The #AskJPM debacle that JP Morgan cancelled earlier this month due to embarrassment and humiliation regarding the mountain of questions they received in regard to their criminal actions provided a gift to all of us. American Indian tribes did not have jails due to the impracticality of having permanent prisons when their way of life called for a nomadic lifestyle. However, this, by no means, implied that everyone in their tribes acted as angels and committed no wrongdoing. It did however mean that they found another extremely effective solution in dealing with criminal, misanthropic behavior without the threat of imprisonment. For all intents and purposes, Western bankers, having bought out all judges and regulatory and judicial bodies today with their unlimited wallets, have no jails for them today as well, although this clearly is not the case in the East, where a Vietnamese banker faces execution for fraud.
However, in looking towards how American Indians handled the problem of criminal behavior within their society effectively without the use of prisons, and given the outcome of the #AskJPM twitter session, I believe that we now have a blueprint to rein in the sociopathic behavior of unrepentant bankers. I explain further in the video below.
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