In a news article last week, JP Morgan Chase was reported to have hit another low that scares me, because they own many of our retirement accounts. JP Morgan Chase just paid a huge fine to the feds and admitted that they sold off their investments with Bernie Madoff when they suspected he had a Ponzi scheme going, but they continued to buy these investments for their customers. No jail time was given.
If companies are individuals and can give campaign contributions, then a person or persons at the bank should be held responsible for this and serve jail time, don’t you think? Regardless, I’m glad to see the feds step in and get the billion dollar fine and are going to get it to the people who lost all their money buying these investments. The problem is, what will the bank do to help absorb the cost of the fine? Raise our fees, adjust salaries to the detriment of the workers.
Jail is a better deterrent of corporate wrongdoing.
I have no problem with business, in fact, I think trade and business is what has got us here today, the best time for the average human being around the world, in the history of the world. What I have a problem with is a business that is shielded from responsibility or government leaders who accept their money in exchange for favors. Why not let us change our leadership? Maybe vote for someone without the word “Democrat” or “Republican” after their name?
Why protest when we can simply vote?