RESEARCH STUDY ON ONGOING CRIME SPREE BY WALL STREET MEGA BANKS GETS NEWS BLACKOUT: HERE’S WHY

Dec 2016
4,812
2,472
Canada
#1
Those of us on the left of corporate plundering, have been trying to draw attention to the long-running trend of no law for the rich, and a multitude of laws and penalties for the poor.

Well, of course the situation could only get worse, since there are no checks and balances on the monied interests in a regime where wealthy private interests buy most politicians and own most major media. Now, not only are we at a point where financial fraud and crimes are no longer prosecuted, there is no mainstream media willing to talk about them either:

One day before Democrats on the House Financial Services Committee held an historic grilling of the CEOs of the mega banks on Wall Street, the nonprofit watchdog, Better Markets, released an in-depth research report on “Wall Street’s Six Biggest Bailed-Out Banks: Their RAP Sheets & Their Ongoing Crime Spree.” The report detailed facts, figures and this inescapable conclusion:​
“[Six Wall Street mega banks] have engaged in—and continue to engage in—a crime spree that spans the violation of almost every law and rule imaginable. Taking the breadth and depth of their illegal conduct as a whole, the six biggest banks in the country look like criminal enterprises with RAP sheets that would make most career criminals green with envy. That was the case not just before the 2008 crash, but also during and after the crash and their lifesaving bailouts…In fact, the number of cases against the banks has actually increased relative to the pre-crash era.”​
The six mega banks profiled in the report are: Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo.​
A reliable source tells us that all major business media received the report on Tuesday, April 9. We know that Politico had the report by 8:00 a.m. because its “Morning Money” column provided a small news nugget at that time announcing that the report was out. Politico did not follow up, however, with any detailed coverage of the shocking revelations in the report.​
Wall Street On Parade, after carefully reading and digesting the report, published an article on its contents the next morning, April 10. Then we began to hear from our outraged readers, who wanted to know why they weren’t reading about this report at major business media outlets. We checked the Wall Street Journal, the New York Times, Financial Times, Bloomberg News, Reuters, CNBC, and CNN. We could find no mention of the Better Markets report. (We checked again this morning. There is still a news blackout.)​
We know that the Wall Street Journal was aware of the report because Lalita Clozel, a banking regulation reporter for the Wall Street Journal, Tweeted on April 10 that Democrats in the House Financial Services Committee room were handing out the report to journalists while the Chair of the Committee, Congresswoman Maxine Waters, was introducing the bank CEOs.​
There are four words in this outstanding report from Better Markets that rendered it unpalatable to corporate business media: “rap sheets” and “criminal enterprise.” We searched Bloomberg News, the Wall Street Journal and the New York Times back to 2004 to see if at any time they had used the words “rap sheet” to describe the unprecedented serial crime sprees of these Wall Street mega banks. They had not. We did find this reference to rap sheets at the Wall Street Journal in 2014:​
“Over the past 20 years, authorities have made more than a quarter of a billion arrests, the Federal Bureau of Investigation estimates. As a result, the FBI currently has 77.7 million individuals on file in its master criminal database—or nearly one out of every three American adults.”​
Despite almost one-third of American adults having been arrested, not one CEO or top executive of the serially charged mega banks has seen the inside of a jail cell, despite criminal referrals from the Financial Crisis Inquiry Commission.​
Wall Street On Parade has been regularly using the phrase “rap sheet” since 2013 as a mountain of evidence emerged that at least some of these mega banks were, in fact, running a crime syndicate. We have also repeatedly published the detailed rap sheets for Citigroup and JPMorgan Chase.​
There is also another reason that big business media found the Better Markets report too hot to handle. Since at least 2013 there has been a concerted effort on the part of lawyers and giant public relations firms working on behalf of Wall Street and its trade associations to silence any media suggestion that Wall Street is inherently evil, criminal or has a business model of fraud, as Senator Bernie Sanders has correctly asserted......................................................further at:​
https://www.blacklistednews.com/article/72134/research-study-on-ongoing-crime-spree-by-wall-street-mega-banks-gets-news-blackout-heres.html
 
Dec 2015
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13,946
Arizona
#2
The question is this: WHO OWNS THE MEDIA?
In 1983, 50 corporations controlled most of the American media, including magazines, books, music, news feeds, newspapers, movies, radio and television. By 1992 that number had dropped by half. By 2000, six corporations had ownership of most media, and today five dominate the industry: Time Warner, Disney, Murdoch's News Corporation, Bertelsmann of Germany and Viacom. With markets branching rapidly into international territories, these few companies are increasingly responsible for deciding what information is shared around the world.

There are also major news organizations not owned by the “big five.” The New York Times is owned by the publicly-held New York Times Corporation, The Washington Post is owned by the publicly-held Washington Post Company and The Chicago Tribune and Los Angeles Times are both owned by the Tribune Company. Hearst Publications owns 12 newspapers including the San Francisco Chronicle, as well as magazines, television stations and cable and interactive media.

The Times and the Post may not be directly connected to mega banks, but their shareholders are and they probably wield a lot of influence.
 
Likes: Hollywood
Dec 2014
26,192
14,270
Memphis, Tn.
#3
Well of course, this is what Trump always intended to do. This is what the RW conservatives are talking about when they rail against "business strangling regulations." and so forth.
When the average Trump Chump on the street refers to it he's talking about petty rules & regs that make it difficult for a little mom & pop store (few exist any longer) on the corner. But TRUMP & pals are talking about basically letting Wall Street do whateverthefuck it wants to with no legal consequences.
 
Dec 2016
4,812
2,472
Canada
#5
Interesting...
A RW conservative will hown in outrage over a homeless boosting a can of Spam from a 7-11/
But this...? NOT A WORD.
Actually, I wouldn't have seen that story written by a business and finance blog --- Wall Street On Parade if I didn't see it on the news aggregator links page of Blacklisted News....which is a rightwing libertarian site of the Ron Paul variety...and is consistently antiwar and anti-authoritarian (including excessive policing, mass incarceration).