doubt that anything meaningful will be done about this. The corruption runs deep. In corporatism the private and public elites are largely interchangeable. Different roles, similar objectives.
The politicians may make a good show of it, and talk harshly to their witnesses. And then take their money, and lick their hands.
But at least we know more about what is true, and what is not.
Perhaps this may help you understand those who do not wish to remain under the power of the Banking cartel, and may be in a better position to do something about it.
Senate Report Criticizes Goldman and JPMorgan Over Their Roles in Commodities MarketBy Nathaniel Popper and Peter EavisNovember 19, 2014A two-year Senate-led investigation is throwing back the curtain on the outsize and sometimes hidden sway that Wall Street banks have gained over the markets for essential commodities like oil, aluminum and coal.The Senate’s Permanent Subcommittee on Investigations found that Goldman Sachs and JPMorgan Chase assumed a role of such significance in the commodities markets that it became possible for the banks to influence the prices that consumers pay while also securing inside information about the markets that could be used by the banks’ own tradersBankers from both firms, along with other industry executives and regulators, will testify about the allegations at hearings on Thursday and Friday.The 400-page report, which was made public on Wednesday evening, included case studies on nine different commodities in which banks have taken big positions, including the 100 oil tankers and 55 million barrels of oil storage that were owned by Morgan Stanley, and the 31 power plants owned by JPMorgan at one point.The subcommittee discussed several reasons that these commodity operations could create problems. The potential for price manipulation and the unfair advantage that banks can gain in these markets were among the top concerns expressed by Senator Levin and Senator John McCain, the top Republican on the subcommittee.But both senators also echoed previous warnings that the enormous holdings of oil, uranium and other hazardous materials could expose the banks to significant legal liability that could, in turn, lead to runs on the banks.A 2012 study by the Federal Reserve, cited in the report, found that banks have not put aside enough money and insurance to adequately prepare for the “extreme loss scenarios” involving commodities...Read the entire article here.
