Four major banks pleaded guilty on Wednesday to trying to manipulate foreign exchange rates and, with two others, were fined nearly $6 billion in another settlement in a global probe into the $5 trillion-a-day market. FULL STORY
Hey, what a surprise! The Big Club manipulates markets! Though it IS rare to find them admit it.
BTW, notice how banksters never go to jail? If not, y'might try paying attention.
Global Banks Admit To Foreign Exchange Manipulation
Moderator: Super Moderators
Big Banks Are Going To Keep Behaving Badly
They’re tacitly admitting it themselves
Whenever a wave of bank scandals breaks -- mortgage-backed securities, Libor, FX, "bond lies" -- an important theme is always the mutual incomprehension of regulators and the public, on the one hand, who find the banks' behavior obviously abhorrent, and the banks, on the other hand, who are like, "What? This? We've done this forever. We thought it was fine."
By this point we know how that tension is always resolved: The regulators are always right, the banks are always wrong, and the banks agree to pay big fines and install monitors and so forth. But the banks always go off and grumble that things weren't as bad as all that, and that it's unfair to be punished retroactively for doing things that everyone thought were fine.
Here they're doing that grumbling in letters to clients the day after their guilty pleas. There is no promise of reform here: The Justice Department caught the banks doing things that it didn't like and fined them billions of dollars, but won't stop them from doing most of those things. As long as there are no more ambiguities or misunderstandings about what they are.
It's a weird stalemate. The Justice Department doesn't like these practices, the banks like them fine, and they've agreed to disagree. These practices have been singled out, in the context of criminal plea agreements (a bad context!), as things that happened. But not quite as crimes. And the banks are careful to make clear: They're going to keep happening.
FULL STORY
They’re tacitly admitting it themselves
Whenever a wave of bank scandals breaks -- mortgage-backed securities, Libor, FX, "bond lies" -- an important theme is always the mutual incomprehension of regulators and the public, on the one hand, who find the banks' behavior obviously abhorrent, and the banks, on the other hand, who are like, "What? This? We've done this forever. We thought it was fine."
By this point we know how that tension is always resolved: The regulators are always right, the banks are always wrong, and the banks agree to pay big fines and install monitors and so forth. But the banks always go off and grumble that things weren't as bad as all that, and that it's unfair to be punished retroactively for doing things that everyone thought were fine.
Here they're doing that grumbling in letters to clients the day after their guilty pleas. There is no promise of reform here: The Justice Department caught the banks doing things that it didn't like and fined them billions of dollars, but won't stop them from doing most of those things. As long as there are no more ambiguities or misunderstandings about what they are.
It's a weird stalemate. The Justice Department doesn't like these practices, the banks like them fine, and they've agreed to disagree. These practices have been singled out, in the context of criminal plea agreements (a bad context!), as things that happened. But not quite as crimes. And the banks are careful to make clear: They're going to keep happening.
FULL STORY
Libor Scandal: The Bankers Who Fixed The World’s Most Important Number
With arrogant disregard for the rules, traders colluded for years to rig Libor, the banks’ lending rate. But after the crash, the regulators were on their trail. FULL STORY
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While Mylie Twerked........
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The Scam Wall Street Learned from the Mafia
A mind should not be so open that the brains fall out; however, it should not be so closed that whatever gray matter which does reside may not be reached. ART BELL
Everything Woke turns to -Donald Trump
Everything Woke turns to -Donald Trump