Earlier quoted context omitted.
> Wall Street, where crime is legalized and so none of the suits go to jail Crime is not legal on Wall Street nor anywhere else in America. If you don't like the laws, we have a system to change them. It seems like you disagree with the finance profession, whose purpose is to efficiently move and allocate capital.
I feel like you're being deliberately naive. When people talk about crime being legal on Wall Street, they're referring to the many cases of fraud on the scale of billions of dollars that result in no jail time for the people involved. Sometimes there will be fines, but the fines are significantly less than the amount of money the bank profits from the fraud. For a couple quick examples that immediately come to mind,…
Yes, this exactly is what I meant. Laws are written and passed that legalize what would otherwise be criminal conduct, and on the other side, the SEC will simply levy fines on fraud and no-one goes to jail [1].
Usually the fines, even if it's millions, is just a blimp on the quarterly profits of the wall street entity in question.
> BNP used a network of banks in the Middle East, Europe and Africa with their own clearing codes to mask dollar-based transfers connected to Sudanese companies. Employees also removed information from wire transfers that could have revealed the identity of the countries blacklisted by the United States, according to the complaint.
Source: France’s BNP Paribas to pay $8.9 billion to U.S. for sanctions violations => https://www.washingtonpost.com/business/economy/frances-bnp-...
In this case, BNP Paribas officials at the highest level were involved in laundering money for the Sudanese Government, directly working with Govt officials. This directly translated to funding genocide in the South Sudan war (by way of the Sudanese Govt purchasing weapons and killing people). Yet not a single person went to jail from BNP Paribas. The fine they paid is nothing compared to what they make in yearly profits.