Bitcoin Forum

Five of the world's largest banks have plead guilty to federal charges including manipulating the global foreign exchange market and rigging a benchmark interest rate that affects the cost of credit card, vehicle and other loans.
Citicorp (C), JPMorgan Chase (JPM), Barclays (BCS) and Royal Bank of Scotland (RBS) agreed to pay more than $5 billion for conspiring to fix the price of U.S. dollars and euros, the Justice Department said Wednesday. The main banking unit of UBS Group plead guilty to charges tied to interest-rate manipulation. http://www.cbsnews.com/news/in-rare-admission-of-guilt-wall-st-banks-admit-they-rigged-markets/

Cost of doing business for these guys,nothing is going to change that.

Eh, happens every time some greedy investors and group of financial institutions wants to make some money. Also, wrong board. Try moving it to Politics and Society or Economics where it would be more fitting to be discussed. :)

A monetary penalty is no penalty at all when you can print all the money you need...

I wish they would start executing these fuckers like George Carlin suggested.  You'd see shit clean up really quick.

Or put them in jail like Finland did.
The thing is, these guys have to pay 5 billion but they made probably 10x that. To top it off, they will just cover the 5 billion by raising their fees. Business as usual.

No one can do something about it after all. Banks are pigs, and sometimes they collaborate with the government to accomplish their heinous acts. Such a good collaboration, that's why not everyone nowadays trust those two institutions.

$80,000 in BTC was seized in a gun scandal or something.

Nobody goes to jail and the banks pay a trivial fine. Meanwhile, bitcoiners are going jail simply for failing to register as money transmitters. It's disgusting.

after few years, banks will slowly disappear... once P2P is understood by the sheeples...they will wake up why they use middleman that charges them an arm and a leg.... bye bye WU/Moneygram/Banks/ other remittances companies + lawyers? (I hope)

Financial penalties will never discourage these banks from doing that again. They will recover the amount from their customers in the form of exorbitant charges and fees. If the federal authorities really want to make sure that these crimes are not repeated again, then they should arrest and imprison the people who are responsible for it. Well... that will never happen, as even the governing politicians are being sponsored by the banks.

The thing is, we have already suffered because of it... paying higher interest, than what we supposed to pay. Now we will pay again, because the banks are going to have to use our money to pay these fines.
They can fund this in two ways : Higher fees or loans from the Reserve banks.

The Reserve banks will not mind, because they print "Monopoly" money, and this will de-value the currency and increase inflation.

So we keep on paying for the mistakes made by banks!!!!!!!!!!! 

Banks don't print money. They don't need to.
They just make them magically appear in their computers by passing a few numbers to them.
Then those numbers are converted to physical money since they "lend it to you" (which basically means they are giving the command to the computer that X amount of the numbers they added have to be paid by person A in physical money).

When an ordinary citizen steals 1000$ he is sent to prison. When ordinary citizen cannot pay his rent his thrown out from his apartment. But when multimillionaire banker is manipulating finances, which affects billions of people around the world, they are just sentenced to fines that will be repaid by costumers anyway.
http://cdn.meme.am/instances/500x/57384520.jpg

As usual.Bansk always get a bail out! God I hate those suckers so much! >:(

ahh banks, no surprise for me...it is same shit in every corner of this fancy world.

Well for one, I don't see it as something new that is totally unheard of. I'm sure this is not the first time, nor will it spell the last of price fixing. And it's not only the banks but I'm sure all businesses do it as well to monopolize and control price of certain goods and items. And one word says it all - it's "Greed". as long as there is money to be made, I'm sure there's a way

A friend of mine just inherited about £240,000, mixed equity/gilts/trackers, left by an elderly relative in an HSBC administered fund account.
Returning about 2.1%.  :(
He wants to buy himself a small place to live and approached the bank about cashing it all in.
Fees for doing so?
~£60,000.

 >:(

That's probably a penalty for trying to get the money out earlier than what was agreed on by the relative in the initial contract?

https://i.imgur.com/sirA0Ax.jpg


https://i.imgur.com/EsCvsvT.jpg

I hope that Bitcoin ore crypto in general will eat lots off power from those bankers!

Quite likely, entirely rapacious with no relation to cost....just because they can.

Theres no ammount of money you can fine on those that would have a decent impact on their business so they think about scamming twice next time, for they are the money makers themselves. They can just ask for money being printed to pay that fine.

this the reason why they want to remove cash completely, they want to have full control on their dirty scam, printing is a thing on the past, now with all the electronic money, it's like no one is holding anything anymore

Just to clarify ... when people talk about banks or governments printing money, they are referring to general money creation, and not the actual printing of notes on paper. At the height of U.S. QE, the Fed was printing $85 billion per month, but it not was not issuing 850 million $100 bills.

Can you please let me know..
Where is Bernie Maddoff?  and where are Mark Crappucino , pirate , tradefortress ?

It is just a few pennies in the bucket for them and it's off to the next profit generating scheme
Perhaps by charging higher fees to users since interest rates are so low right now they need to skim money from somewhere.
That and it is future bailout money after all they are too big to fail and are not being broken into smaller banks.

When there is criminal prosecution, that is when I will be sure that action is being taken.
Fines are just a small slap on the wrist.

I agree too, Bitcoin has the ability to put the bankers out of their job. But fiat is too much spread and Bitcoin needs to have a huge market cap to reach that point. Hopefully it can some day and I can say to my banker F**K O*F....

I still don't understand the relationship between banks and governments in a democratic country

It seems they are not belong to the same owner, but they have some kind of cooperation. Now after financial crisis, bank's reputation drops dramatically, governments set more laws to regulate banks and constantly putting fines on them. But on the other hand, government still borrow from banks to stimulate economy, so they have some kind of dependency

Anyway, if they are not belong to the same owner, there will be lots of political conflicts. Currently government are focusing on AML/KYC part to tighten the money flow control, but it is just a matter of time before they eventually hit the most critical part: the money creation

The bankers have an enormous influence on governments.  Example: US financial positions are mostly filled by former Goldam-Sachs execs.  When they were bailing out companies from the 2008 meltdown what company did they let fail?  Right!  Goldman's biggest competitor.  And when AIG went under, the government bailed them out and made them pay Goldman at 100%.  Who the f gets 100% in a bankruptcy?  And not to mention that Paulson (the guy in charge of bailouts) just came off of being the Goldman CEO.  Why is this significant? BECAUSE HE WAS IN CHARGE WHEN GOLDMAN WAS MAKING THE DERIVATIVES THAT HELPED CAUSE THE WHOLE MESS.  He knew the crap was going to hit the fan.  It almost seems like they planned it this way...

I could go on but it won't be good for my blood pressure so I will stop here.

Banks perform an important role in all countries, democratic or not. Growth in credit provides an impetus to the economy. If people could not get credit, it would be impossible for a young man to buy a house, a new car, or take a vacation. All these purchases provide a stimulus to the economy and make it grow.

That is nothing for big banks,only jail can make them stop
and when people will  move away his money from big banks accounts
libor fraudwas much more bigger andwhat practicaly nothing

It depends on the Bank, if its a Central Bank that can be different than a private bank, while both are privately owned the Central Banks main objective is to control monetary policy, while some banks are just to hold deposits etc.
It's been a while but if I recall correctly there are a lot of regional banks in the US but only one Federal reserve that controls the whole system.
In my opinion the best bank is a credit union since it spreads its profits among its owners although for some convinences a balance in a traditonal bank account is better.
(As for money creation its been done a few times QE spending but I might have misunderstood your point on that.)

I remember reading the chat logs of the whales playing with fiat currencies, it truly resembled a trollbox from any of the BTC exchanges.
Now we need the major whales to admit the current price fixing of Bitcoin keeping it this low for so long lol.

But why would they want to keep the price low?  Maybe so they could buy more of it?  I would think that they want a higher price so they can earn a profit.  I have heard this before but it never made sense to me.  Does anyone know why they would hold the price down (assuming they are, which I am not sure of).

This is just what is going to happen when that much power is concentrated among so few entities.

The banks do have to return that money.  The advantage gained is the financing is far cheaper then they would ever get normally and especially at that time of high risk, the money would not be there at all.  Lehmans found this when they turned down a lousy offer to buy them out, it was not a good price but thats tough luck as it was not a sellers market.
  Gov when it 'gives' money to banks is giving them nice terms but they do pay it back and with interest however at the same time inflation makes interest very favouable and it is a gift many of us will never see and we all know how badly banks can treat their customers who take loans, its not negotiated for comfort as they got


Theres a strong reason for this, lehmans failed and this meant actual losses occurred.  So not 100% return but less and because lehman was so central this was causing losses to funds declared to never lose funds, purely hard money funds that a global company might use for chequing every day, losing money wasnt an option on this just like your bank ac it isnt either.
   Their reaction was to withdraw all funding to markets, this turtling effect was destructive to business as many require overnight finance.

  If gov forced a 100% payback it was to show good confidence and that business could resume and to avoid this extreme caution.  Ultimately global markets outweigh every government [you cannot have trillions in debt and say otherwise really] so it was gun to their head though Bush could have had more guts, he doesnt want that mess on his record.