I have often wondered why banks would be so quick to donate millions and millions of dollars to the political process when there was no measureable return on the investment. Well, this New York Times editorial goes a long ways to answering the question.
What is not mentioned in the editorial is that the Secretary for the Department of Justice comes from a law firm that specialized in helping banks and etc get out of legal troubles.
What this article states very clearly is that a bank can pay a fine and no one will be held liable, the bank gets a write off that pales in comparison to what it made on the illegal transactions, no act of culpability is admitted and those that committed the actual crimes as well as their supervisors are left to play the same game in another venue.
The terrorists nations and drug cartels who are at the tip of the ice burg factor such losses into the cost of doing business while those caught up in the battles combating such groups measure their losses in lives ruined and families destroyed. Meanwhile the politicians and bankers measure their successes in money earned.
And today there is a validation of sorts as to the question of improper money flows from a regulator that wrote a book about: Geithner under attack for ‘protecting’ Citi. It seems as if Wall Street knows where to invest a dollar for its own self interest and it is well rewarded for those investments. But then is this not the story of our nation?