Watch This Reporter Issue a Brutal Takedown of the International Banking System


Six years after the financial crisis, Paul Mason of Channel 4 News in England is officially fed up with watching big banks screw their clients, while financial regulators continue to dole out little to no punishment for each new banking scandal.

“I have sat in the rooms where they’re pleading in the most genteel tones, ‘Don’t over regulate us. Don’t make it possible for us to go to jail otherwise no one talented will come and run these banks,” an exasperated Mason said on camera.

“If we’re going to have a complex finance system, we’re have to do something a bit more radical than all this cuff-link tweaking.”

Mason’s refreshingly honest take comes as six banks, including the Royal Bank of Scotland where Mason is seen standing outside in the recording, were recently fined $2.6 billion pounds after a 13-month investigation by regulators in both the United Kingdom and United States found the banks to be rigging the foreign exchange market. But criminal charges for the employees involved? Nope.

Mason says if “the banks had the same scrutiny over the traders and their own managers as they have over the camera crews standing outside,” perhaps there would be no need for such an investigation and yet another round of fines.

“All we ask, all we can ask, is that the regulators do their job proactively,” Mason says, steps away from RBS’s headquarters. “That they actually get on the case, just like the security guards outside here, and the CCTV cameras there, and the City of London police, they get on the case and stop wrong doing – what’s so hard about it?”

 

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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