The answer, quite obviously, is absolutely not. There is no way in the world by which these fraudulent schemes could be planned and put into operation within these banks without the direct involvement of these CEOs. But time and time again we see the Justice Department act as if they are completely untouchable.
When these enormous fines are assessed do these bank executives ever get the message that they cannot continue to get away with their deceitful, manipulative practices? Do they ever realize that they need to begin to operate their businesses in a lawful, ethical manner? Apparently not! That's because the CEOs and financial officers know full well that they are being protected and so their white collar crimes continue unabated. They know they have the support of the government and that the government will continue to bail "Too big to fail" banks out with taxpayer dollars even when they continually break the law.
As bad as this situation seems it's even far worse as we see the Federal Reserve pumping hundreds of billions of dollars into the banking industry through what is called "Quantitative Easing". This QE is a program created in late 2008 whereby the Fed purchased mortgage-backed bonds and other securities to provide banks with funds with which to initiate loans that would stimulate business and create new jobs.
Initially the Fed's purchase of these securities was $85 billion per month, a staggering amount, and then in the spring of 2014 it was reduced to $45 billion. What a totally misguided plan that was; it has been called "one of the greatest giveaways" of taxpayer money in U.S history. Now after 5 years and $4 trillion dollars pumped into the banking industry we find that the banks largely sat on the funds instead of initiating the loans as was the intention.
Banks used the funds to nearly triple their stock prices through issuing larger dividends and stock buy-backs. And so the banks made out like bandits and the American people have been the big losers - again. You can get an idea of just how big a failure this Quantitative Easing program has become from this article by a former Federal Reserve executive who managed the program when it was instituted and then walked away after being thoroughly disillusioned by the entirely disingenuous process.
Is it any wonder why the American people are so fed up with this government when they see these Wall Street white collar criminals using every kind of financial scheme and fraudulent practice in generating massive profits; and, at the same time, the Justice Department, the White House and the Congress know exactly what is going on and just continue to let these CEOs off the hook?
This government must stop propping up and bailing out these shady banks and their scheming top level executives. If one or more of them fails and goes under then that might be exactly what is needed to decontaminate the banking industry. It will be traumatic for all those who knowingly and willingly work for a fraudulent enterprise but that's just too bad. And it will be a painful lesson for those investors who should know better than to invest in deceptive corporations who are led by CEOs that are no more than white collar criminals.
It's time to let capitalism take its natural course; let it be the survival of the fittest, the strong surviving and the weak collapsing. Let those who engage in fraudulent practices to conduct their business fall by the wayside; let those who have sown the seeds of deceit and manipulation of others reap the poisoned harvest they have produced; let them implode from the weight of their own devious financial transgressions.
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