cybercoma Posted April 4, 2012 Report Share Posted April 4, 2012 (edited) RBC Sued by US Regulators US regulators claim that RBC made illegal futures trades between 2007 and 2010. They allege the Royal Bank engaged in 'wash trades' to avoid tax regulations, but also systematically mislead the trade commissions. In response, Royal Bank called their claims "absurd" and notes that the regulating bodies were aware of the alleged scheme as early as 2005, oversaw all of their trades, and were contacted by RBC for guidance prior to the trades. Given the growing discontent with Wall Street bankers, perhaps RBC is going to be the scapegoat for the problems in the US banking industry. This way these commissions can give the appearance of doing something. Edited April 4, 2012 by cybercoma Quote Link to comment Share on other sites More sharing options...
GostHacked Posted April 4, 2012 Report Share Posted April 4, 2012 RBC Sued by US Regulators US regulators claim that RBC made illegal futures trades between 2007 and 2010. They allege the Royal Bank engaged in 'wash trades' to avoid tax regulations, but also systematically mislead the trade commissions. In response, Royal Bank called their claims "absurd" and notes that the regulating bodies were aware of the alleged scheme as early as 2005, oversaw all of their trades, and were contacted by RBC for guidance prior to the trades. Given the growing discontent with Wall Street bankers, perhaps RBC is going to be the scapegoat for the problems in the US banking industry. This way these commissions can give the appearance of doing something. RBC has managed to stay relitively strong through all of this, which I found odd. Prop up the bad banks, and tear down the good ones. Quote Link to comment Share on other sites More sharing options...
msj Posted April 4, 2012 Report Share Posted April 4, 2012 Quote Link to comment Share on other sites More sharing options...
AutoLovernug Posted April 4, 2012 Report Share Posted April 4, 2012 I am final, I am sorry, but it at all does not approach me. Perhaps there are still variants? Quote Link to comment Share on other sites More sharing options...
stopstaaron Posted April 4, 2012 Report Share Posted April 4, 2012 The same US regulators that couldn't predict the crash of their banks?! Yeah I sure believe this "competent" bunch of aholes Quote Link to comment Share on other sites More sharing options...
The_Squid Posted April 4, 2012 Report Share Posted April 4, 2012 If they were part of shady deals I hope their asses gets nailed to the wall.... :angry: Quote Link to comment Share on other sites More sharing options...
Topaz Posted April 4, 2012 Report Share Posted April 4, 2012 Shady deals, maybe, maybe not, but someone told me to goggle goldmansach/flaherty and see what comes up. Well, it sad when we have to go to the internet to find out what the minister of finance and the governor of the bank of canada does behind Canadians backs. Quote Link to comment Share on other sites More sharing options...
dre Posted April 4, 2012 Report Share Posted April 4, 2012 This is great news. We need to take a look at ALL these banks. Quote Link to comment Share on other sites More sharing options...
GostHacked Posted April 5, 2012 Report Share Posted April 5, 2012 Maybe it's time to move my money to another bank... perhaps a credit union. Quote Link to comment Share on other sites More sharing options...
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