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Selling Justice: Too Big To Jail

This is the first in a series of videos exploring the codification of corruption in the U.S legal system since about the 1980s, and aims to show how the Department of Justice and the nation’s legislature have been compromised by business interests and private influences. Or, in short, how money has rotted the Bedrock of America.

Patreon: https://www.patreon.com/GeorgRockallSchmidt

Stuff to Read:
https://www.justice.gov/sites/default/files/criminal-fraud/legacy/2010/04/11/charging-corps.PDF
https://www.justice.gov/sites/default/files/dag/legacy/2007/07/05/mcnulty_memo.pdf
https://www.rollingstone.com/politics/politics-news/gangster-bankers-too-big-to-jail-102004/
https://www.wsj.com/articles/BL-LB-2923
https://www.washingtonpost.com/business/2019/09/26/repeat-offenders-corporate-misdeeds-often-settled-with-deferred-prosecution-agreements/
https://www.theatlantic.com/magazine/archive/2015/09/how-wall-streets-bankers-stayed-out-of-jail/399368/
https://www.forbes.com/sites/tedkaufman/2013/07/29/why-doj-deemed-bank-execs-too-big-to-jail/?sh=7b4a0c483703
https://mitsloan.mit.edu/ideas-made-to-matter/heres-how-much-2008-bailouts-really-cost
https://ig.ft.com/jailed-bankers/
https://www.npr.org/templates/story/story.php?storyId=16734629
https://www.theguardian.com/business/2016/feb/05/hsbc-fined-morgage-practices-financial-crisis
https://www.theguardian.com/business/2012/dec/11/hsbc-bank-us-money-laundering
https://www.icij.org/investigations/fincen-files/hsbc-moved-vast-sums-of-dirty-money-after-paying-record-laundering-fine/
https://www.dw.com/en/deutsche-banks-biggest-scandals/a-54979535
https://trac.syr.edu/tracreports/crim/406/

Comments

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  1. My career in finance ended with the spectacular implosion of the banking industry around 2009. It felt like the end of the world back then and I was sure things would change, people would demand justice of some sort. Wow was I wrong.

  2. The US loves to look down upon other, less developed/poorer nations, yet its the US that is far and away the most corrupt developed country in the world. In the US you can literally get away with ANYTHING if you have the money to buy your 'justice'! Big US business does as it pleases and faces no consequences as it just pays off the government or actually has members in government turning a blind eye to all kinds of disgusting practises.

  3. Hi George can you please fix the levels on your videos? I understand it's a profound expression of your artistry but it makes it hard to listen to when they're 25% below other videos in volume

  4. I think you did very good here and your facts seem correct. Bravo. Only complaint I have, and it may not have been intentional, was you pointed out a couple things about Reagan and Bush, but complete omitted Clinton or Obama. Well, Obama got a glancing mention for hiring Holder. Clinton in particular I think should have been mentioned. Clinton was responsible for the subprime mess. No one went to jail. Obama secretly airlifted pallets of hundreds of millions of dollars to Iran. No one went to jail.

    Anyhow

  5. Can you please turn up your audio. You are so quiet compared to 90% of other channels. So when in a playlist only your video do I have to stop what I'm doing go up stairs to the computer to fiddle with the volume. Then the next video blows my ears off. So I don't watch your videos often because I can't add them to playlists. I always put the subscriptions in daily playlists and get on with chores or work.

  6. There's something to be said for holding the directors and C-suite directly culpable for the acts of the company they run. Not ordinary shareholders, but the board. Scale up the degree of culpability based on gross interest in the company and company turnover (*not* profit, because the techbros need to suffer just as much as companies that make useful things). On the board of a company whose shares you own directly or indirectly through, for instance, a trust? All that counts towards your culpability as a board member.

  7. The real issue is that we privatize everything. We have privatized healthcare privatized education even our prisons are just big corporations where they get paid more money to keep people alive and in jail then to give them the death sentence. So it’s not that it’s the Rich it’s that we created a system where the privately owned rule over the government (who are also the rich 😂😂) And how the hell do you defeat that?

  8. Marvellous!

    Would it be naïve of me to note that none of these guidance documents seem to have made any mention of right and wrong or justice?
    Is this because such basic principles are an absolute and obvious given or because they are not deemed worthy of consideration?

  9. It's as if the whole justice system of the World is like a giant honey comb, without the honey, and each hole is a loop hole. A get out of jail free card to whoever the highest bidder is. And that case about asbestos in baby products is THE vilest of vile! Wretched filth Humans 🖕🤢🤮🤬👉
    Hats off for being ballsy as hell by bringing up this topic and going into such detail with it, even if a lot of the imagery is "suggestive" 😉🧐

  10. this is the important stuff that needs to be talked about. this is where the outrage belongs. it saddens me that people fill their days with the most
    trivial things to be upset about while the people at the top fill their pockets

  11. While this is an issue the truth is most people don't care. As long as they have bread on the table and some form of entertainment the circus part they'll ignore this stuff. And if riots break out the corporate owned media yt included will immediately start recommending videos about the dangers of anarchy so the restless middle class is brought under control. Once that happens the lower classes get crushed by the security forces. If they persist the middle class gets armed and sent to do battle. Altghough this hasn't happened yet its a contingency plan.

  12. From the time of Alexander the Great, we have had an issue with “The Merchant class.” A group that are not brave and honorable, or even amazing talents. They are just so greedy and selfish that they will throw all morality aside for profit. These are the people that have infiltrated our ruling class. Completely degenerate and immoral rulers lead to a degenerate and immoral population of peasants. That’s where we are at.

  13. Thank you for making these videos Georg. You’re doing important work. I’ve been talking about the corporatocracy in the US for years, and you’ve managed to put it all so eloquently.

  14. S&Ls aren't like building societies, they aren't member owned, they're just another type of for-profit bank. They failed not because they were deregulated but because other banks were. As long as other banks couldn't innovate and compete, as long as banking was boring and rates fixed, they could just borrow at 3%, lend for mortgages at 6% and be fine. They weren't too big to fail, they were relatively small.

    The problem is it obvious that if they S&L industry wasn't deregulated like other banks. But by that time they had to pay lots of interest on savings to compete, and they had most of their money in relatively low interest mortgages. Many of them were functionally bankrupt, but by gambling like mad they could be made profitable, or at least made to appear less broke than they were. Eventually this went belly-up in some of them, but it wasn't a case of too big to fail, just bad monitoring of federally insured funds.

  15. No there was not banking deregulation prior to the 2008 financial crisis. There was in fact much more financial regulations. The biggest change was Basel III which made the minimum reserve requirements much more complex and therefore more regulated not less. The only real "deregulation" was the repeal of much of the Glass–Steagall Act by Gramm–Leach–Bliley Act. All this did was allow combined commercial and investment banking. None of the problems in the banking sector came from combined commercial and investment banks so that wasn't the cause of the crisis. Nor did combining commercial and investment banks cause problems outside the USA, where it was allowed for decades.

    The myth that deregulation caused the 2008 crisis is persistent, but so was the myth of a god driving the sun in a chariot.

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