In Highgate Cemetery, Karl Marx is spinning in his grave so vigorously that his corpse could power half of London. It’s not simply that the ruling financial elite have so openly declared themselves beyond the laws and regulations of us peasants and our “democracy” (see citigroup’s Plutonomy Buying Luxury, Explaining Global Imbalances memo). It’s not just the craven corruption of our legislators and politicians. No, I’d imagine what is causing this philosopher’s powerfully pendulous predisposition is how easy it has been for our ruling class to keep us silent. Usually this level of naked exploitation requires more than a few baton swats at anarchists and a presidential election to keep people from demanding justice when a system is so broken.
Truly, our reaction to the latest scandal by HBSC was nothing short of pathetic. This major banking institution reached a settlement deal last December of $1.92 billion (a mere 11% of what it made that year) after it was caught laundering money for vicious Mexican drug cartels, among other crimes. This settlement includes no criminal charges for anyone involved, despite being caught red handed for directly funding some of the most violent terrorists in the world. HBSC had already set $1.5 billion aside for settlements such as this, showing not only was the bank fully aware of the crime it was committing, but that this “record breaking” settlement is nothing to the financial giant.
Even President Obama and the Justice Department, who claimed to be blind to the massive fraud of the 2007 housing crisis had to admit that HBSC had flagrantly violated the law. They just wouldn’t do anything about it. The administration simply said that if they prosecuted the bank it could collapse the entire economy, because HBSC could lose it’s banking license. Essentially the message was, “HBSC is too big to jail, and we aren’t going to do anything about making it small enough to not fund terrorism with impunity, sorry”. Yet instead of demonstrations and demands this HBSC scandal became just another short lived headline, now already forgotten by many, if ever known well enough to be forgotten.
Despite this, the penalties for those of us who aren’t running major banks are outrageous. It’s well known that being merely caught possessing drugs is a felony that can result in a jail term of years or even decades. Many communities throughout the US are suffering from needlessly crowded prisons, burdened by unemployment from the black mark of felony convictions, yet apparently the drug war is only worth fighting when the people going to jail aren’t of the financial aristocracy. What more needs to be said about how little the people enforcing the drug war actually care for the stated purpose of their mission when they support such blatant double standards?
It should be obvious to everyone that not only should a bank be too big to fail, it should most certainly not be too big to jail. One would wonder why in a country whose polity are so obsessed with the size of government, so few seem to be concerned with private sector groups so large as to be beyond the law. The HBSC scandal is one of the clearest indications that so much of the concerns of our establishment; such as the wars on drugs and terror, are in fact nothing more than means of creating an aristocracy of finance. Men and women picked more often by virtue of birth than worth, well beyond our laws and protected by a militarized police force and the secret policing agencies of the NSA and CIA.
Our generation, as oblivious and pampered as it is, has largely slept through these changes either unwilling or incapable of providing adequate resistance. Occupy was one of the brief flashes of potential all too easily brought low by demonstrators who couldn’t organize and a bloated police force organized to put down demonstrations. I wish I could say how this problem can be challenged, some obvious course or brilliant strategy, but quite frankly I’m pretty much as lost as the rest of us. What I do know is that we won’t find answers from the likes of Obama, the Democrats, or the Republicans. Those who are active politically need to stop getting pulled into the infantile game of American political campaigns. You’re more likely to find better leaders at a horse race and the coverage in the media is about the same. Maybe the first step isn’t a revolution, but just no longer wasting our votes and our time in a system run by those who are not shy about telling us how beneath their notice we are.