© Guy Herman All Rights Reserved
In United States of America v. Carollo, Goldberg and Grimm, a New York Court delivered a guilty verdict against much of Wall Street and many of the largest money center banks regarding their corrupt and illegal practices of bond trading and warehousing public, state, municipal and NGO funds.
In it’s simplest reconstruction, A New York Court found many of the Wall Street banks guilty for price fixing, and bid rigging, a monopolistic practice as illegal and contrary to the ‘rule of law’ as any of the old and still prevalent practices of mobs and the mafia in strong-arming business and labor into paying dirty money for protection, safety and the furtherance of their own contracts or ‘family’ winning bids.
With Wall Street and big banks, as Matt Taibbi reported, rather than labor or garbage contracts, and violence resulting for those who would not ‘pay to play’ the banks, utilizing residual and unconsumed funds from bonds whose related expenses had not yet matured, rigged the bids and accordingly the prices, less than competitively, costing the recipients an estimated $3.7 Trillion dollars in lost revenue from interest bearing balances left, presumably for their benefit, in the Wall Street Mafia’s banks.
In the US criminal system, restitution, short of jail time, has always been a reasonable and universally acceptable tool to allow wrong doers an opportunity to repay their societal mistake.
Apart from the efficacy of all the arguments of those who would jail the bankers and traders for such enormous malfeasance, in the least harsh resolution, all would agree that repatriation of the monies, repayment of the stolen funds would at least go a significant way to right the wrong and make those with losses, whole again. Continue reading