cybercoma Posted April 4, 2012 Report 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
GostHacked Posted April 4, 2012 Report 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
msj Posted April 4, 2012 Report Posted April 4, 2012 Quote If a believer demands that I, as a non-believer, observe his taboos in the public domain, he is not asking for my respect but for my submission. And that is incompatible with a secular democracy. Flemming Rose (Dutch journalist) My biggest takeaway from economics is that the past wasn't as good as you remember, the present isn't as bad as you think, and the future will be better than you anticipate. Morgan Housel http://www.fool.com/investing/general/2016/01/14/things-im-pretty-sure-about.aspx
AutoLovernug Posted April 4, 2012 Report Posted April 4, 2012 I am final, I am sorry, but it at all does not approach me. Perhaps there are still variants? Quote
stopstaaron Posted April 4, 2012 Report 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 Don't ban me bro. Oh behave, I'll behave. I'll be a good little boy.
The_Squid Posted April 4, 2012 Report Posted April 4, 2012 If they were part of shady deals I hope their asses gets nailed to the wall.... :angry: Quote
Topaz Posted April 4, 2012 Report 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
dre Posted April 4, 2012 Report Posted April 4, 2012 This is great news. We need to take a look at ALL these banks. Quote I question things because I am human. And call no one my father who's no closer than a stranger
GostHacked Posted April 5, 2012 Report Posted April 5, 2012 Maybe it's time to move my money to another bank... perhaps a credit union. Quote
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