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$5B in fines and guilty pleas for crimes isn't a blowjob
$5B in fines and guilty pleas for crimes isn't a blowjob
how many go to jail? anybody lose salary? bonuses?
$5B is tax-deductible? maybe not since they pled guilty.
in any case, a hand slap compared to the banks recurrent annual profits.
the corruption, crimes will continue, without question, as SEC and Treasury are understaffed, compromised, and unwilling to police.
Bernie Sanders Drops A Truth Bomb On Wall St: Criminal Fraud Is Big Banks’ Business Model
Despite weak financial regulatory systems around the world, it seems that every week we hear about another multi-billion scandal involving a major financial ins ution.
Today, we learn that JP Morgan Chase, Citigroup and other huge banks were fined $5.6 billion for rigging interest rates and manipulating currency exchanges.
Sadly, this is just the tip of the iceberg. Since 2009, huge financial ins utions have paid $176 billion in fines and settlement payments for fraudulent and unscrupulous activities.
The reality is that seven years after too-big-to-fail banks crashed the economy, fraud still appears to be the business model on Wall Street.Today, the six largest financial ins utions have nearly $10 trillion in assets, equal to nearly 60 percent of our gross domestic product.
They control more than two-thirds of the credit card market and one-third of the mortgages.
These huge ins utions are not only involved in fraudulent activities, they have grown even larger and more powerful since the Wall Street crash of 2008.
They are not only an ongoing threat to taxpayers, but a burden on our entire economy.
In my view, the only effective way of dealing with these enormous financial ins utions is to break them up. Today’s news is just another example of why these too- big-to-fail banks are too big to exist.
http://www.politicususa.com/2015/05/20/bernie-sanders-drops-truth-bomb-wall-st-criminal-fraud-big-banks-business-model.html?utm_source=feedburner&utm_medium=feed&u tm_campaign=Feed%3A+politicususa%2FfJAl+%28Politic us+USA+%29
the DOJ, apparently not so.the corruption, crimes will continue, without question, as SEC and Treasury are understaffed, compromised, and unwilling to police.
Lynch already handed out gentle hand slaps to the financial sector before she was AG.
http://www.salon.com/2014/11/10/lore..._finance_past/
yawn
Guilty Pleas and Heavy Fines Seem to Be Cost of Business for Wall St.
http://www.nytimes.com/2015/05/21/bu...s&emc=rss&_r=0
For the municipal bonds rate rigging crime, have any raped municipalities' taxpayers been compensated, bond terms renegotiated?
or do the $Bs in rigged-rate bonds keep flowing to the financial sector for decades?
http://www.forbes.com/sites/walterpa...ets-probation/
http://www.nytimes.com/2012/07/31/bu...ging.html?_r=0
http://www.justice.gov/atr/public/di...uni-bonds.html
https://www.google.com/webhp?sourcei...igging&es_th=1
and then there's the financial sector giving "payday loans" on states' tobacco settlement "pay checks", with "payday loan" interest terms, rates.
Waivers may defang the DOJ’s work to hold banks accountable to the law, but at least the fines themselves still give these deals some teeth, right?
Wrong.
The fines will get paid by shareholders, not by individual executives or traders who benefited personally and professionally from the crimes their firms are admitting to.
Regardless of how the tax implications shake out, the banks are already coming out ahead judging by the stock market’s response to the fine announcements Wednesday.
Barclay’s stock price rose so significantly over the course of trading Wednesday that the bank “is worth £1.5bn more than this time yesterday, or almost exactly its total fines,” the Guardian notes.
RBS came out even better, gaining £715 million in value over the day.
That’s $1.12 billion at current exchange rates, or nearly double the $669 million in combined DOJ and Federal Reserve fines the bank was just levied over its role in manipulating those very same rates.
waivers that ensure the crimes don’t actually mess with the felons’ business activity appears to be common practice.
Banks are batting 1.000 on waiver requests in recent years according to Bloomberg, despite settling or pleading out numerous cases where investigators had turned up overwhelming evidence of conspiracies to rig markets and harm consumers.
. It is unclear if the smaller corresponding fines from the Federal Reserve can be deducted, ascivil penalties have a murkier tax status than the criminal penalties tied to the guilty pleas.
http://thinkprogress.org/economy/2015/05/21/3661581/foreign-exchange-rigging-cartel-fines-paper-tiger/
Whine Hole, naive as ever, trying to contradict my 100% accurate cynicism. America is ed and un able. BigFinance is ing the planet and untouchable.
Last edited by boutons_deux; 05-21-2015 at 01:35 PM.
^nobody reads your posts you crazy leftist loon just so you know
Kinda shocked at that part.
e crimes described on Wednesday also painted the portrait of something more systemic: a Wall Street culture that enabled many big banks to break the law even after years of regulatory black marks after the crisis.
“If you aint cheating, you aint trying,” one trader at Barclays wrote in an online chat room where prosecutors say the price-fixing scheme was hatched.
You ok with large banks defrauding people to the tune of billions?
Not sure that is "lefty" stuff or "righty" stuff.
Stinky maybe, but this is the kind of that should be enough to piss anybody off.
^ I don't even know what he said I have his blocked. He's a sad little er and an enemy to my race.
more proof that the police surveillance state and BigFinance are beyond the reach of the law
Wall Street Flouts Fed Standards to Fund High-Risk Loans
Regulators’ efforts to rein in Wall Street’s biggest banks are in danger of backfiring.
Guidelines aimed at strengthening lending standards are shifting the market for high-yield credit to less-supervised loan funds, raisingalarm this week from the Financial Stability Oversight Council. Because the funds don’t have depositors, some of their money comes from Wall Street banks, leaving systemically important ins utions exposed to risks regulators hoped to avoid.
Loans by nonbanks such as KKR & Co. and Apollo Global Management LLC affiliates are a small part of the market, but they’re growing. Direct-lending funds, which raise money from ins utional investors such as pension funds and insurance companies, surged to a global record last year of $29.9 billion, according to financial data firm Preqin. Loans by U.S. business development companies, or BDCs, many of which have credit lines with banks, jumped to $55 billion last year from $17 billion in 2010
http://www.bloomberg.com/news/articl...igh-risk-loans
Can't afford a car loan, you're too big a risk?
no worry, we'll make it a 7-year loan, lower payments, and of course HIGHER interest revenue to capitalists.
nonbank banking, hmm
... was huge factor in the housing bubble, including regulated banks forming non-regulated subsidiaries to get in on the predatory scamming, writing toxic mortgages.
Here's yet another HUGE difference between Dems and Repugs
Dodd-Frank Rollback Bill Advances in Senate
http://www.thinkadvisor.com/2015/05/21/dodd-frank-rollback-bill-advances-in-senate
Even the already-Repug-gutted, puny restrictions in the Dodd-Frank are targeted for destruction.
Not that it will make the slightest difference
SEC Commissioner Kara Stein Issues Blistering Dissent on Waivers for Bank Recidivists
http://www.nakedcapitalism.com/2015/...+capitalism%29
We'll see if she walks the talk.
In Britain, Libor-Rigging Conspiracy Case Is Also a Test for Regulators
(In total, banks have paid more than $160 billion since 2009 to settle charges related to issues such as rigging interest rate benchmarks, manipulating currencies, mis-selling insurance, packaging toxic mortgages and evading taxes, among others.)
http://www.nytimes.com/2015/05/25/business/dealbook/in-britain-libor-rigging-conspiracy-case-is-also-a-test-for-regulators.html?partner=rss&emc=rss
And the corruption, crimes very probably continues today, or will be repeated in the not-distant future.
an rust lawsuits revived:
http://www.reuters.com/article/libor...-idUSL2N18K0ZEA U.S. appeals court on Monday revived private an rust litigation accusing major banks of conspiring to manipulate the Libor benchmark interest rate, in a big setback for their defense against investors' claims of market-rigging.
The 2nd U.S. Circuit Court of Appeals in Manhattan reversed a lower court judge's dismissal of investors' an rust claims against 16 banks, including Deutsche Bank AG, UBS AG , Bank of America Corp and JPMorgan Chase & Co because she found no showing of anticompe ive harm.
"Appellants sustained their burden of showing injury by alleging that they paid artificially fixed higher prices," Circuit Judge Dennis Jacobs wrote for a three-judge appeals court panel.
the store never closes:
http://www.pionline.com/article/2018...lation-chargesSociete Generale will pay a total of $750 million to settle charges by the CFTC and the U.S. Justice Department that the bank manipulated the London interbank offered rate, both federal agencies announced Monday.The settlements were announced along with an additional combined $585 million penalty against Societe Generale by the Justice Department and Parquet National Financier, the French federal regulator, relating to a multiyear scheme to pay bribes to officials in Libya. The bank will pay $292.5 million each to U.S. and French authorities to settle the bribery charges.
Gotta be a coincidence, Trump waives penalties for Deutche Bank:
https://www.ibtimes.com/political-ca...deutsche-which
so ing blatant, quid pro quo, "you lend me $100Ms, I cancel your fines for criminality"
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