Featured Story
The May 20 settlement between the Justice Department and five giant banks reveals the appalling weakness of modern antitrust. The banks had engaged in the biggest price-fixing conspiracy in modern history. It was a “brazen display of collusion” that went on for years, said Attorney General Loretta Lynch. But there will be no trial [and] no executive will go to jail. The fines … will be treated by the banks as costs of doing business. America used to have antitrust laws that permanently stopped corporations from monopolizing markets.
No longer. The result has been higher prices for the many, and higher profits for the few. It’s a hidden upward redistribution from the majority of Americans to corporate executives and wealthy shareholders. Similar upward distributions are occurring elsewhere in the economy. The four largest food companies control 82 percent of beef packing, 85 percent of soybean processing, 63 percent of pork packing, and 53 percent of chicken processing. Monsanto alone owns the key genetic traits to more than 90 percent of the soybeans planted by farmers in the United States, and 80 percent of the corn. Big Agribusiness wants to keep it this way. The list goes on, industry after industry, across the economy. Antitrust has been ambushed by the giant companies it was designed to contain. The market is rigged. And unless government unrigs it through bold antitrust action to restore competition, the upward distributions hidden inside the “free market” will become even larger.
Note: The above article was written by former US Secretary of Labor and current professor of public policy at UC Berkeley Robert Reich. For more along these lines, see concise summaries of deeply revealing news articles about the systemically corrupt financial industry and the income inequalitythat this contributes to.
StevieRay Hansen
Editor, Bankster Crime
MY MISSION IS NOT TO CONVINCE YOU, ONLY TO INFORM…
Don't Miss
Ship Seized In Record $1.3 Billion Cocaine Bust Belongs To JPMorgan
Greed causes people to do all sorts of things they wouldn’t normally do. Watch any number of TV courtroom dramas, and the crime under consideration…
Read More
Jeffrey Epstein Documents Could Expose Powerful Politicians, Businessmen
Greed is a strong and selfish desire to have more of something, most often money or power. There are many warnings in the Bible about…
Read More
Could JPMorgan Chase Be Hit with a Fourth Felony Count for Rigging Precious Metals Markets?
Banks are in a state of “Greed and Corruption” a state of decay, pollution, or incorrectness. Corruption is one of the effects of sin that…
Read More