Record $5.7bn Fines For 5 of World's Largest Banks.

"Five of the world's largest banks are to pay fines totalling $5.7bn (£3.6bn) for manipulating the foreign exchange market."

- from the BBC News Site Record fines for currency market fix.

Ok, the U.S Government have flexed the muscles big time here and have managed to bring 5 of the world's largest banks to book for their financial crimes. It is a strange one when one looks deeper into this, but how deep you want to go is up to you. I am glad and not just for the obvious reasons. This shows me that democracy and government still have power over international corporations and businesses, no matter how big their boots. I would rather it be that way round to be honest, again for obvious reasons.

Regulation is vital! It would be utter chaos otherwise. Even in banking and finance where the biggest bad ass sharks do dwell there has to be some kind of order and law. One up for justice. I'm not being naïve, but on this level I like to see government keeping some kind of order and law and not just allowing corporate anarchy to reign like a beast of greed ravaging the earth with no moral restraint what so ever.

a reply to: Revolution9

These are some serious crimes. All I see are fines, no criminal investigations that will lead to jail time. If you or I were to pull this crap we would be doing some serious time.

Someone please tell me that there will be a criminal investigation and the CEOs during this time span will be sent to jail because I did not see that in the article!

Words cannot describe the hypocrisy.

I bet Martha Stewart is feeling singled out right about now.

a reply to: Revolution9
Finally a US Justice department that does something right instead of non-caring or the exact opposite.

a reply to: Revolution9

Bullsh*t, no jail time means no message is being sent, and ofc the reason no-one is being jailed is because this corruption goes right to the top.

And does anyone ever wonder, where exactly does this fine money go?

Where does the money from the fines go? Serious question, I don't know the answer.

a reply to: Zcustosmorum

Lol same question at the same time. I am not the only one thinking that then.

a reply to: Revolution9

This shows me that democracy and government still have power over international corporations and businesses, no matter how big their boots.

I have to disagree with the above quote.

In my opinion this proves that democracy and government are ran by international corporations and businesses. These fines are less than a slap on the wrist. This is nothing but theatrics. If they really meant business they would be locking up some scum bags and throwing away the key.

I know people doing time for much lesser crimes.

Not paying a speeding ticket can land you in jail but defrauding the world is only worthy of a fine, this is so maddening.

The Banks are facing their biggest threat ever, with more and more people seeing how easy it is to use Bitcoin and other digital currencies, the bank fees and loops just aren't worth it anymore.

When you can buy 20 bucks of bitcoin and send it for less than a few cents anywhere in the world and the person who you sent the bitcoin too receives that full 20 bucks, and this all happens in a matter of minutes for the most part, if it's a bigger transaction up to a few hours, but you get to check the whole progress on the blockchain, show me another system so transparent and prompt?

Imagine what else could be public and transparent, maybe charities, pay, taxes, so on.

Western Union even changed their tune once they were really compared to bitcoin and seen as old news.

The future is about accountability and fairness, the world may not be fair now, but someday, things really could be, easily they could stay corrupt and get even worse, it's about how we use new technology and why.

a reply to: Revolution9

You could believe this:

If they fined them 5 billion they should have probably been fined 100 billion or more

a reply to: Willtell

They are the bank, what's 5 Billion minus all the bills a printing press can print?

This is why we need a finite currency and not endless monopoly money.

a reply to: Revolution9
$5 Billion is a drop in the bucket for them.


If they were serous about justice some big banking names would be serving jail time along with massive civil asset forfeitures.

Corporations don’t break the law, its the people in them that do.

I'm glad to hear this, but it should also include permanent black-listing of all the CEOs of said banks. THEN it would make a real statement.

No more work for them - they are shunned as criminals, and miscreants - and their PERSONAL assets should be seized and used to ameliorate the inequality in our current situation. I don't care if it's only .20 per person, but they should LOSE their assets. They are monsters.

They deserve: Ruined credit, ruined career, ruined 'stardom'. COMPREHENSIVE RUIN. Complete Ruin.


S/F

a reply to: BuzzyWigs

Thats the things.

If me or you gain money by fraud or illegal methods we would have everything taken from us.


These bastards can buy mansions, private planes and yachts with there illegal money and get to keep it......

a reply to: crazyewok

And Imagine, if all this was on the blockchain and everyone can just search and link the transactions... This is why we should be screaming for bitcoin to be used mainstream.

a reply to: crazyewok

Exactly. I'd prefer to see them exiled and unable to access ANY of their property, ANYWHERE. Just like us 'regulars' who lose everything when we mess up. No safety net. Homeless and wandering for the rest of their lives. Banned from the internet, loss of ALL licenses, credentials, board positions, etc.

originally posted by: Tranceopticalinclined
a reply to: crazyewok

And Imagine, if all this was on the blockchain and everyone can just search and link the transactions... This is why we should be screaming for bitcoin to be used mainstream.

Bitcoin can easily be laundered using a mixer.

a reply to: Revolution9

While I absolutely agree that govt. regulations are indeed necessary and that enforcement is imperative, I am still extremely pessimistic with respect to believing that fines alone will ever produce the desired effect.

Regardless of how big these fines become, it seems that the corporate world has just accepted them as one of the cost associated with doing business and generating profits.

IMO, if there was ever a place for mandatory minimum jail sentences, this is it!.

Hell, even Martha Stewart got jail time and I'd just bet that her actions harmed far fewer people than these bankers.

Furthermore, more often than not the fines imposed, (negotiated) won't even cover the cost associated with investigating and prosecuting those guilty of the offense.

I wouldn't hold my breath in expectation of any "real justice" and/or change until people start going to jail for these crimes.

a reply to: Revolution9

Awesome, when do we get our checks?

a reply to: Flatfish

Like you are suggesting this is a token gesture public relations exercise? Yes, that too. Just something that goes some way in the right direction and I encourage these kind of moves. Like many here I would like to see more of an example being made and hitting the guilty hard. Also, I too, wonder where the money from the fines ends up.

I always look to democracy as the best model for power distribution. Regulation and accountability wise it is our best hope for fairness even in the scantily rudimentary form we enjoy in the present.

originally posted by: Revolution9
"Five of the world's largest banks are to pay fines totalling $5.7bn (£3.6bn) for manipulating the foreign exchange market."

- from the BBC News Site Record fines for currency market fix.

Ok, the U.S Government have flexed the muscles big time here and have managed to bring 5 of the world's largest banks to book for their financial crimes. It is a strange one when one looks deeper into this, but how deep you want to go is up to you. I am glad and not just for the obvious reasons. This shows me that democracy and government still have power over international corporations and businesses, no matter how big their boots. I would rather it be that way round to be honest, again for obvious reasons.

Regulation is vital! It would be utter chaos otherwise. Even in banking and finance where the biggest bad ass sharks do dwell there has to be some kind of order and law. One up for justice. I'm not being naïve, but on this level I like to see government keeping some kind of order and law and not just allowing corporate anarchy to reign like a beast of greed ravaging the earth with no moral restraint what so ever.

Correct me if I am wrong, but if you are manipulating rates on money that other people use to trade, is that not fraud? Surely Jail time is totally required here.