According to a recent article from news network RT, previously know as Russia Today, around 92,000 people worldwide possess half the worlds estimated wealth! The article says that there is an estimated $21 trillion dollars safely stored in offshore tax havens with the help of corrupt banks and legislation loop holes that allow for those things to happen.
Logically we can infer that banks like Chase Manhattan, UBS, HSBC or Barklays are to blame as all of them have more than once been involved and implicated in scandals plus none of the small banks is likely to be able to pull something like that off. Chase Manhattan was laundering money for Nazis, HSBC,UBS and Barclays have been involved in rate fixing and tax avoidance scandals,
Yet governments still let them operate, they give them a tap on the wrist and turn the blind eye. HSBC was recently fined 1 billion dollars in fines, but they’ve probably made tens of billions though the laundering, so what is the real deterrent here? Why should those banks stop stealing people since they are not really getting any real punishment and they are making a profit out of it.
How did Einstein quote insanity again?
But above all, why are those banks able to privatise their profits but socialise their losses?
The banks are to blame for the economic problems, they caused the financial stagnation! Deposit your money today in a savings account and you are only getting a measly 4% interest rate at best while the banks make millions or billions in investments because of those deposited savings. Yet not only do they only give you a 4% tops in return but they privatise the profits, and then they remove that money from the market by transferring them over to offshore tax havens. No money for the people, no money for the government, no money for the markets. Yet the government will blame the people, and when the banking system will fail, the people will pay the price!
- HSBC failed to act on money laundering, says US Senate (forexlive.com)
- HSBC faces billion-dollar fine for money-laundering (newstatesman.com)
- HSBC boss quits for failing to stop money laundering (telegraph.co.uk)
- HSBC to apologise for money laundering (aljazeera.com)
- Opinion: Bailed-out banks facilitate $21tn offshore cash hoard (thebureauinvestigates.com)
- Super-rich stash $21 tn in offshore havens (rt.com)
- Bank secrecy masks a world of crime and destruction | Observer editorial (guardian.co.uk)
- Have Banks Become Criminal Enterprises? (senseoncents.com)
- UK fraud buster to investigate Libor affair (rt.com)