Capitalist greed, is what everyone thinks was the sole cause of the 2007 financial crisis. It was a big part of the blame, and that’s undeniable, but also, who is giving out the permits and punishing the financial industry, that makes billions with a hundred million in fines?
This is an amazing infographic of the largest corporate fines and settlements since 2007
The largest corporate fine in U.S. history goes to the Gulf of Mexico oil spill in 2010. BP was fined 110% of their income, $4.5 billion.
I remember this when it came out. It was all over the news when the spill happened and I remember the public wanted blood. It involved the sinking of an oil rig, which spilled oil for 87 days. 11 people went missing.11 people went missing. It was “sealed” in 2010, however, reports in 2012 said the oil rig was STILL leaking. The cause was defective cement on the rig, done by Halliburton, which received a punishment of $1.1 billion. One of the government’s favorite corporations to give contracts to without competition. Who “lost” $23 billion from Iraq. No punishment. They’re the ones who got to steal all of the oil from Iraq by building oil “infrastructure”.
Regardless of Halliburton being the cause, BP was punished more.
In contrast, the Exxon mobile spill? Their fine was 1% of their income.
This is not capitalism like many people believe. This is pure corporatism, which is not the same. Capitalism includes competition. Corporatism is when government gives special privileges to businesses and in return, businesses give kickbacks to the government.
Who is getting all their campaign money from the financial industry?
The status quo politicians that the people keep voting into power over and over, who are incumbents because they watch the news, and the news skews the headlines to achieve their political aims and biases.
And nobody pays attention to the rest of the article.
They see the headlines and it puts ideas in their head that are really just catchy click bait but it’s TV and magazines too.
That’s my hypothesis anyway.