Tag Archives: double standard

Adam Smith thought there were two economies – meritocratic for the poor and powerless and anti-meritocratic for the powerful. There is also a legal double-standard of justice reflecting this. Steal a hundred go to jail; steal a million, get promoted. Accountability is inversely proportional to status? Stumbling and MumblingAdam Smith's two economiesChris Dillow | Investors Chronicle

Since its financial meltdown in 2008 and unprecedented bailout by the U.S. taxpayer, Citigroup (parent of Citibank) has been repeatedly charged by its Federal regulators with odious crimes against its pooled mortgage investors, credit card and banking customers, student loan borrowers, and for its foreclosure frauds. It has paid billions of dollars in fines for its past misdeeds while new charges pile up. In 2015, it became an admitted felon for participating in rigging foreign exchange...