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Started By
Message
Banks Fined Billions for Manipulating Currency Exchanges
Posted on 11/12/14 at 12:11 pm
Posted on 11/12/14 at 12:11 pm
LINK
The list of banks include:
CitiBank
HSBC
JP Morgan Chase
RBS
UBS
Bank of America
A total of over $4.3 Billion in fines.
Does anyone on this board really believe that less regulations are needed for banks and that they can successfully self-regulate?
The list of banks include:
CitiBank
HSBC
JP Morgan Chase
RBS
UBS
Bank of America
A total of over $4.3 Billion in fines.
Does anyone on this board really believe that less regulations are needed for banks and that they can successfully self-regulate?
This post was edited on 11/12/14 at 12:12 pm
6
Posted on 11/12/14 at 12:25 pm to mmcgrath
The same banks that stole billions and billions of dollars in the financial crisis and then got bailed out by the taxpayers and then had to pay the Federal Government fines of several billion dollars while no one went to jail?
Apparently you can manipulate currency exchanges that the whole world depends on and just pay a fine (is this how the government comes behind to "wet its beak"?) but if you are caught carrying some drugs on you, you go to jail for years.
America.
Apparently you can manipulate currency exchanges that the whole world depends on and just pay a fine (is this how the government comes behind to "wet its beak"?) but if you are caught carrying some drugs on you, you go to jail for years.
America.
Posted on 11/12/14 at 12:26 pm to mmcgrath
Yes.
When our gov't implements regulations, who are the regulators? The bankers who have banker friends.
4.3 billion hit will be passed along to the clients, so those banks won't get hurt at all.
When our gov't implements regulations, who are the regulators? The bankers who have banker friends.
4.3 billion hit will be passed along to the clients, so those banks won't get hurt at all.
Posted on 11/12/14 at 12:29 pm to CherryGarciaMan
And the government picks up another $4.3 billion. It is the customer/tax payer who pays for it.
Until people start going to jail, this will just continue. It is a huge shell game and the American people are getting fleeced.
Until people start going to jail, this will just continue. It is a huge shell game and the American people are getting fleeced.
Posted on 11/12/14 at 12:32 pm to CherryGarciaMan
quote:Chase Bank's market cap decreased $3.1 billion just today after the fines were announced so you're wrong.
hit will be passed along to the clients
The banks' stockholders absorb the losses not the banks' customers.
Posted on 11/12/14 at 12:36 pm to LSURussian
Passed along to clients? 
More fines coming as well. The LIBOR manipulation several years back may break some records for fines before it is done.
More fines coming as well. The LIBOR manipulation several years back may break some records for fines before it is done.
Posted on 11/12/14 at 12:40 pm to LSURussian
quote:
Chase Bank's market cap decreased $3.1 billion just today after the fines were announced so you're wrong
In the short run.
But in the long run, will Chase not recoup these losses by adding fees or raising interest rates on loans?
Maybe cutting salaries or employment numbers?
Come on man.
Posted on 11/12/14 at 12:45 pm to CherryGarciaMan
quote:If Chase had no competitors....sure. But it does so, no.
will Chase not recoup these losses by adding fees or raising interest rates on loans?
quote:What about it? Do you think banks have people just sitting around that they wait to be fined by the government just so they can let those employees go?
Maybe cutting salaries or employment numbers?
quote:No, you 'come on, man.'
Come on man.
Your statement that the fines will be passed on to customers is one of the Top 5 Dumbest Statements ever on the Poli Board.
FYI, SpideyTUba has the other 4.....
Posted on 11/12/14 at 12:54 pm to LSURussian
Did HSBC get fined for the money laundering they were doing for the cartels?
Posted on 11/12/14 at 12:59 pm to Big12fan
quote:
Did HSBC get fined for the money laundering they were doing for the cartels?
Yeah, 2 years ago.....$1.9 billion in fines.
Posted on 11/12/14 at 1:07 pm to mmcgrath
Great. Now they will pass the fines on to their customers.
Posted on 11/12/14 at 1:09 pm to LSURussian
quote:
If Chase had no competitors....sure. But it does so, no
Yeah, true, but to be fair, that is a pretty big list of banks. How many serious competitors are not on that list? BKNY? Deutsche bank? Wells Fargo, maybe?
Not saying he was right, but there is an issue if everyone is violating a rule and everyone gets fined; it's more likely to get passed on.
Posted on 11/12/14 at 1:09 pm to AlaTiger
quote:I agree with this. Maybe that should be the focus of the next "Tea Party". The "We Will Jail Corrupt Bankers" Party.
Until people start going to jail, this will just continue.
Posted on 11/12/14 at 1:19 pm to mmcgrath
quote:
I agree with this. Maybe that should be the focus of the next "Tea Party". The "We Will Jail Corrupt Bankers" Party.
That is part of what the Occupy movement was about, but then they couldn't decide what they were about and "hey, look over there!" and "who wants a latte?" and, "it's getting really cold out!" so they quit and went home.
If they would have agreed to a "jail the bankers" platform, I would have appreciated their camping out a bit more.
Posted on 11/12/14 at 1:21 pm to mmcgrath
F@ck you Citibank. Its personal with those jackholes.
And no. I think you would there is little love across America for banks and Wall St.
Except for those of both isles of course receiving the largess they provide to our most honest politicians in Washington.
And no. I think you would there is little love across America for banks and Wall St.
Except for those of both isles of course receiving the largess they provide to our most honest politicians in Washington.
Posted on 11/12/14 at 1:27 pm to mmcgrath
They need to arrest the officers of those companies and lock them up for a LONG time if they are guilty.
Posted on 11/12/14 at 1:29 pm to AlaTiger
quote:
Until people start going to jail, this will just continue.
Same thing with the police
Posted on 11/12/14 at 1:32 pm to lsu480
quote:
They need to arrest the officers of those companies and lock them up for a LONG time if they are guilty.
It'll never happen. Officers and traders do crooked things, take huge risks leverage wise, and get huge rewards if successful with minimum value given to shareholder. If not successful or fined by the government, the shareholder pays the fines.
Posted on 11/12/14 at 1:35 pm to TrueTiger
quote:
Great. Now they will pass the fines on to their customers.
this guy gets it
Posted on 11/12/14 at 1:38 pm to mmcgrath
quote:Like they arent now?
Does anyone on this board really believe that less regulations are needed for banks and that they can successfully self-regulate?
quote:
"The banks have been allowed to investigate themselves," one source familiar with the investigation told Reuters. "The investigated decide what they want to investigate, what they admit to, and how much they will pay."
Banks pay up and carry on after FX fines
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