Whistleblower Ian Taplin wonders what became of the rule of law.
Megabanks are truly transnational corporations, bigger and more powerful than many countries. The two biggest financial centres are Wall Street and the City of London. They dominate the world’s capital markets – and they undermine democracy and the rule of law as well.
For example, the US government deems it appropriate to fine the megabank JP Morgan Chase $20 billion for a whole list of transgressions, yet decided not to prosecute a single senior banker for fraud.
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