Major Banks Admit Price Fixing... Hugh Penalties

[mercistheman]

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/

[Sourgummies]

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

[dothebeats]

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/

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.

[Mikestang]

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.

[gogxmagog]

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.

[dothebeats]

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.

[NattyLiteCoin]

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

[odolvlobo]

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.

[nvaler]

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)

[bryant.coleman]

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.

[Kprawn]

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!!!!!!!!!!! 

[louise123]

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.

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).

[maku]

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.

[Denker]

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

[Xialla]

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

[Q7]

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

[tmfp]

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.

 

[NorrisK]

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?

[Paashaas]

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

[tmfp]

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?

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