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

5.7 billion is small change to those guys. They pass around trillions on a regular basis.

There not only to big to fail;there also too big to nail and too big to jail

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

Doing something right? Are you kidding?

These guys paid fines of a couple million each on criminal activity that brought in hundreds of billions of dollars. It's like you robbing $100 from a gas station and your court ordered restitution is to repay $1.

No jail time.
No loss of criminal profits.
Fines totaling a small fraction of the amount of money gained.
Fines that even the banks are calling low for what they did.

This result is a joke.

I dont give a rats behind about fines...I want all the bastards in prison..you know this doesnt even scratch the surface. Prison or nothing

originally posted by: Illume
So basically, the government is 5.7 billion less in debt to the federal reserve... Lol.

Considering the exchange rate manipulations probably cost the government more than 5.7 billion they're in more debt after the fine than they were had nothing happened.

These exchange rate games are zero sum. When the banks manipulate the exchange rate and make 1 trillion, that means everyone using them collectively paid 1 trillion more.

I think these big banking people are probably untouchable. I remember around the time of the HSBC money-laundering scandal, there was some huge 4 trillion dollar lawsuit against a huge chain of interconnected banks, but shortly after MSNBC broke the story, two of the main guy at MSNBC's children were murdered. It was on the mainstream news for a day or two and swept away rather quickly. So any huge attempt at justice towards these people seems unfeasible. The 5 billion fine will have to suffice...

As to where all the money is going. My only guess: Elysium spaceship or space colonization etc.

one tiny little bank in Canada can pull in 2 billion/quarter in revenue.

Somebody tell me how a 5 billion dollar fine split between 5 OF THE WORLDS BIGGEST banks is considered punishment? Barklays took Rothschilds's seat in the GOLD FIX. They along with 3 other banks decide the price of gold twice a day. Do you really think they give 2 squats about 2 billion?

They should lose their license to do business after that sort of abuse of trust.

Dont forget prison...or the electric chair a reply to: MALBOSIA

a reply to: Revolution9

5.7 Billion is pocket change to them though. Especially split five ways. They probably made trillions manipulating everything you can imagine.

originally posted by: real_one
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.

Just to clarify, that "fine" is really just a cut of the profits they made. So in reality, these institutions made a lot of money from these actions, then gave out a portion of their profits in return for immunity from prosecution. That's why no one is going to jail over it.

originally posted by: Jonjonj
Where does the money from the fines go? Serious question, I don't know the answer.

The money goes into the government coffers where it is expended as interest payments on the principle debt amounts back to the very same banks.

Both government-corporations and money have a revolving door policy.

Now, if corporations are deemed people and these are felonies, should CEO's and others be going to jail or the corporations dissolved and the assets stripped (from both the corporation and the CEO's)?

Cheers - Dave

originally posted by: Jonjonj
Where does the money from the fines go? Serious question, I don't know the answer.

They just knock it off our debt but still charge the interest.

a reply to: trifecta

soficrow

Wanna tell us how you would jail a corporation?

trifecta
My pleasure. Gather up all management, starting with the executives, and hand them a shovel to start digging a hole they'll affectionately call "home".

You just got rid of the replaceable parts.

The corporation is still there, pops in some new bits, keeps on going.

Lets see... $5 trillion a day market and the fine is a few billion dollars -- a drop in the bucket. A few people lost their jobs but have billions in the bank and no one goes to jail. Where do I sign up to become part of this group? I would be ashamed if I were part of our justice system investigation but I am sure these same people will get a lucrative job in the very same organizations when they retire civil service.

Once again a deal was made and the only losers were the small investors. Society has come to accept/tolerate this because it's been going on for decades. Nothing happens to them. Powerful people with plenty of power to abuse who commit these types of crimes have no remorse and don't feel shame. They know the worst that could happen is not all that bad.

Forget fines and prison time, forget the electric chair. I'd bet if we brought back the Guillotine and had their heads chopped off in public it would stop. Seriously, bring back the Guillotine (air it on a channel children don't have access to) and see how quickly this bs comes to a screeching halt.

its just part and parcel of a ( heh heh, THE ) money laundering scam

a reply to: soficrow

the corpus of the modern titan

If you read the article it actually says ' Barclays is also sacking eight employees involved in the scheme.'
At least it gets rid of a few bad apples, but what chances are there that those bad apples get reemployed in the money making scheme?
Anyway, I would not want to be one of those eight people as it also says I quote 'One Barclays trader who was invited to join the cartel was told: "Mess up and sleep with one eye open at night."

a reply to: Revolution9

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

Pocket change. They will just account for the fines as part of the 'cost of doing business' and carry on as before'.

Some folks will have to start sleeping in a Government facility for a while before any motivation for change will percolate to somewhere near the top of their agenda.

5.7 billion. That's about three space programs. Right?












Yeah. So when do we get our three space programs, or is this just a publicity stunt.


Mike Grouchy

originally posted by: rnaa
a reply to: Revolution9

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

Pocket change. They will just account for the fines as part of the 'cost of doing business' and carry on as before'.

Some folks will have to start sleeping in a Government facility for a while before any motivation for change will percolate to somewhere near the top of their agenda.

Want to hear something ridiculous? The last time they got a "large" fine, they were allowed to use the fine as a tax writeoff so that in the end they effectively paid nothing.