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#4 SEC Commissioner Furious SEC Made Mockery Of Recidivist Criminal Behavior by banks
05-12-2015, 01:02 PM (This post was last modified: 05-24-2015 10:18 PM by Thinker.)
Post: #1
#4 SEC Commissioner Furious SEC Made Mockery Of Recidivist Criminal Behavior by banks
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#1 - Above the law - Deutsche Bank Pays $2.5 Billion Fine for Interest Rate Rigging

Most go to jail for theft in the billions - bankers just give some back with a slap on the hand and a fine for getting caught! Corrupt judges owned and operated by the money that keeps the bills paid - Deutsche Bank has agreed to pay out a record $2.5 billion fine to settle U.K. and U.S. government investigations into allegations of fixing global interest rates, just months after six other banks paid out $4.3 billion on similar charges. Activists say that the banks should have faced criminal charges.

“The question remains: does the punishment fit the crime?” writes Angela McClellan of Transparency International. “We think not: why allow a company to settle when they fail to cooperate with the investigation? Also, given the gravity of the situation a big fine won’t do, criminal charges should be considered as well.”

The banks have been accused of manipulating the global system of interest rates for $360 trillion in financial contracts, notably the London Inter Bank Offer Rate (LIBOR). LIBOR is set by the British Bankers Association which publishes an average of rates reported to them verbally by participating bankers. Such rates exist for as many as 150 different kinds of loans – mostly for overnight transfers between banks although they ultimately also affect the price of consumer loans like mortgages, car loans and credit card loans.

Since LIBOR rates are set based on private conversations held between a small group of individuals that are not subject to verification, the banks have allegedly been fixing the rates illegally for over 30 years to increase profits, according to whistleblowers.
http://www.globalresearch.ca/deutsche-ba...ng/5448814

A license to steal and keep on stealing from anyone and everyone?

Jan. 2013 - Deutsche Bank settles U.S. power market manipulation case - German bank Deutsche Bank AG will pay nearly $1.7 million to settle allegations it manipulated electricity markets in California in 2010, federal regulators said on Tuesday.

The settlement is the latest victory for the U.S. Federal Energy Regulatory Commission (FERC) in its crackdown on alleged trading schemes reminiscent of the Enron scandal that led to the California energy crisis more than a decade ago.
http://www.reuters.com/article/2013/01/2...SW20130122

The Canadian Competition Bureau was reported on 15 July 2012 to also be carrying out an investigation into price fixing by five banks of the yen denominated Libor rates. Court documents filed indicated that the Competition Bureau had been pursuing the matter since at least January 2011. The documents offered a detailed view of how and when the international banks allegedly colluded to fix the Libor rates.

The information was based on a whistleblower who traded immunity from prosecution in exchange for turning on his fellow conspirators. In the court documents, a federal prosecutor for the bureau stated, "IRD (interest-rate derivatives) traders at the participant banks communicated with each other their desire to see a higher or lower yen LIBOR to aid their trading positions."

The alleged participants were the Canadian branches of the Royal Bank of Scotland, HSBC, Deutsche Bank, JP Morgan Bank, and Citibank, as well as ICAP (Intercapital), an interdealer broker.
https://en.wikipedia.org/wiki/Libor_scandal

Why not steal when there is more wealth coming in than going out? Bankers winning at the game of take more and give less.

Citigroup, JPMorgan Pay Most in $4.3 Billion FX Rig Cases - Nov. 12 (Bloomberg) -- Citigroup Inc. and JPMorgan Chase & Co. were the hardest hit in the first settlements since authorities began a global probe into the rigging of key foreign-exchange benchmarks last year.

Citigroup will pay $1.02 billion to three regulators in the U.S. and U.K., and JPMorgan $6 million less, according to statements from the firms today. They are among six firms that will pay $4.3 billion to four regulators ranging from the U.S. to Switzerland’s Financial Market Supervisory Authority.

Banks and individuals could face further penalties and litigation following the 13-month probe into allegations dealers at the biggest banks colluded with counterparts at other firms to rig benchmarks used by fund managers to determine what they pay for foreign currency. The Justice Department, which is working with the Federal Reserve, and Britain’s Serious Fraud Office are still leading criminal probes into the $5.3 trillion-a-day currency market.

“Many will see this as drawing a line under this sad episode,” said Tim Dawson, an analyst at Helvea SA in Geneva who covers financial firms. “We are less optimistic,” he said. The banks are “likely to face a heavy burden of potential litigation in coming years.”
http://www.bloomberg.com/news/articles/2...tion-probe

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05-21-2015, 09:44 PM
Post: #2
Banksters Caught Rigging Every Market
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As financial “markets” waited today on baited breath for the latest minutes from the Federal Reserve to get signals about whether interest rates would rise, we learn that 5 large banks have just been fined just under $6 Billion for rigging markets. It’s alright for the privately owned Fed to manipulate interest rates, but not for smaller banks. Nevertheless, crime pays — for them. The fines are small & no one goes to jail.

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05-22-2015, 02:57 AM
Post: #3
RE: #2 - Banksters Caught Rigging Every Market
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with respect to above content i would also add up here that there was a news of "Rigging of Foreign Excange market by top banks". Banks are allowed to indulge in to business of foreign exchange and also to spread it since 2008 but it was found that the terms are manipulated as per the banks, new forex that came up due to this was more specifically pointing towards the banks profit thus Attorney General raised fines against such banks.
http://www.nytimes.com/2015/05/21/busine....html?_r=0

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05-24-2015, 10:19 PM
Post: #4
SEC Commissioner Furious SEC Made Mockery Of Recidivist Criminal Behavior by banks
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Yesterday, in the aftermath of the latest settlement by the world's biggest banks, who finally admitted they have criminally rigged virtually all markets since the Great Financial Crisis (and prior) despite promising repeatedly they would not do that after having been caught time and again and punished with ever "harsher" wristslaps, we wrote that the "Public Is Confused Why World's Biggest Banks Admitting Criminal Fraud, Leads To Public Yawns."

It appears the public is not the only one who is confused, or yawning, that yet again banks get away with just another penalty (to be paid by their shareholders) and zero jail time for the perpetrators despite what is supposedly "criminal" rigging: none other than a SEC regulator working for the same enforcer who "punished" the Too Big To Prosecute banks only to immediately grant them waivers to continue business as usual, is just as confused.

Here, two weeks after SEC commissioner Cara Stein raged that the SEC would turn a blind eye to Germany's Deutsche Bank for a "Decade Of Lying, Cheating, And Stealing", is her dissenting opinion with the SEC settlement, this time broadening her anger to include all the banks, not just the German one.
http://www.zerohedge.com/news/2015-05-22...vior-banks

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