Pliny Posted October 6, 2012 Report Posted October 6, 2012 i was surprised how little attention is given to this problem, the rich bankers have the financial system by the balls. the LIBOR tampering people were fined something around 250 million i believe? sad thing is their networth was said to be in the trillions so it is a drop in the bucket to them god dam 1%ers Good point. Bankers taking risks against paying insignificant fines, at least insignificant in the overall scheme of things, is not a sufficient deterrent. The regulations around the banking and financial system are so copious and complex that they are subject to arbitrary application. Failing, taking down your company, your employees, your family is perhaps a better deterrent. But under current regulations that won't happen, the banker can pay his fine with an electronic entry on their ledger. There is no moral or ethical reason for behavior anymore. There is only following regulations, beyond that there is no sense of responsibility to the community or society. It would be good if economists, most of whom are econometrists today, and politicians would look at reality rather than protecting a failing monetary system and creating a false economy. Quote I want to be in the class that ensures the classless society remains classless.
kimmy Posted October 1, 2013 Author Report Posted October 1, 2013 beep boop this just in: JP Morgan Chase is nearing a settlement with the DoJ on an $11 billion dollar settlement over mortgage fraud. $11 billion might sound like a lot, but it's just a few months worth of JP Morgan Chase profits, so really no harm done. -k Quote (╯°□°)╯︵ ┻━┻ Friendly forum facilitator! ┬──┬◡ﾉ(° -°ﾉ)
dre Posted October 1, 2013 Report Posted October 1, 2013 beep boop this just in: JP Morgan Chase is nearing a settlement with the DoJ on an $11 billion dollar settlement over mortgage fraud. $11 billion might sound like a lot, but it's just a few months worth of JP Morgan Chase profits, so really no harm done. -k Yeah whatever happened to putting criminals OUT OF BUSINESS? Im not suggesting banks should get shut down for every little infraction but when systemic fraud is proven, they should no longer be allowed to continue operating. Quote I question things because I am human. And call no one my father who's no closer than a stranger
kimmy Posted October 1, 2013 Author Report Posted October 1, 2013 This CBC hidden camera investigation shows a banker giving advice to a businessman on how to move money offshore in an untraceable way. It's illegal, but it's undetectable. -k Quote (╯°□°)╯︵ ┻━┻ Friendly forum facilitator! ┬──┬◡ﾉ(° -°ﾉ)
eyeball Posted October 1, 2013 Report Posted October 1, 2013 The biggest lesson here is how everything could change if we could only turn the telescreens around and aim them at the top of society. Oh well, I guess surfing through the proles texts and emails etc for references to pressure cookers or where to buy an oh zee is a far more important use of surveillance technology. Quote A government without public oversight is like a nuclear plant without lead shielding.
GostHacked Posted November 19, 2013 Report Posted November 19, 2013 http://www.cbsnews.com/8301-201_162-57612888/jp-morgan-chase-feds-agree-to-$13-billion-settlement/ The Justice Department and JPMorgan Chase & Co. have reached agreement on all issues in a $13 billion settlement of a civil inquiry into the company's sales of low-quality mortgage-backed securities that collapsed in value during the 2008 financial crisis, CBS News has confirmed. The settlement is the largest ever reached between the government and a corporation. It eclipses the record $4 billion levied on the huge oil company BP in January in the worst offshore oil spill in U.S. history. Details of the settlement were leaked and widely reported a few weeks ago. The finalized deal is expected to be announced Tuesday. A person close to the talks told CBS News that the settlement addresses all civil issues in the case, but the Justice Department retains the right to continue a criminal investigation being conducted by the U.S. Attorney's Office in Sacramento, Calif. Just last Friday, the company announced it had reached a $4.5 billion settlement with 21 major institutional investors over mortgage-backed securities issued by JPMorgan and Bear Stearns Cos. between 2005 and 2008. The investors, which include Goldman Sachs, said the bank deceived them about the quality of high-risk mortgage securities. Now where does this money go? Does it go back to help the people that got screwed by banks and mortgage companies? You defraud a single person and you are in jail for a long time. A corp can do it to many thousands and ruin their lives completely and simply get a fine and continue doing the crimes. Is the fine a way to say they paid back the government for the bail out money they got? Quote
jacee Posted November 28, 2013 Report Posted November 28, 2013 Banks and crime ... Jim Love, Canadian Mint chairman, helped run offshore 'tax-avoidance scheme' for clients Close friend of Finance Minister Flaherty has also served as tax adviser to government Canadian Mint chairman helped steer money offshoreCBC News has learned that Royal Canadian Mint chair Jim Love helped a prominent Canadian family stash millions of dollars in offshore tax havens. Are government officials conspiring and assisting people avoid legal taxes? So who do we trust with our money? Quote
eyeball Posted November 28, 2013 Report Posted November 28, 2013 In God I guess, but I'm an atheist so I guess I'm SOL. Maybe I should just be thankful I don't have a lot of money to worry about. It must be so stressful to be so rich they need a government official to make the world safe for them...poor bastards. Quote A government without public oversight is like a nuclear plant without lead shielding.
jacee Posted November 28, 2013 Report Posted November 28, 2013 (edited) In God I guess, but I'm an atheist so I guess I'm SOL. Maybe I should just be thankful I don't have a lot of money to worry about.I was unclear.I mean't our collective money - taxes paid and supposed to be paid - if the chair of the mint is bamboozling people into evading taxes. The family of former PM Arthur Meign was not amused by their financial advisor's shenanigans with their money. Edited November 28, 2013 by jacee Quote
GostHacked Posted December 4, 2013 Report Posted December 4, 2013 (edited) And another bank gets charged for market price rate fixing. Hang the bankers. http://www.bbc.co.uk/news/business-25215560 The European Commission has fined eight banks - including RBS - a total of 1.7bn euros (£1.4bn) for forming illegal cartels to rig interest rates. The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements. Two of the eight, Barclays and UBS, were excused their financial penalties for revealing the cartels' existence. Some of the same players we see before. They all are rigging markets across the globe. Financial terrorism. 'Scandal' Continue reading the main story “Start Quote What is [also] shocking about the... scandals is the collusion between banks who are supposed to be competing with each other” Joaquin Almunia European Commission Aside from RBS, Barclays and UBS, the other organisations involved were Deutsche Bank, which received the biggest fine of 725.36m euros, Societe Generale, JP Morgan, Citibank and the brokers RP Martin. Banks that have not yet settled fines but are being investigated are HSBC and Credit Agricole, as well as JPMorgan, which accepted a fine for rigging in one market but not another. Edited December 4, 2013 by GostHacked Quote
dre Posted December 5, 2013 Report Posted December 5, 2013 (edited) And another bank gets charged for market price rate fixing. Hang the bankers. http://www.bbc.co.uk/news/business-25215560 Some of the same players we see before. They all are rigging markets across the globe. Financial terrorism. Between private sector entities these fines are whats known as "kick backs". Its not about the players involved being punished for their behavior its about the government getting their cut. I would hazard to guess that fines are insignificant compared to the profits that all these banks and financial companies, and their investors made off of all this fraud. Alright... we let you get rich by ripping off millions of people, so the least you can do is shoot us a few bucks! Edited December 5, 2013 by dre Quote I question things because I am human. And call no one my father who's no closer than a stranger
ReeferMadness Posted December 8, 2013 Report Posted December 8, 2013 Why wouldn't they rip people off? The fines are a slap on the wrist compared to the profits. Simple risk-reward behavior prediction would be that nothing will change. They need to bring back regulators with authority to investigate. They need to start sending bankers to jail. Then maybe they'll pay attention. Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
GostHacked Posted December 8, 2013 Report Posted December 8, 2013 Why wouldn't they rip people off? The fines are a slap on the wrist compared to the profits. Simple risk-reward behavior prediction would be that nothing will change. They need to bring back regulators with authority to investigate. They need to start sending bankers to jail. Then maybe they'll pay attention. Time and time again we have seen the governments come to the aide of the corrupt banks and the whole banking system. It's happened in the USA, Canada, UK, Germany, Spain, Italy, ect ect ...... Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.