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Saturday, July 9, 2011

The More Things Change....................................

The sub text of The Great Recession Conspiracy is that Wall Street bankers have taken over the U.S. Government and the U.S. Treasury Department in particular.  Here is some additional proof.

In the 1960's, employees of General Electric, Westinghouse and Allis Chalmers would meet in motel rooms and divide up all of the upcoming contracts for steam generating turbines.  They would work the bids each company would make so as to share the business of turbines in an agreed upon arrangement.  When the deal was caught out, individual managers paid huge fines and went to jail.

In the 1990's, employees of Archer Daniels Midland and its Japanese and Korean competitors held regular meetings to set the world price for lysine.  When the deal was caught out, individuals paid huge fines and went to jail.

In the 2000's, JPMorgan, Bank of America and UBS held regular meetings to divide up the bond business issued by individual cities and states.  They organized bids, interest rates, etc.  When the deal was caught out, no individuals paid fines and no individual bankers went to jail.

Yep, times do change.......and not for the better.

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