“Has Jérôme Kerviel, the trader who nearly bust Société Générale, received his just deserts? France's answer to Nick Leeson has been sentenced to three years in prison and ordered to pay his former employer damages of approximately £4.2 billion – roughly what it cost the bank to unwind the £40 billion of exposure he had accumulated. He was found guilty of abuse of trust, forgery and computer abuse.‘Why is it so rare?’
According to his lawyer, Kerviel plans to appeal, and is ‘revolted that those that created him put all responsibility on him. Prison is unacceptable for a man who didn't make a penny.’ This depiction of him as a victim, both of his bosses and of the financial system within which he operated, has been the main strand of his defence… Kerviel himself claimed that his superiors were aware of the risks he was taking, but turned a blind eye until things went wrong. He suggested that he was caught up in a perverse financial system that put huge pressure on traders to make short-term profits.
It's true that Kerviel held a fairly junior position, and that SocGen's failure to have spotted what was going on earlier was shameful; it's probably also true that he was motivated primarily by a desire to impress, and then by a desperate scramble to conceal. But none of that absolves him of guilt. In fact, I find the characterisation of Kerviel as a victim only marginally less irritating than the fact that many in France view the youthful rogue trader as a latter-day Robin des Bois…
For a rogue trader, he hasn't been dealt with particularly harshly. Leeson, after all, was sentenced to six years for bringing down Barings. Yasuo Hamanaka, the former Sumitomo trader known as Mr Five Per Cent – the portion of the world's copper market he was said to control – was jailed for eight years.
Still, the unpleasant truth is that plenty of rogue traders, insider dealers and other miscreants get away with fines and trading bans. And, of course, there is no recourse against those who didn't break the law, but simply made very, very big mistakes. In fact, the financial world can be extraordinarily forgiving…
Most of the executives who bust their banks, or whose institutions had to be rescued by the state during the financial crisis, are moving on with their lives smoothly enough. The Securities and Exchange Commission is pursuing civil fraud charges against Angelo Mozilo, the former boss of Countrywide, one of the leading sub-prime mortgage lenders. But it seems unlikely that he – or anyone else – will do time.
Meanwhile, Bank of America has settled charges relating to its acquisition of Merrill Lynch at the height of the financial panic, and Goldman Sachs has reached a settlement over fraud charges relating to a sub-prime mortgage transaction…
In fact, the only man who looks as if he may go to jail over the financial crisis is Geir Haarde, the former Icelandic prime minister, who has been indicted for economic mismanagement after leading his island from boom to bust in short order.
Ultimately, there is something unsettling about the prospect that the perpetrators of the financial crisis who profited from a bubble they helped to inflate have walked away with their wealth and even their careers largely intact. In contrast, those punished for breaking the law begin to look like small fry." Why is it so rare to see a banker behind bars?
Because the Bankers own the politicians. Let me me be more specific. The International Financiers and the fattest of the Fat Cat businessmen own those politicians that the system encourages to slither to the top of the greasy political pole. The first requirements of such politicians is that they be business, banking and immigrant-friendly and 100 per cent globalist. New World Order boys in other words.
Let’s have a little look at the bankers who ought to be 'behind bars' actually are.
Top of the list would have to be Alan Greenspan, boss of the Federal reserve in the run up to the 2008 crisis.
Robert Rubin, Bill Clinton’s Treasury Secretary, who did away with the glass Steagall Act, which had been put in place after the Wall Street Crash to protect the little people, would come next.
These would be the elite financiers whose deregulatory and laissez-faire attitudes were most responsible for creating the world-wide recession.
Dick Fuld, the CEO of Lehman Bros at the time of that bank's collapse isn’t behind bars.
How about Ben Bernanke, boss of the Fed Res when the sub-prime sh** hit the fan? Shouldn’t he be on probation at least?
If Roland Arnall, ‘the father of sub-prime’ was still with us, shouldn’t he be banged up?
James H. Simons was the world's leading hedge-fund manager in 2009, earning $2.5 billion, when the rest of the financial world was falling down around OUR ears, how about having a good look through his accounts to see if we can't pin something on him?
Lloyd Blankfein, the boss of Goldman Sachs, (Golden Sacks) the bank that has more clout with the White House than any other, how come he is still being paid more than $60 million a year when his financial world is soaking us for every last penny?
Gordon Brown's top financial advisor, the Egyptian immigrant Sir Ronald Cohen, is known as ‘the father of British venture capital’. Was his advice to Gordon B central to the rest of us having the bloos sucked out of ustill who knows when?
Sir Victor Blank, (knighted at Tony Blair's behest) managed to steer Lloyds TSB through the worst ravages of the credit crunch until Gordon Brown begged him to buy RBS. Shouldn’t the cops be checking him out?
The bloke he bailed out, the most reviled of all the British bankers, Fred 'the shred' Goodwin, should he behind bars?
And then there are the daddies of all international financiers. How responsible would the Rothschilds be for the financial mess that we are having to clean up, one wonders?
Have any of you spotted the correlation between unjailability and ethnicity? Ladies and gentlemen, apart from Gordon Brown (the prudent Chancellor) and Bill Clinton, the gentlemen cited above are all Jewish.
Think about it.
Peter Oborne tells us this:
“How does the (Israel) lobby work? MONEY PLAYS A BIG PART. MILLIONS OF POUNDS IN DONATIONS FROM BUSINESSMEN AND OTHERS INTO THE BANK ACCOUNTS OF POLITICIANS AND POLITICAL PARTIES... The Conservative Friends of Israel is one of Westminster's most active lobbying groups. IT CLAIMS AS ITS MEMBERS 80 PER CENT OF ALL CONSERVATIVE MEMBERS OF PARLIAMENT...
Aside from raising cash some of the pro-Israel lobbies in parliament also pay for and arrange trips to Israel. THEY HAVE SENT ALMOST AS MANY MPS AND CANDIDATES ON TRIPS TO ISRAEL AS HAVE BEEN MADE BY ALL POLITICIANS TO THE UNITED STATES AND EUROPE COMBINED over the last eight years...
We've been reliably informed that donations from all CFI members and their businesses add up to well over £10 million over the last eight years. THAT'S MORE THAN ANY OTHER LOBBY IN WESTMINSTER.IT WAS UNDER TONY BLAIR THAT THE ISRAEL LOBBY FIRST ACQUIRED REAL INFLUENCE IN GOVERNMENT.
Former Chairman of the Labour Friends of Israel, John Mendelssohn, boasted: 'ZIONISM IS PERVASIVE IN NEW LABOUR. IT'S AUTOMATIC THAT BLAIR WILL COME TO LABOUR FRIENDS OF ISRAEL MEETINGS'.Sir Richard Dalton commented upon such 'donations' thusly:
TODAY MENDELSSOHN IS LABOUR'S CHIEF FUNDRAISER AND LABOUR FRIENDS OF ISRAEL HAVE SENT EVEN MORE MPS TO ISRAEL THAN HAS THE CFI!"
"I DON'T BELIEVE, AND I DON'T THINK ANYBODY ELSE WOULD BELIEVE, THAT THESE CONTRIBUTIONS COME WITH NO STRINGS ATTACHED."
New Labour’s chief fundraiser before John Mendelssohn was the infamous Lord Michael Levy, (ennobled by Blair) who is also Jewish.
By the way, Bernie Madoff, the 50 Billion Dollar Fraudster, IS in jail but then a lot of people who lost their loot in his 'Ponzi scheme' rip-off just happened to be as Jewish as he is. And, generally speaking, the Jew is not as forgiving as our banker-bought politicians insist we should be.
Anyway, I say the bankers, the Browns and the Clintons should all be sharing a jail cell with the gentleman pictured opposite.
The murderer of a young girl, the system that Brown and Blair oversaw insisted that Peter Bryan was no longer a threat to society and let him out. He was frying the brains of Brian Cherry when the cops arrested him next. Since his incarceration he has murdered a fellow mental patient.
Oh yes, that’s where the Greenspans, the Rubins and the prudent Chancellors should be. Unfortunately, as long as the dumbed-down, the drugged-up and the degenerate keep voting for the likes of Blair, Brown and Cameron, what should be will never come to pass.
Check out The Israel Lobby, here.