Bank Scandal

gravy train

Yet another 'fine'

Just who gets the 'fines' dosh? All it means is they find another scam to make up the shortfall of another 'fine'....

not 1 person has even been arrested for the 100 trillion dollar 'control fraud' in america

BBC headline refers to 'failings'.

Imagine phoning the police to report being the victim of a failing.

Its not even the individuals who pay the fines. Its the shareholders which in RBS case is mostly the taxpayer.

when your economy is nuts deep in the financial sector and having made a generation of spivs speculating on ethereal nonsense then they have to take these up the arris and not unsettle em too much

more sh1t to come yet, dump your Barclays shares if you hold them

Bankers carnt go to jail.

They are part of the establishment. Eton then oxbridge etc. The rich get richer and the poor get poorer.

Thats why we dont curtail immigration, keeps minimum wage down and house price's rising.

Suits the well off down to the ground.

http://www.zerohedge.com/news/2014-11-12/caught-rigging-fx-and-gold-your-punishment-will-be-bonus-capped-just-200-your-base-s

The Big Picture

The experts say that big banks will keep manipulating markets unless and until their executives are thrown in jail for fraud.

Why? Because the system is **** to allow the big banks to commit continuous and massive fraud, and then to pay small fines as the “cost of doing business”. As Nobel prize winning economist Joseph Stiglitz noted years ago:

“The system is set so that even if you’re caught, the penalty is just a small number relative to what you walk home with.
The fine is just a cost of doing business. It’s like a parking fine. Sometimes you make a decision to park knowing that you might get a fine because going around the corner to the parking lot takes you too much time.”
Indeed, Reuters points out today:

Switzerland’s regulator FINMA ordered UBS, the country’s biggest bank, to pay 134 million francs ($139 million) after it found serious misconduct in both foreign exchange and precious metals trading. It also capped bonuses for dealers in both units at twice their basic salary for two years.
Capping bonuses at twice base salary?  That’s not a punishment … it’s an incentive.

Experts say that we have to prosecute fraud or else the economy won’t ever really stabilize.

But the government is doing the exact opposite. Indeed, the Justice Department has announced it will go easy on big banks, and always settles prosecutions for pennies on the dollar (a form of stealth bailout. It is also arguably one of the main causes of the double dip in housing. And there is no change in the air.)

Indeed, the government doesn’t even force the banks to admit any guilt as part of their settlements.  In fact:

“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.
Wall Street has manipulated virtually every other market as well – both in the financial sector and the real economy – and broken virtually every law on the books.

And they will keep on doing so until the Department of Justice grows a pair.

The criminality and blatant manipulation will grow and spread and metastasize – taking over and killing off more and more of the economy – until Wall Street executives are finally thrown in jail.

It’s that simple …