The world’s financial system is in a mess in many ways. Primarily the root of the problem is that it is run, operated, managed and regulated by crooks and robbers in designer suits and Ivy League degrees. The tragic result of this combination is best seen in the 1990s world financial crisis originating from Wall Street and London. The world’s financial system was taken down to its knees and the govts were helpless as the organisations were too big to fail and the people managing and regulating them were too prominent and important to be put behind bars. Only one or two were made the scapegoats of the whole fiasco.
The whole mess was revived without a button missing after govts poured in billions and trillions to avoid the failure of the financial system and the big financial organisations. Practically every crook is still in his job with every regulator as their accomplice smiling, and all laughing to the banks again.
There are three levels of financial crimes in the whole picture. At the lowest level are the snake oil sellers and the snake oils they are peddling. Many regulators took the cursory approach of going after these small guys, the snake oil sellers, as they are the most vulnerable, without the financial muscles and connections to protect them. And they can be easily shoved and pushed into the drains. And regulators are seen to be zealously doing something, chasing the snake oil sellers, putting all the blames on them. They are the problem, helpless punks and easy meat to bully and to be taken to task for the smallest indiscretion. It is so convenient.
The next level, more difficult to touch or untouchables in their own ways, are the top management authorising selling the snake oils. They are too high up there, with halos over their heads, presumed to be, in the Sinkie parlance, immortals and infallible human beans. They will not err and will not be accomplices to the low down crimes of the snake oil peddlers. How could they be blamed for their indiscretion and bad practices? Just keep clear of them or they will counter sue if prosecuted.
At this same level, other than allowing the juniors to peddle snake oil, they may even indulged in deceit and trickery like the Barclay case. And when caught with their pants down, no worry, they just walked away from the jobs and expected to be paid a ransom for doing so. That is how corrupt and disgusting the financial industry has become. Criminals or abetting crimes would not be prosecuted but handsomely rewarded. Only the snake oil peddlers under their charge are at fault and will be charged.
At the next higher level will be the casino operators. When normal health supplements are not bringing in the loot, anything else goes. Snake oils or poisons will be okay as long as the revenue is good and business is seen to be thriving and flourishing. Just don’t call them snake oils or poisons. Give them some sophisticated jargons that no one will understand. What if the casino operators are engaged in facilitating institutions to push snake oils and poisons into the system at the detriment of the consumers? Would there be anyone to regulate them, to check on the snake oils and poisons in sugar coated forms?
Or would everyone act dumb, pretending that snake oils and poisons are health food and supplements, or simply look the other way? And there are plenty of works that can be done and to look good chasing the snake oil peddlers who are so helpless and waiting to be put behind bars? In short, who is there to check and regulate the regulators?