Contrary to popular belief, banks are not tools used serve the public good. In reality, modern day banking is basically used to serve private needs. There is no need to engage in conspiracy theories or debate, the facts speak for themselves.
Below are a list of banks that have engaged in fraud and/or other criminal activities:
- Swiss banking giant Credit Suisse has pleaded guilty to helping thousands of US clients evade paying taxes to the US government
- Bank of America to pay Fannie Mae billions to settle mortgage claims
- JP Morgan and Credit Suisse pay $417m to settle securities charges
- HSBC to pay $1.9bn in US money laundering penalties
- Drug money saved banks in global crisis, claims UN advisor
- UBS fined $1.5bn for Libor rigging
- Swiss bank Wegelin to close after US tax evasion fine
- AIG Settlement: Insurance Giant Agrees To Pay Investors $725 Million settlement to resolve allegations of wide-ranging fraud
- Banks Financing Mexico Gangs Admitted in Wells Fargo and Wachovia Deal
- Goldman Sachs Will Settle Fraud Case for $550 Million
- Bank of America sued for alleged mortgage fraud
- Wells Fargo Committed Mortgage Fraud To Maximize Profits, U.S. Suit Says
- J.P. Morgan Sued on Mortgage Bonds
- Citigroup announced a deal to pay Fannie Mae $968m for loans sold to it between 2000 and 2012
- Citigroup agreed a $395m accord with Freddie Mac mortgage claim settlement
- Wells Fargo agrees $869m settlement with Freddie Mac
- Dutch bank Rabobank says it has agreed to pay fines of 774m euros ($1bn; £662m) imposed by US, UK and Dutch regulators over the Libor interest rate-fixing scandal
- EU fines banks over rate-rigging
- S&P to pay $1.4bn to regulators in sub-prime debt case
- Five of the world’s largest banks are to pay fines totalling $5.7bn (£3.6bn) for charges including manipulating the foreign exchange market.
So if banks are willing to engage in criminal activities to serve private needs at the expense of the general public, what should we do about them?