News Big banks plead guilty to market manipulation, $5.8 billion in fines

Discussion in 'The Howard Stern Show' started by kinneyjames, May 20, 2015.

  1. kinneyjames

    kinneyjames Well-Known Member

    Reputations:
    25,597
    Joined:
    Jan 16, 2014
    Messages:
    2,819
    Likes Received:
    5,891
    http://www.huffingtonpost.com/2015/05/20/big-banks-guilty-fined_n_7342808.html

    The age of multibillion-dollar bank fines with no admission of wrongdoing is over. The Justice Department announced Wednesday morning that five banks pleaded guilty to market manipulation, while also paying billions of dollars in fines.

    Barclays, Citigroup, J.P. Morgan and the Royal Bank of Scotland admitted to illegally distorting foreign exchange markets. The banks formed what they called "The Cartel" and aimed to set a key currency marker, known as "the fix," at mutually beneficial values.

    The fix is set every day at 4 p.m. London time and is used in the more than $5 trillion currency market to determine the price of trades and the value of large institutional holdings. Traders at the banks used instant messaging chat rooms to discuss where to set the fix.

    In addition to admitting guilt, the banks will also pay fines. Barclays will pay $650 million, Citigroup $925, million J.P. Morgan $550 million and RBS $395 million. Barclays will pay another $1.3 billion to New York State, federal and U.K. regulators.

    A fifth bank, UBS, pleaded guilty to manipulating the London Interbank Offered Rate, which is called Libor. Libor is the most important international interest rate benchmark. UBS will pay $545 million in fines to the Justice Department and Federal Reserve. The value of more than $300 trillion in debt is tied to Libor.

    The five banks will pay a further $1.6 billion in fines to the Federal Reserve.
     
    DarkFriday and PSU Shower Room like this.
  2. Shortwave98

    Shortwave98 A-Number 1 Banned User

    Reputations:
    178,992
    Joined:
    Nov 9, 2013
    Messages:
    31,231
    Likes Received:
    31,971
    Fucking pocket change for them assholes!
     
  3. reno

    reno VIP Extreme Gold

    Reputations:
    337,453
    Joined:
    Jan 10, 2012
    Messages:
    13,883
    Likes Received:
    41,319
    Bank robbers get stiff sentences, meanwhile I don't see anybody serving time for this.
     
    Last edited: May 20, 2015
  4. FishySausage

    FishySausage Original Nuttah VIP Gold

    Reputations:
    163,574
    Joined:
    Aug 25, 2010
    Messages:
    13,373
    Likes Received:
    23,173
    And you won't.
    The whole thing is a sham.
    This is a step in the right direction but still not enough.
    The REAL crime is that nothing's been done since this was committed to stop bank abuses in the future.
    :secret:the banks are more powerful than ever
     
  5. SorryBoff

    SorryBoff Well-Known Member

    Reputations:
    91,783
    Joined:
    Nov 21, 2012
    Messages:
    10,565
    Likes Received:
    14,957
    The US govt can then take money and give aid to countries like Egypt, yay.
     
    Slow, DTF296 and PSU Shower Room like this.
  6. Bosch76

    Bosch76 2016 Politics POTY Gold

    Reputations:
    28,574
    Joined:
    Sep 18, 2012
    Messages:
    15,601
    Likes Received:
    45,507
    And today on Fox News "How liberals are giving your money to welfare cheats".

    These are the real criminals stealing your money and nothing will happen. These fines are a small percentage of what they made from this scam.
     
  7. 1Vegasgirl

    1Vegasgirl Well-Known Member VIP Gold

    Reputations:
    493,054
    Joined:
    Jan 11, 2012
    Messages:
    32,945
    Likes Received:
    47,585
    The banks are doing what the government told them to do. They all made billions - then they get fined by the Justice Dept. (the same Justice Dept who demonizes police who do their jobs), and so that is sort of a payback - like back door contributions.

    The only losers are the taxpayers.
     
  8. x76

    x76 Well-Known Member

    Reputations:
    34,999
    Joined:
    Oct 12, 2010
    Messages:
    4,235
    Likes Received:
    5,541
    PUT THE EXECUTIVES IN PRISON. A fine of any size means nothing to them. PUT THE EXECUTIVES IN PRISON.
     
  9. kinneyjames

    kinneyjames Well-Known Member

    Reputations:
    25,597
    Joined:
    Jan 16, 2014
    Messages:
    2,819
    Likes Received:
    5,891
    The banks do what their lawyers and lobbyists tell them they can do.
     
  10. DarkFriday

    DarkFriday Fired as a MOD...Twice. Gold

    Reputations:
    764,383
    Joined:
    Jul 6, 2011
    Messages:
    177,845
    Likes Received:
    95,287
  11. Big Bad Booey

    Big Bad Booey Well-Known Member

    Reputations:
    18,531
    Joined:
    Dec 15, 2012
    Messages:
    2,474
    Likes Received:
    4,282
    We need to start shooting some bankers. They need something to fear.
     
    Shortwave98 likes this.
  12. BethSucks

    BethSucks Well-Known Member Staff Member

    Reputations:
    434,124
    Joined:
    Jan 15, 2012
    Messages:
    24,706
    Likes Received:
    48,147
    Start with this crew of thieves and work down through the hedge fund and investment bank pricks that made billions shipping our jobs to other countries.

    [​IMG]
     
  13. wife is a whore

    wife is a whore Stripped of POTY for butthurting staff VIP

    Reputations:
    577,403
    Joined:
    Jan 15, 2012
    Messages:
    47,154
    Likes Received:
    78,975
    Only things worth investing in are ammo, meth, coke and smack. During the coming hyperinflation, that kilo of blow that cost you a 10 grand will net you enough food, gas, heating oil and pussy to last a year.
     
  14. wife is a whore

    wife is a whore Stripped of POTY for butthurting staff VIP

    Reputations:
    577,403
    Joined:
    Jan 15, 2012
    Messages:
    47,154
    Likes Received:
    78,975
    Somebody re-animate Teddy Roosevelt and put him in the Oval Office. We need to bust up the too big to fails.
     
    kinneyjames and Trophy Knife like this.
  15. Captain

    Captain Alto, Blanco y Guapo Gold

    Reputations:
    139,997
    Joined:
    Jun 25, 2013
    Messages:
    6,330
    Likes Received:
    11,913
    Just checked my stocks, and BCS (Barclays PLC) is at a 52 week high. Thanks Obama!

    And this time I mean that.
     
  16. DuckDong

    DuckDong Well-Known Member

    Reputations:
    62,986
    Joined:
    Jan 25, 2012
    Messages:
    5,158
    Likes Received:
    12,273

    Exactly ... white collar crime is fined.

    Rob a bank for 1000 and do 30 years. Cheat Main St out of 100 Million get a Rolex and a bonus.
     
  17. AllAboutHim Ed

    AllAboutHim Ed #mypurpose VIP

    Reputations:
    140,258
    Joined:
    Jan 1, 2014
    Messages:
    7,370
    Likes Received:
    11,166
    A very good point. An unarmed person who hands a note to a teller asking for money is going to jail for a long time.
     
    DuckDong likes this.
  18. Shortwave98

    Shortwave98 A-Number 1 Banned User

    Reputations:
    178,992
    Joined:
    Nov 9, 2013
    Messages:
    31,231
    Likes Received:
    31,971
    [​IMG]
     
    reno, DuckDong and JessOnCrack like this.
  19. Mlaw

    Mlaw Quite Contrarian Gold

    Reputations:
    378,201
    Joined:
    Nov 5, 2010
    Messages:
    59,926
    Likes Received:
    24,862
    Pigs flew as hell froze over
     
  20. dawg

    dawg In The Dog House Staff Member

    Reputations:
    558,850
    Joined:
    Aug 19, 2010
    Messages:
    121,141
    Likes Received:
    94,495
    Whatever this is this is just for show. The world bankers run the show. Keep that in mind.