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  1. #1
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    Big Banks Plead Guilty to Felonies over Currency and Rate-Fixing

    Citicorp, JPMorgan Chase, Barclays, The Royal Bank of Scotland and UBS AG have agreed to plead guilty to felony charges and pay billions in criminal fines, the Department of Justice says. The offenses range from manipulating the value of dollars and euros to rigging interest rates.

    Citicorp, JPMorgan Chase, Barclays, The Royal Bank of Scotland will pay fines totaling $2.5 billion to the Justice Department. In addition, the Federal Reserve is imposing fines of more than $1.6 billion on the five banks.

    In separate arrangements, Barclays will pay other U.S. and British agencies an additional $1.3 billion, and UBS will plead guilty to manipulating the London Interbank Offered Rate (LIBOR) and other benchmark interest rates, after the Justice Department found the bank's actions had breached a December 2012 non-prosecution agreement.

    A breakdown of the fines paid to the Fed and Justice:

    Citicorp: $1.26 billion
    Barclays: $992 million
    JPMorgan: $892 million
    RBS: $669 million
    UBS: $545 million
    Bank of America: $205 million
    http://www.npr.org/sections/thetwo-w...-fixing-scheme

    Any jail time? Anything? Probably not.... Just a fine which to these banks is probably just seen as an expense or cost of doing business.

  2. #2
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    Nope. The reason that they won't is because the fines that they have agreed to likely include a condition that they aren't admitting guilt...despite agreeing to pay the fines. They are essentially donations that are legal.
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  3. #3
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    I guess no one was driving this buggy. If the Bank does good, the CEO get a bonus for a job well done. If criminal charges are level, it becomes "The Bank" did wrong. Worked great when that bank got caught cleaning drug money and got a fine. I think we should start blowing up those banks, set a example. Nip it in the butt before it get out of hand. What will happen next Bank on Bank crime?
    Last edited by WES445; 05-20-2015 at 08:12 PM.

  4. #4
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    Where will the fine money go? Anyone know?

  5. #5
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    Quote Originally Posted by C-ross12 View Post
    Where will the fine money go? Anyone know?
    Tax relief and bailouts for banks' future malfeasance. It's like eating your own poop.

  6. #6
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    Quote Originally Posted by flea View Post
    Tax relief and bailouts for banks' future malfeasance. It's like eating your own poop.
    Probably. I'm a bit confused. Didn't we just bail the Banks out? So we give them like 700 billion and take back a couple billion? Essentially that's what happened correct?

  7. #7
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    they do it all with money that's printed for us to use..........if we can ever get our hands on it

    this whole business/political system is corrupted down in it's very core and it's all funded on the backs of our labor

    and here's a big **** you, no matter what anyone says the citizens are powerless to do anything about it. These parties that run this country no matter which all benefit as they take turns coming up with new ways to take our money and wealth from us......under the guise of making it better for everyone.

    Stop and think, do you really think things have gotten better for the majority of people in this country the last fifty years or do you think it's gotten worse? If you believe it's gotten worse look at the two parties that have had a stranglehold on everything..........are the majority of those people and their large donors situations better or worse?

    People who think we the people actually control anything in this country anymore are sadly mistaken. This is all out of our control at this point, the government wants you believing you still have some control and some say so but you don't.

    It reminds me of those old bumper stickers you used to see

    GET IN, SIT DOWN, SHUT UP AND HOLD ON

    that's basically just about every politician and our current system taking us all for a ride
    Last edited by Randy West; 05-21-2015 at 01:45 AM.
    Behind the ostensible government sits enthroned an invisible government, owing no allegiance and acknowledging no responsibility to the people. To destroy this invisible government, to dissolve the unholy alliance between corrupt business and corrupt politics is the first task of the statesmanship of the day.-Theodore Roosevelt

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  8. #8
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    People always say we need less regulations in business, but then every major corporation gets caught doing something absolutely shady and gets away with it.

    If they are already cheating and breaking the rules now, how do people think less regulations will help?
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  9. #9
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    Quote Originally Posted by Randy West View Post
    they do it all with money that's printed for us to use..........if we can ever get our hands on it

    this whole business/political system is corrupted down in it's very core and it's all funded on the backs of our labor

    and here's a big **** you, no matter what anyone says the citizens are powerless to do anything about it. These parties that run this country no matter which all benefit as they take turns coming up with new ways to take our money and wealth from us......under the guise of making it better for everyone.

    Stop and think, do you really think things have gotten better for the majority of people in this country the last fifty years or do you think it's gotten worse? If you believe it's gotten worse look at the two parties that have had a stranglehold on everything..........are the majority of those people and their large donors situations better or worse?

    People who think we the people actually control anything in this country anymore are sadly mistaken. This is all out of our control at this point, the government wants you believing you still have some control and some say so but you don't.

    It reminds me of those old bumper stickers you used to see

    GET IN, SIT DOWN, SHUT UP AND HOLD ON

    that's basically just about every politician and our current system taking us all for a ride
    Money did it. It controls the press, politicians. That is why Wall Street, Mansanto (surpreme court judge Clarence Thomas), Big Banking are in key position in every watchdog agencies that oversee their businesses interest in every president cabinet regardless of political party. Then everyone wonder why government doesn't work, it does but not for the average joe blow. It has been set up to grease the wheel of profit for big businesses. Thus deregulation even if it harmful to the environment or employees ability to make a living.

  10. #10
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    Quote Originally Posted by valade16 View Post
    People always say we need less regulations in business, but then every major corporation gets caught doing something absolutely shady and gets away with it.

    If they are already cheating and breaking the rules now, how do people think less regulations will help?
    Drank the kool-aid. In the words of the immortal Ronald Reagan "What is good for businesses is good for america".

  11. #11
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    Quote Originally Posted by flea View Post
    Tax relief and bailouts for banks' future malfeasance. It's like eating your own poop.
    I would say it's more like recycling your cavier, but in this case it works.
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  12. #12
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    It's the types of regulations we should be looking at, and the specific activities individual banks are engaged in that are "shady" Here they got caught, so there were regulations in place that " worked" but what's the punishment? How do we ensure every penny is put back where it should be, and the bank can never repeat the offense?

    I agree regulations on banks should be limited, but that also assumes "limited" includes dissuading them from doing sketchy ****, and also includes being responsible and accountable.
    Last edited by Patsfan56; 05-24-2015 at 06:26 AM.

  13. #13
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    Quote Originally Posted by WES445 View Post
    Money did it. It controls the press, politicians. That is why Wall Street, Mansanto (surpreme court judge Clarence Thomas), Big Banking are in key position in every watchdog agencies that oversee their businesses interest in every president cabinet regardless of political party. Then everyone wonder why government doesn't work, it does but not for the average joe blow. It has been set up to grease the wheel of profit for big businesses. Thus deregulation even if it harmful to the environment or employees ability to make a living.
    The only thing I would change here is "grease the wheel of profit for big business" from "big business" to "the powerful". I don't believe big business is the only player in that back smoke filled room. Sure, they're in the room, but others are in there as well.

  14. #14
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    Quote Originally Posted by Patsfan56 View Post
    The only thing I would change here is "grease the wheel of profit for big business" from "big business" to "the powerful". I don't believe big business is the only player in that back smoke filled room. Sure, they're in the room, but others are in there as well.
    Who else. Don't leave me hanging dude.

  15. #15
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    Quote Originally Posted by valade16:29972665
    People always say we need less regulations in business, but then every major corporation gets caught doing something absolutely shady and gets away with it.

    If they are already cheating and breaking the rules now, how do people think less regulations will help?
    Republicans beat that drum all the time. Less regs and the economy will be better. Large corporations have proven time and again they cannot be trusted to do the right things without the threat of government regulations.

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