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Author Topic: "Cartel Power: Megabanks Gain Ground Despite Fines"  (Read 1054 times)
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WhiskeyGirl
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« on: December 11, 2013, 06:15:57 PM »

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...At a press conference last Thursday afternoon, Schäuble launched into one of his notorious lectures on sound fiscal policy in times of crisis.

But then, finally, he had an opportunity to air his frustration over the incorrigible banker caste. A journalist asked Schäuble about his response to recent comments by Deutsche Bank co-CEO Jürgen Fitschen. The previous day, Fitschen had accused Schäuble of irresponsibility and populism, because the finance minister had insinuated that the banks were still bypassing financial industry regulations.

 

A handful of financial companies dominate the trading of currencies, natural resources and interest-rate products. Although millions of investors and companies participate in these deals, buy and sell, hedge their bets and speculate, these transactions are handled by an exclusive club of global institutions like Deutsche Bank, J.P. Morgan or Goldman Sachs. These are also the financial giants that determine the reference rates that serve as a benchmark for deals worth trillions.

The main profiteers of these deals write important rules of the game themselves -- and the events of recent weeks have shown that they often abuse their power in the process.

 

read more here - http://www.spiegel.de/international/business/megabanks-like-deutsche-bank-gaining-power-despite-cartel-fines-a-937880.html

The banker caste?  The ruling cast?  Those that write the rules to enrich themselves and their cronies?  Those that soar above the 1%, the working man and woman?  The classes that never sweat doing manual labor, don't use the washer, have drivers and multiple maids?

The ruling/banking/political class v. the working public?
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