Bankers Christmas: 2016

Jes Staley-See You in Court

       Well folks, if you follow the banking sector of finance, you've been busy this week keeping abreast of developments.  Many of the largest institutions announced settlements with the DOJ over their misdeeds related to the financial crisis of 2008 brought on by their involvement with mortgage-backed securities that weren't worth anything at all.  Here's the list:

Bank	Announced	Total Fine (billions)	Consumer Relief (billions)
Credit Suisse	December 2016	$5.3	$2.8
Douche Bank	December 2016	$7.2	$4.1
Bank of America	August 2014	$16.7	$7.0
Citigroup	July 2014	$7.0	$2.5
J.P. Mogran	November 2013	$13.0	$4.0
Goldman Sachs	April 2016	$5.1	$1.8

     Who's conspicuously absent?   Why, that would be your friends at the UK's 2nd largest bank, Barclays.   And why is this happening?   Well, the Barclay's chief, Jes Staley, the former American banker, has decided to push back against DOJ demands.  He's going to court.   Can you imagine the chutzpah of this buffoon?  He thinks it's business as usual among bankers and regulators.  Typical American.  His thinking is out of step with his peers.   He will get a smack down and the Barclay's board will dump his butt for somebody less aggressive in the present situation.  Ahh, bankers.  Gotta lov'em.   There's no end to their conniving and lack of concern for their customers.  The reason: too much money.   They really have no concept of what their role is in any one economy.
More later.