In response to an FT article by Daniel Schafer, Caroline Binham and Kara Scannell on 12th November 2014, entitled 'Regulators slap $4.3bn fines on six banks in global forex probe'
A lot of people are wondering why no-one has gone to jail. Wild shot in the dark says it's because if people start going to jail they will feel inclined to take others with them…who will feel inclined to take others with them…and the dominoes will lead to the top…the very top…
Imagine for a moment the back room deals that would've been cooked up by politicians, central bankers and the masters of the universe 6 years ago - to save the banks from market forces that would have reduced them to the toast they so thoroughly deserved to be… imagine the little skeletons that had to be quickly removed from the cupboard in order to hold the show together…and most of those people are still there.
Not to mention the fact that any Wall Street CEO who says he doesn't know about this kind of stuff is either a total liar, or too stupid to hold down a job…and those guys are not stupid.
It is no surprise to me that no-one goes to jail.