Are Big Banks Criminal Enterprises?
Here are some recent improprieties by the big banks:
- Laundering money for drug cartels. See this , this , this  and this  (indeed, drug dealers kept the banking system afloat  during the depths of the 2008 financial crisis)
- Engaging in mafia-style big-rigging fraud against local governments. See this , this  and this 
- Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here , here , here , here , here , here , here , here , here , here , here  and here
- Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts 
- Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them  (and see this )
- Pledging the same mortgage multiple times to different buyers. See this , this , this , this  and this . This would be like selling your car, and collecting money from 10 different buyers for the same car
- Cheating homeowners  by gaming laws meant to protect people from unfair foreclosure
- Committing massive fraud  in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
- Engaging in insider trading of the most important financial information 
- Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this , this , this , this  and this 
- Engaging in unlawful “frontrunning ” to manipulate markets. See this , this , this , this , this  and this 
- Engaging in unlawful “Wash Trades” to manipulate asset prices. See this , this  and this 
- Charging veterans unlawful mortgage fees 
The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management .
Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this , this  and this .
But at least the big banks do good things for society, like loaning money to Main Street, right?
- The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of America’s assets come from traditional banking deposits . Instead, they are mainly engaged in financial speculation and derivatives. (and see this )
- The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this , this  and this 
- A huge portion  of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies 
- The big banks are literally killing the economy  … and waging war on the people of the world