The idea of monkey with my business and I’ll leave you lonely, trickles down from top level executives to the employees at the core of the problem. Big banks don’t agree that they should be held liable for some mid-level employees error. Much like when a parent is blamed for their child’s behavior, these parents of subsidiary companies are trying to claim that their kids have a mind of their own and they’re the ones that should take the fall. Traders involved in scandal took it upon themselves to decide whether a clients trade was approved, canceling it when the bank profited by the client being left without.
Big Banks paid these currency prophets to justify the price they were selling for, or the “glitches” as they called those moments of “oops, that transaction was cancelled.” These currency prophets who were able to foretell the impact of a transaction before it was processed, missed the fact that banking emails and chat rooms are regulated. Their comments of mocking clients for not understanding what they just did to them, is what will allow criminal charges against individual traders. They should of saw that coming.
Those who run these fraud rings may break up banking relationships, but they’ll never destroy Wall Street. For each bubble they create then pop, someone will always profit as well from the bet of a fall. Bets on either side of the spectrum is what will always keep Wall Street alive, and the Big Banks running the show in the black.