Are Big Banks Criminal Enterprises?

George Washington's picture

Here are some recent improprieties by the big banks:

  • 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
  • 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
  • Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
  • 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 “Wash Trades” to manipulate asset prices. See this, this and this
  • Participating in various Ponzi schemes. See this, this and this
  • Bribing and bullying ratings agencies to inflate ratings on their risky investments

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 have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this

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vmromk's picture

Who's got a more honest face than the two motherfuckers Dimon and Bernanke ?

How dare anyone call these criminals, criminals.

alien-IQ's picture

“What is the crime of robbing a bank compared with the crime of founding one.”

Bertolt Brecht

Joebloinvestor's picture

I just killed my application for a "line of credit" renewal with JPM/Chase.

After submitting all requested info, the loan officer calls me and tells me they need the records of distributions from my IRA.

I told them that was info they were not going to get and forget the application.

If they are not going to trust my tax returns FUCK um.

Only been a bank customer for over 15 years, and they held my mortgage (since paid off).

CoolBeans's picture

"Yes, yes they are criminal enterprises.  So is our gubbermint.  Next question, please - oh and kindly make this next one a little more challenging.  Thanks!"

--Cool Beans


Hannibal's picture

Come on GW,..quit asking stupid questions!

lightning_fast_draw's picture

Money-centered banks break the law because they have to. There is not enough money in legitimate banking activities for them to make a profit.

TSA gropee's picture

After reading this great post by GW, I'm left with a conundrum of sorts. Is it shot first, then drawn and quartered, or the other way around... /sarc

Skip Danger's picture

The criminal element that exists in the world today is bigger than anything in history. Add my video to your list:


midtowng's picture

Good post. I'm going to repost this elsewhere.

MFL8240's picture

And they will continue to gain more power and steal more from the American public because we have no representation in DC, the banks have paid off most of the career politicians.  Look at the list of companies that put Chuck Schumer in power. all banks and brokerage houses.  

CoolBeans's picture

Totally agreed.  We have been offered up for sacrifice to all of these bastards who get away with doing anything they want.

The only thing to solve this is if all of the villages across the nation light up the torches....but wait, FEMA will be waiting with guns, bullets and a long-term camping experience. 

I for one just want to pull out entirely.  Pay off everything (two cards left) and not bank (except for small checking acct) -- it would seem if the entire population did the same, we might be able to strangle the beast.  I realize that sounds simplistic but maybe that's all it would take.  If we won't play, they can't cheat at the game.

CH1's picture

they will continue to gain more power and steal more from the American public because we have no representation in DC

True enough, but that's just the surface stuff.

So long as muppets continue to obey known thieves and liars, there is no way out.

At the base, it's all about obedience.

AnAnonymous's picture

Criminality and crimes remain a social notion, left to society assessment.

What can be said is that in US citizen societies, banks are not considered criminal when they engage in the depicted behaviours.

And it is also known that when some other people engage in the same depicted behaviours, it is crime and they are considered criminals.

It is all about the notion of US citizen justice, which is also known in many other places, as injustice.

US world order.

TheFourthStooge-ing's picture

AnAnonymous said:

nothing important

Don't you have some laundering of your own to be working on? Chop chop, Chang, those clothes won't wash themselves.

overmedicatedundersexed's picture

better to keep your eyes wide shut..banks have become the blood of the system the system cannot exist without them..

now as for the system......hydra never had so many snake heads, ZH is the mirror hydra looks into.

TruthHunter's picture

I saw an interesting thesis that said our modern world owed its existence to the continuity of the corporation.

If so, it will owe its demise to their sociopathic nature.

coltek's picture

Go Forth and Multiply huh?......

......Go Forth and Rehypothecate!


torak's picture

Are Big Banks Criminal Enterprises?

Ahhhh, yeah.

rwe2late's picture

torak and GW, you guys are way off, no way can the RICO act be applied to bankster activities.


Racketeering is:

conspiring to organize to commit crimes, particularly as a regular business 

 The purpose of the RICO Act was stated as "the elimination of the infiltration of organized crime and racketeering into legitimate organizations operating in interstate commerce". S.Rep. No. 617, 91st Cong., 1st Sess. 76 (1968). However, the statute is sufficiently broad to encompass illegal activities relating to any enterprise affecting interstate or foreign commerce. 

The legal definition:

(1) "racketeering activity" means (A) any act or threat involving murder, kidnapping, gambling, arson, robbery, bribery, extortion, dealing in obscene matter, or dealing in a controlled substance…

Or (B) any act which is indictable under any of the following provisions of title 18, United States Code: …

section 664 (relating to embezzlement from pension and welfare funds), sections 891-894 (relating to extortionate credit transactions), section 1028 (relating to fraud and related activity in connection with identification documents), section 1029 (relating to fraud and related activity in connection with access devices), section 1084 (relating to the transmission of gambling information), section 1341 (relating to mail fraud), section 1343 (relating to wire fraud), section 1344 (relating to financial institution fraud)…section 1503 (relating to obstruction of justice), section 1510 (relating to obstruction of criminal investigations), section 1511 (relating to the obstruction of State or local law enforcement), section 1512 (relating to tampering with a witness, victim, or an informant), section 1513 (relating to retaliating against a witness, victim, or an informant)…1951 (relating to interference with commerce, robbery, or extortion

...1956 (relating to the laundering of monetary instruments), section 1957 (relating to engaging in monetary transactions in property derived from specified unlawful activity)

…section 501... fraud in the sale of securities,… 

See guys? Nothing there. Move along.

All Risk No Reward's picture

And next week at Washington's Blog...  Is water wet?

The biggest crime of all...

A fraudulent monetary system:

A criminal credit bubble within a fraudulent monetary system:


Antifaschistische's picture

"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)"

HEY, you left off COUNTERFEITING!!   The only reason banks are speculation organization is because of the access to easy money they get from the FED.     Since counterfeiting is suppose to be illegal, if they would stop the FED's electronic printing mechanism, then everything we wouldn't have to worry about all their other illegal activities.  The FED is the root of all evil.

I am on to you's picture

Oh yes Mr Washington,thats the one trillion dollar question!

And the anserws to this,is multiply.

It would be like, is Godfather,realy the Father, of a thing called God?

Or one i hear a lot,America,is this the land of the Brave and the Free!

Was the Viking Romantic people,or just plain,cold blooded murderes,since i am Danish,ill anserw to this one,Yes they were,coldblooded murderes!

Extendet to,The Pope,Gods  right hand,This thing called God,then only have a left hand?

More puzling is :Is Greenland realy Green!

To your question,seems only one anserw,yes the Banks are The Mafia,which puts the Goverments of the mercyless,in their pocket,since they are paid by bankers,wasnt it a World spread Bankster,German Jude,not the rockenfellers,the other guys,who wanted all the money,and then wouldnt give a rats arse,to which Ism manipulated the Masses:

Remember to have read,the Italian Mafia praising the EU, for the Scheengen,wonder if it was for the self unregulated borders,taste of banking model.

Imagine,if Honesty,would be a currency,dont be scared boys,it aint,then this world would have another sound:No Libor no Goldman no Morgan,Rockenfeller Rotchshilds Mervyns Queens Kings Lords Sirs No Cia Mi6+5 No Mossad No Lulas,Dilmas,Soros Buffets Dimons Dimonds,but a lot of happy people,but that was to much to ask for,no big fees in honesty,no fame,to the be the guy who pulled it of,no guy,s who would  say,while he was P/ssing the hole planet up the face,dont worry,its still raining,and trickeling downwards!

This is my short version,sorry,the long must wait.

May the force be strong in you all,i for one need some black strong coffey,3 Corracoes Minas,to swallow the unreal reality,Juan Don!

Love your inputs George!

xxxkrogoth's picture

Humble-ism. The next big ism on the horizon. Thanks to nothing with any integrity from government or finance, our kick ass trade agreements as well as CLEARLY the foundation for the watching, scaring and corraling of the sheep will usher this new age in. The global age of humble-ism. 

Realizing that all of this is designed not to make the rest of the world (practically slave labor they are happy to get) come up to different standards or possible better standards of living but making you move to theirs is the first thing you need to accept. If you dont austerity will help you swallow the kool aid faster. Its not survival of the fittest anymore, it will be survival of who eats less and needs less and can work more for less while the powers that be make more and more and more. Not a conspiracy at all. They simply do it becase they can, unabated and unchecked.  

Reminisce about the past all you want, that is what is on the horizon. 



spinone's picture

Same as always.

Hook Line and Sphincter's picture

I'll answer your question with another question Jorge Washing-stone... Does my finger smell when I wake up in the morning due to a pinworn infestation?

Hook Line and Sphincter

I am Jobe's picture

Short Ropes and tall Trees , end the fucking banksters and their families.


engineertheeconomy's picture

Carve the shit out like a cancer, take no prisoners. Women and children must die too.

Snakeeyes's picture

If they are a criminal enterprise, they are lousy at it. They can't even finance mortgages anymore.

smartknowledgeu's picture

I actually thought that when I clicked on this article I would just see white space because the article's title was a self-evident truth and rhetorical question.

engineertheeconomy's picture

Noticed that your links on are sitting idle. You ever need ideas for new articles just let me know

nick howdy's picture

WTF GW ..That's why we are freaking here!...But to answer your question the answer is: no, and there is no mob either...(Actually there is. My contention that everyone who was ever in the mob now works for Wall Street and that's why you never hear of the crimes of the mob...The Cosa Nostra is now legitamized)

honestann's picture

More precisely, executives of big banks and financial organizations are:

predators DBA banksters

That's all there is to it, except to say they are utterly unrestrained, since they own the so-called "justice system".

Rainman's picture

Capital One gets busted with nearly a quarter billion fine for scamming customers. Bankster crimes are like buried on the back page anymore. Make a billion, pay a quarter in fines and no lockup. Sounds like a great racket to me. Upside easily trumps downside. 

Is this a great country or what ??

GoingLoonie's picture

True, very true.  Just got off the phone with Wells Fargo management.  I asked to have someone call me when I took a recent survey.  My complaints were:  

1.Why did they keep me waiting for 15 min to get a management approval to deposit an $18,000 insurance check in an account with $100,000 +.

2. We sold our house and have money to invest.  My wife and I made an appointment and went into the Bank and asked if they have any guidance.  They said they would get back to me.  Five months and no one has gotten back to us, not even a call.

3.  Buying a house and went in to apply for a mortgage.  Manager said loan officer was out but that they would have him call me.  Six months no call.  

I asked the manager how they make money?  I  did not get an answer.  Thanks GW you gave it to me.

CoolBeans's picture

With all due respect, you're still doing business with them??  It must be just for the sheer amusement of their ineptness.

GoingLoonie's picture

Sold the house, no where to bury the cash.  But, am searching.

world_debt_slave's picture

yep, they made mistakes on my business account and I tried to bill them an invoice for my time to correct their mistake, they never paid. I get $10 monthly service charge for being broke adn they are kind enough to give me .01 in montly insterest.

I'm closing that account and going back to my credit union that jumps through hoops for me.

Walt D.'s picture

Of course they are - the have wholly owned subsidiares that are criminal enterrprises - they are called governments.

sgt_doom's picture

Outstanding, GW, and much better put than simply phrasing it in one pithy sentence (which is truly boring):

They are playing every frigging angle possible ! ! ! !

Now, for anyone interested in how America got to this point, allow me to recommend three books which in their synergistic reading, explain EVERYTHING:

Battling Wall Street:  The Kennedy presidency, by Donald Gibson

Thy Will Be Done, by Gerard Colby and Charlotte Dennett

John Kenneth Galbraith, by Richard Parker (paying especially close attention to the several chapters on the Kennedy administration)

Read and comprehend these, and you will positively understand everything!

I guarantee it!


samsara's picture
Carroll Quiqley on the Central Banks                                                                                The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences."                                              

"The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank . . . sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

-- Carroll Quigley, "Tragedy and Hope", 1966, pg 324

LMAOLORI's picture


Yes but our politicians are crooks who allow them to be that way

A concise list of recent bank fraud

canary's picture

Excellent post. 


Like Klingons from Uranus, disgusting, smelly, and hard to get rid of.

fuu's picture

Keep working it GW.