Off the Cuff: It Takes A Pillage

In this week's Off the Cuff podcast, Chris and Nomi Prins discuss:

• It Takes A Pillage
  • How Wall St fraud has only worsened since 2008
• Moral Hazard
  • Central banks are enabling the bad actors
• The War On Cash
  • What the implications of ZIRP and NIRP are
• Get Ready For Volatility To Return
  • Market gyrations from here are baked in the cake

This week, Chris welcomes new PP.com contributing editor Nomi Prins to Off The Cuff. In the wake of her new report on volatility, Nomi walks Chris through the rot and fraud on Wall Street that has only worsened since 2008.

With this week's "big" $6 billion settlement announced between the big banks and the justice department, we are shown that "business as usual" continues on Wall Street, no matter how egregious its criminal acts may be. While $6 billion may sound large, it is less than half a week's earnings for the banks involved — a proverbial slap on the wrist — for outright manipulation and theft that collectively made the guilty banks hundreds of billions over years. No body is going to jail. The banks received waivers from discipline and are able to continue their banking practices unfetters.

With toothless implications like that, what bank wouldn't engage in fraud?