Big Banks Plead Guilty To Market Manipulation, Will Pay $5.8 Billion

Discussion in 'General Discussion | Credit Cards' started by NYCUA1K, May 20, 2015.  |  Print Topic

  1. NYCUA1K

    NYCUA1K Gold Member

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    Wow, what a story! We complain about an airline "cartel"? How about a really huge Big Bank cartel?

    Link:

    "The age of multibillion-dollar bank fines with no admission of wrongdoing is over. The Justice Department announced Wednesday morning that five banks pleaded guilty to market manipulation, while also paying billions of dollars in fines.

    Barclays, Citigroup, J.P. Morgan and the Royal Bank of Scotland admitted to illegally distorting foreign exchange markets. The banks formed what they called "The Cartel" and aimed to set a key currency marker, known as "the fix," at mutually beneficial values.

    The fix is set every day at 4 p.m. London time and is used in the more than $5 trillion currency market to determine the price of trades and the value of large institutional holdings. Traders at the banks used instant messaging chat rooms to discuss where to set the fix."


    Continue reading...

    Here is more from the New York Times...
     
    Last edited: May 21, 2015
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  2. Bay Pisco Shark
    Original Member

    Bay Pisco Shark Gold Member

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    If and until individuals are held responsible for such conduct, nothing is ever going to change.
     
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  3. satman40

    satman40 Gold Member

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    I wonder if the Justice Department will return the money to the injured parties or just keep it, and spend it on Parties...
     
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  4. Sammich

    Sammich Gold Member

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    lol for whatever reason I expected HSBC to be in the list.
     
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  5. satman40

    satman40 Gold Member

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    As long as the Justice Department can make a buck regulating thing they will continue to take a cut....

    Bank figure the odds, and pay off the regulators, everyone looks good...
     
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  6. rockyrock

    rockyrock Silver Member

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    What we need is to deregulate more!! That will stop this type of behavior. Deep down inside, banks and corporations are people too and they really want to do the right thing.
     
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  7. NYCUA1K

    NYCUA1K Gold Member

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    :D
     
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  8. anileze

    anileze Gold Member

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    Wanna buy the brooklyn bridge ? :D
     
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  9. anileze

    anileze Gold Member

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    You mean in FOREX manipulation ? Na ? Intangible and hurts 'em globally.
     
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  10. Newscience

    Newscience Gold Member

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    I'm shocked, shocked, I tell you! ;)

     
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  11. Kalboz
    Original Member

    Kalboz Gold Member

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    As part of the settlement, are we gonna get some TYP, UR, and/or MR points thrown at us? ;)
     
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  12. NYCUA1K

    NYCUA1K Gold Member

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    Please keep checking your snail mail. We just might collect serious points as a windfall benefit from the billions, as the Big Bad Banks settle!;)
     
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  13. satman40

    satman40 Gold Member

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    With bank being told to make loans to unsecured type clients, pay very low interest on savings accounts, and even take secured loans back,,because they have declined in vale...

    Let's forgive all the student loans, and regulate these banks even more..

    We can hire the regulators, and keep them working.,

    Let's vote for more Government Control, I want to see the banks fail....

    Cheap Uninsured Loans for every unemployed person on Welfare, deserving more...I see no problems here...
     
  14. Gargoyle
    Original Member

    Gargoyle Milepoint Guide

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    They'll cover the fines the same way they have in the past- raise fees and cut services, so that the customers eat the cost. Meantime those on top with get bigger bonuses.
     
  15. satman40

    satman40 Gold Member

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    Business pass the cost on, or they go out of business.

    I do not hate banks, they have loans me a considerable amount of money over the years, they have a mark up on their product they sell.

    I always have paid them back, with out them I could not have bought, nor employed, and created the company.

    I can not understand the hatred, by many who do not want to pay a debt for the amount of the loan.

    The consumer will never see a dime of any settlement.
     

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