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Related: About this forumBanking Crimes Pay--Banks Don't
http://www.occupy.com/article/bank-crimes-pay-under-thumb-global-financial-mafiocracyTo date, only a handful of the worlds largest banks have been repeatedly investigated, charged, fined or settled in relation to a succession of large financial scams, starting with mortgage fraud and the Libor scandal in 2012, the Euribor scandal and the Forex (foreign exchange) rate rigging. At the heart of these scandals, which involve the manipulation of interest rates on trillions of dollars in transactions, lie a handful of banks that collectively form a cartel in control of global financial markets and the source of worldwide economic and financial crises.
Banks such as HSBC, JPMorgan Chase, Barclays, Bank of America, Citigroup, Deutsche Bank, Royal Bank of Scotland and UBS anchor the global financial power we have come to recognize as fraud. The two, after all, are not mutually exclusive. In more explicit terms, this cartel of banks functions as a type of global financial Mafia, manipulating markets and defrauding investors, consumers and countries while demanding their pound of flesh in the form of interest payments. The banks force nations to impose austerity measures and structural reforms under the threat of cutting off funding; meanwhile they launder drug money for other cartels and organized crime syndicates.
In May, six major global banks were fined nearly $6 billion for manipulation of the foreign exchange market, which handles over $5 trillion in daily transactions. Four of the six banks pleaded guilty to charges of conspiring to manipulate the price of U.S. dollars and euros exchanged. Those banks were Citigroup, JPMorgan Chase, Barclays and Royal Bank of Scotland, while two additional banks, UBS and Bank of America, were fined but did not plead guilty to the specific charges. Forex traders at Citigroup, JPMorgan Chase and other banks conspired to manipulate currency prices through chat room groups they established, where they arrogantly used names like "The Mafia" and "The Cartel."
The FBI said the investigations and charges against the big banks revealed criminal behavior on a massive scale. The British bank Barclays paid the largest individual fine at around $2.3 billion. But as one trader at the bank wrote in a chat room conversation back in 2010, If you aint cheating, you aint trying. The total fines, while numerically large, were but a small fraction of the overall market capitalization of each bank though the fine on Barclays amounted to some 3.4% of the banks market capitalization, the highest percentage by far among the group.
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Banking Crimes Pay--Banks Don't (Original Post)
eridani
Dec 2015
OP
Sherman A1
(38,958 posts)1. K&R!
Thanks for posting.
MisterP
(23,730 posts)2. if the economy locks up of COURSE legit banking isn't gonna work out: fraud's the only way to profit
when the country's been burned down for the insurance money