On Being Unsurprised and Surprised

I am not surprised to learn that Citigroup, JP Morgan, Barclays, UBS and Royal Bank of Scotland formed a cartel and manipulated the foreign exchange markets cheating and defrauding people and businesses out of billions of dollars. I am not surprised to see that together these banks will face penalties for this criminal action in the order of  $6bn. I am not surprised to learn that the fixing of Forex went in for seven years from 2007 when these banks were doing deals with authorities to mitigate the effect of their behaviour in other criminal activities, such as interest rate Swaps and PPI and interst rate manipulation. I am not surprised that the Financial Conduct Authority imposed a fine of £284m million on Barclays Bank.

What would surprise me is if human being was charged with a crime and went to prison after a trial; that if the FCA or the Federal Authorities in the USA froze the assets of these banks pending confiscation under the Proceeds of Crime Act or the RICO laws.

What surprises me is that the vast majority of people in Europe and the United States of America expect, as a matter of course, to be cheated and defrauded by their banks in whom they lodge their deposits. Are we all that stupid?

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