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Thread: Five banks plead guilty to market manipulation, fined $5.7 billion

  1. #1

    Five banks plead guilty to market manipulation, fined $5.7 billion

    Citicorp, JP Morgan Chase & Co., and three other global banking giants have agreed to plead guilty to U.S. felony charges for rigging foreign currency exchange rates and pay a total of nearly $5.7 billion in fines as part of settlements announced Wednesday by U.S. and European officials.

    The banks, which also include Barclays, the Royal Bank of Scotland and UBS, "for years participated in a brazen display of collusion,” said Atty. Gen. Loretta Lynch.

    “The penalty all these banks will now pay is fitting considering the long-running and egregious nature of their anti-competitive conduct,” she said at a Washington news conference.

    “It is commensurate with the pervasive harm done. And it should deter competitors in the future from chasing profits without regard to fairness, to the law or to the public welfare,” she said.

    The banks agreed to what the Justice Department called three years of “corporate probation” that would include federal court supervision and regular reporting to authorities to determining that the firms had ended “all criminal activity.”

    The agreements do not prevent the Justice Department from prosecuting executives and other employees at the banks for the illegal activity.

    ...
    http://www.latimes.com/business/la-f...520-story.html



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  3. #2
    I don't know which is worse, bankers or prosecutors......

  4. #3
    Quote Originally Posted by tod evans View Post
    I don't know which is worse, bankers or prosecutors......
    Too big to fail. We have to bail them out so we can use the government to extort them.

  5. #4
    So the banks will pay fines....to the government?? Is the government the victim?
    "He's talkin' to his gut like it's a person!!" -me
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  6. #5
    Quote Originally Posted by dannno View Post
    So the banks will pay fines....to the government?? Is the government the victim?
    Always , they need the money to pay out to next weeks deadbeat victims. Think like a progressive and then you know there is never enough money to buy votes from deadbeats .

  7. #6
    i would guess they paid 10 % on the money they made .

  8. #7
    I don't see any indication that this is a serious punishment. Just another day in our crony capitalist paradise.

    "Politics is the art of obtaining money from the rich and votes from the poor on the pretext of protecting each from the other." - anonymous
    I'm only casually paying attention, but if you read sites like Zerohedge, you notice that nobody ever goes to prison for this stuff. Here's confirmed scumbag Jamie Dimon explaining why he's without fault:

    http://www.bloomberg.com/news/articl...market-rigging

    The conduct described in the government’s pleadings is a great disappointment to us. We demand and expect better of our people. The lesson here is that the conduct of a small group of employees, or of even a single employee, can reflect badly on all of us.

  9. #8
    The bigger government gets, the smaller I wish it was.
    My new motto: More Love, Less Laws



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  11. #9
    The big banks are begging for this fine as it gives them cover to continue with currency and comodity manipulation. The worst thing is for banks to be precieved as doing the business of the puppet masters. They would rather be seen as ruthless business men doing what they do, top of their game. Currency manipulation is their job, it is the cost of too big to fail, they will be more than compensated for the "fines" they pay, none will ever leave the game or the dirty blackmail dirt will be piled on. Un-elected officials will be seen as fighting for the 99%, banks and the federal reserve will be seen as under the thumb of our financial protectors. But none of the relationships have changed, they will all go back to doing the incestuous job they have always done. How many of you have been duped into feeling a little happy that there is a chink in the armor? I know I was initially, but I fear it is just political misdirection.

  12. #10
    Quote Originally Posted by georgiaboy View Post
    http://money.cnn.com/2015/04/14/inve...s-jamie-dimon/

    Despite the good news for the first quarter, JPMorgan Chase and other big banks have had a more difficult time making as much money as they used to before the financial crisis.

    Several new rules have been put into place that force banks to take on less risk and bulk up the amount of capital they hold.
    The nation's largest banks are all subject to annual stress tests by the Federal Reserve.

    Dimon said in January that he thought the bank was "under assault" by regulators.

    And last week, Dimon wrote in his annual letter to the bank's shareholders that he was worried that too many new rules could actually make it tougher for banks to respond to another financial crisis.

    Dimon declined to elaborate any further when asked during a conference call with reporters if he had anything more to say about regulations.

    JPMorgan Chase and many other big financial firms have also been dealing with several legal headaches tied to practices during and just after the credit crisis. To that end, JPMorgan Chase took a $487 million charge for legal expense in the first quarter.

    One big legal hurdle remains though. JPMorgan Chase is one of several banks being investigated by the Department of Justice for possible currency manipulation in its foreign-exchange trading businesses.

    During the conference call with reporters, JPMorgan Chase chief financial officer Marianne Lake said that the bank was in active discussions with the DOJ and hoped to resolve the matter in several weeks.

  13. #11
    500 Million in legal charges in a quarter means you are not doing it right , they should just buy a police force to collect money for them .

  14. #12
    Quote Originally Posted by ILUVRP View Post
    i would guess they paid 10 % on the money they made .
    Haha, $#@!, i bet it wasn't even 0.25%....and to flip things around, imagine if we had a similar "deterrent" for bank robbers?

    For every $1 million stolen they got hit with a fine of 25K and no jail time.

    But no. When a person robs a bank, they're evil and must be harshly punished.

    But when a bank robs a person, there are essentially no consequences.
    Last edited by DFF; 05-21-2015 at 11:45 PM.



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