Why people Don’t Trust The ‘System’?

Its not hard to figure out.

The Global Finanicial Crisis of 2007-9 saw a lot of hank panky  by the big financial institutions . Many of them bundled mortgages into new financial instruments and sold them as high quality investments when they knew they were not high quality.

Just yesterday the US Justice Department is reported to be seeking $14 billion from Deutsche Bank as reported by the Wall Street Journal . This for their actions in such financial transactions.

And many have already paid fines admitting to wrong doing .

Here are some of them:

Bank of America $16.65 Billion, Goldman and Sachs $5billion, and Citi Group Inc/J.P.MorganChase&Co./Morgan Stanley together paid $23Bllion.

Ongoing talks with other likely guilty parties include : Barclays PLC, Credit Suisse Group AG, UBS Group AG, and Royal Bank of Scotland Group PLC.

When the ordinary citizen sees this and has just received a letter from their bank demanding payment for a one or two day late payment with extra interest added on , you know the faith in the system will be at rock bottom.

This Crony Capitalism undermines any faith the ordinary Joe or Jane might have had in a reasonably fair and just system.

 

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