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Thread: Six banks fined record $3.4bn in currency manipulation probe

  1. #1

    Six banks fined record $3.4bn in currency manipulation probe



    Reuters / Yuriko Nakao

    Some of the world’s biggest banks - UBS, Citigroup, JPMorgan Chase, Royal Bank of Scotland, and HSBC have agreed to pay out $3.4 billion to settle an investigation into the institutions’ rigging of foreign exchange rates.

    The probe accused banks of tampering with currency interbank rates on the largely unregulated $5.3 trillion-a-day foreign exchange market.

    Charges against individuals are expected.

    Many regulators worry currency rigging is the next Libor scandal when banks manipulated the Libor interbank lending rate by setting it low against the dollar in order to mask their financial problems. In that case over $6 billion in fines have been doled out to dozens of banks.


    Continued - Six banks fined record $3.4bn in currency manipulation probe



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  3. #2
    They will continue rigging the FX market anyway, because the profits from doing so vastly outweigh any 3.4 billion fine.

    This slap on the wrist stops nothing, and it's not just the FX market that's being effected here.

    Gold futures, crude oil futures, options on futures - all are effected by currency fluctuation.

    We're talking hundreds of billions of dollars bent every single day because of these banks activities.

    They're quite literally rigging the entire financial system and everything in it; and the retail investor, along with ordinary citizens, are getting hosed as a result.

    All of this theft will come to an end though when we return to a gold standard, which is precisely why the banks never tire of railing against honest money.
    Last edited by DFF; 11-12-2014 at 02:37 PM.

  4. #3
    CAPITAL PUNISHMENT: "If you don't have the Capital, you will be Punished!"

    BANKER'S CAPITAL PUNISHMENT:
    "If you have the Capital, you just split the profits with the JUST-US SYSTEM!"


    There is no rule of law left in America... Today's enforcement of laws are to enslave the people and keep the Elite-Corporatist-Fascists-Totalitarians in complete power/control.


    It's that simple, and those facts are repeated daily.
    The American Dream, Wake Up People, This is our country! <===click

    "All eyes are opened, or opening to the rights of man, let the annual return of this day(July 4th), forever refresh our recollections of these rights, and an undiminished devotion to them."
    Thomas Jefferson
    June 1826



    Rock The World!
    USAF Veteran

  5. #4
    Quote Originally Posted by DFF View Post
    They're quite literally rigging the entire financial system and everything in it; and the retail investor, along with ordinary citizens, are getting hosed as a result.

    All of this theft will come to an end though when we return to a gold standard, which is precisely why the banks never tire of railing against honest money.
    Gold?

    But how can they turn everyone into a sucke--er, I mean retail investor if they aren't devaluing the currency?

    God forbid mom and pop just stuff their mattress and go on their way to their golden years...
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  6. #5
    There is no rule of law left in America... Today's enforcement of laws are to enslave the people and keep the Elite-Corporatist-Fascists-Totalitarians in complete power/control.


    It's that simple, and those facts are repeated daily.
    I agree, the rule of law in the United States has become an absolute farce....not a single banker was ever indicted for the events leading up to 2008...at MF global, Jon Corzine stole billions from his own investors and got off scott-free.

    But you know, then you contrast this to a place like Iceland (which not coincidentally is making a real recovery), that took their banking scum and locked their greedy asses up...or Vietnam, which recently executed one of their shyster bankers for stealing a hundred million dollars.

    Then the big screw job being done to Americas citizens becomes all the more apparent.
    Last edited by DFF; 11-12-2014 at 03:04 PM.

  7. #6
    Quote Originally Posted by DFF View Post
    They will continue rigging the FX market anyway, because the profits from doing so vastly outweigh any 3.4 billion fine.

    This slap on the wrist stops nothing, and it's not just the FX market that's being effected here.

    Gold futures, crude oil futures, options on futures - all are effected by currency fluctuation.

    We're talking hundreds of billions of dollars bent every single day because of these banks activities.

    They're quite literally rigging the entire financial system and everything in it; and the retail investor, along with ordinary citizens, are getting hosed as a result.

    All of this theft will come to an end though when we return to a gold standard, which is precisely why the banks never tire of railing against honest money.
    Well. There is a much larger issue here. We've discussed it in various places across the board here on the forums and in great depth. If we place this skullduggery into perspective with various sovereign securities that have been issued to countries (Argentina is one) then we begin to understand the logic in some of these nations who are seeking a way out of the IMF/Western hedge fund financial domination of their countries in favor of moving toward the BRICS bloc. And, of course, looking in real time all over the globe, we're seeing these nations establish independent models for international and domestic finance clearing and in favor of alternative currencies.
    Last edited by Natural Citizen; 11-12-2014 at 05:57 PM.

  8. #7
    This should read "Shareholders of Six banks fined record $3.4bn in currency manipulation probe".

  9. #8
    should read " banks are fined 1% of the money they made when they were caught stealing " .



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  11. #9
    It's exactly the same as you or I being fined $10,000 after stealing $1,000,000 from a bank.

    And of course getting no jail time; these $#@!ers never go to jail. Not even a weekend.
    Last edited by DFF; 11-12-2014 at 08:32 PM.

  12. #10
    Quote Originally Posted by ILUVRP View Post
    should read " banks are fined 1% of the money they made when they were caught stealing " .
    There yah go... FASCISM and the illusion of criminal law in the U.S. Rob a bank, just split the stolen loot with the racketeering overlords.

    This has been done repeatedly, and has accelerated this millennia.
    The American Dream, Wake Up People, This is our country! <===click

    "All eyes are opened, or opening to the rights of man, let the annual return of this day(July 4th), forever refresh our recollections of these rights, and an undiminished devotion to them."
    Thomas Jefferson
    June 1826



    Rock The World!
    USAF Veteran



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