This is what’s screwed up about banking

I remember when I had my first job in high school, picking tomatoes at a local truck farm, I had a simple passbook savings account. It paid somewhere in the range of 5% simple interest. Remember simple interest and the lesson of compounded interest? Today with an adult’s version of a savings account, you are lucky to earn less than 1% in simple interest.

Ok, In the NY times today  British Bank in $340 Million Settlement for Laundering

Standard Chartered is paying $340 million to settle, when it is estimated that they laundered hundreds of billions of dollars. Now I’m sure that in the process the “fee” for laundering this money was no less than 10%. Have you ever seen an agent ask for less than 10%? When you wear a sharp suit and a preppie tie they won’t confuse you with a goombah looking for a vig.

do you see where I’m going with this?

So the bank makes $25 Billlion in profit and has to pay a mere pittance in penalties.

Welcome to Romneyhood.

Who says crime doesn’t pay?

In our next session we’ll discuss 10% tithes for pyramid scams. I mean religions that “believe” in some crazy crap.


About NoSacredCow

Irreverent atheist, skeptic, independent voter, social liberal, fiscal conservative, music lover, avid reader, engager in ruthless repartee, just an extra in somebody else's movie...
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