Josh Sigurdson talks with author and economic analyst John Sneisen about recent news out of RBS (The Royal Bank of Scotland) as the bank was forced to pay a fine for crisis-era misconduct.
The $4.9 billion fine is record breaking and is for misleading investors ahead of the 2008 financial crisis which is certainly nothing out of the ordinary.
We are seeing the banks do similar stuff today. When the markets and economy reach peaks, the bankers get desperate.
The U.S. Justice Department imposed the fine on RBS saying from 2005 to 2008 RBS “routinely made misrepresentations to investors” who bought securities backed by risky mortgages, concealing their high risk of default.
The bank made hundreds of millions of dollars while Freddie Mac and Fannie Mae crashed.
In 2017, RBS was forced to pay $5.5 billion in a separate settlement with the Federal Housing Finance Agency.
Let’s not forget how the banks pushed forward collateralized debt obligations (CDOs) leading up the housing crisis in 2007. Alongside credit default swaps and mortgage backed securities, we saw the bubble expand and burst. They’re doing it again and this time it’s going to be far worse. They have learned how to better prop up a bubble, centralized market. It’ll only get heavier and crash harder.
In fact, Goldman Sachs investors just recently won their right to sue over CDOs.
It’s an infinite cycle. The banks are insolvent/bankrupt and yet we continue to depend on these entities which benefit from our debt. Same as the state.
Time to break free, learn how to be self sustainable, independent and financially free. Decentralize everything and rule yourself.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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