You have according to the BIS 600 trillion in derivatives against a 81 trillion dollar world GDP or a multiple of 7. The BIS coordinates only the banks so this figure does not include insurance company derivatives or others in private industry unless a bank is connected to the transaction so it is grossly understated. Some Swiss bankers tell me it is more like 1.2 quadrillion and others up to 2.5 quadrillion. 1.2 quadrillion gives you a multiple on the world GDP of 14 and 2.5 quadrillion a multiple of 30.
The probes into bank fraud leading up to the financial industry’s crash have been quietly closed. Is this justice?
by William D. Cohan
Any narrative of how we got to this point has to start with the so-called Holder Doctrine, a June 1999 memorandum written by the then–deputy attorney general warning of the dangers of prosecuting big banks—a variant of the “too big to fail” argument that has since become so familiar.
. . .extracting large settlements paid with shareholders’ money is not the same as bringing alleged wrongdoers to justice.
"Eric Holder is the guy who worked for a corporate law firm that represents Wall St firms, then he went into government and explicitly outlined a “too big to jail” policy for Wall St firms, and then he left government to go back to the same law firm."
Holder is notorious for his bad judgement and complicity in massive financial fraud inclusive of naked short selling. The Holder Memorandum will stand with Herbert Hoover’s complicity in The Great Depression as one of the most examples of what Matt Taibbi calls “Griftopia” – the merger of political and financial crime.
The Holder Memorandum of 16 June 1999 is the equivalent of a “get out of jail free” card for all practitioners of financial fraud, with naked short sellers being the largest group of Wall Street criminals who are not only stealing money at the trillion dollar level, but also destroying innovation and individual entrepreneurs. The Department of Justice — until it overturns the Holder Memorandum and also applies federal RICO to all forms of inter-state financial crime, is complicit in this massive crime against humanity and the Republic. This should be a priority to our President, Donald J. Trump.