In response to an FT article by Gillian Tett on 28th August 2014, entitled 'Regulatory revenge risks scaring investors away'
Another reader wrote: Why is paying officials to bypass a criminal prosecution not bribery?
It is bribery. What was it that Nixon said to Frost when he finally got under his skin?.."because when the President does it it's not illegal"
When banks fund political campaigns, put ex-CEOs in the Treasury Department, 'loan' their lawyers to the justice department, fund the universities which teach the crap they want them to, and effectively groom young regulators so they'll pay nicely, bribery isn't called bribery…it's called 'the system'.
I'm surprised that so many people regard this kind of thing as 'conspiracy theory', when a millennium of recorded history has demonstrated quite clearly, that the crimes of the poor and unconnected are treated in a very different way to those with the power and influence that enables them to:
a) do the crimes in secret so the plebs don't get uppity
b) call it something else when they get caught
c) employ legal teams that can keep regulators up to their necks in metres of paper for years
I think that the reason that these guys are largely still in their jobs is because they have way too much on the politicians: 'we know, that you know, that we know where all the dead bodies are buried"…metaphorically speaking of course!
You're right, it is bribery. And the only way to clean it up, is when one of the big ones goes down. That will probably need an investigative journalist with passion and courage. Our politicians don't have either.