Wednesday, May 20, 2015

WHAT IS WRONG WITH OBAMA, SENATE, FHFA, and Treasury wanting GUILTY BANKS to take FANNIE MAE from Stock Holders and Taxpayers?

Here is your TBTF banks!
GUILTY!

JPMorgan Chase, 
Citigroup, 
Barclays and 
The Royal Bank of Scotland 
Also paying fines but not pleading guilty:
UBS
BANK of AMERICA

conspired with one another to fix rates on U.S. dollars and euros traded in the huge global market for currencies

Banks fined $2.5 billion, to plead guilty to market rigging

4 big banks fined $2.5 billion and will plead guilty to rigging global currency markets

5/20/2015


Each of the banks agreed to a fine proportional to its involvement, the Justice Department said: Citigroup, involved from December 2007 until at least January 2013, will pay $925 million; Barclays, involved from December 2007 until July 2011, and then from December 2011 until August 2012, will pay $650 million; JPMorgan, involved from July 2010 through January 2013, will pay $550 million; and RBS, involved from December 2007 until April 2010, will pay $395 million.

Those banks and two others -- UBS (UBS) and Bank of America (BAC - Get Report) will also pay cumulative fines of $3.4 billion to regulators from the Federal Reserve to the Commodity Futures Trading Commission.
http://www.thestreet.com/story/13143712/1/jpmorgan-citigroup-among-banks-fined-25-billion-in-currency-rigging-probe.html

2 comments:

  1. To me, the only that that might slow down the brazen and endemic bank cheating and rule breaking--which is part of the banking culture--is jail time for violators.

    When state and federal regulators and justice units start putting "old Fred" and "old Harry/Harriet" in the slammer for breaking the law--not just fining them a few bucks, we might see the pattern slowdown.

    Until then, forget it. Cutting corners and dinging customers--producing as much revenue as the market will bear--is condoned and expected in the financial services business--or else how do you explain the volume of citations and financial sanctions for any variety of violations---just during the Obama Admin alone?

    That's what makes what the Shelby Committee did today so bizarre. Certainly the public isn't demanding fewer rules for big banks.

    ReplyDelete
    Replies
    1. turns out they have been sending people to jail, for years. No one reports on it, because the big bankers are not going to jail, just the little guys. I just posted on it.

      Delete

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