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[captainnapalm]

http://www.reuters.com/article/2013/12/04/us-eu-commission-idUSBRE9B309Q20131204

Well, a few years after banking scandals bankrupted thousands and brought the world economy to the brink of collapse, the banks are it again, colluding with each other to rig financial benchmarks.

The penalty? More fines that amount to little more than a slap on the wrist for an industry that has already proven itself to be incredibly corrupt and untrustworthy.

It's amazing, steal a couple of hundred bucks out a cash register and you'll go to jail, but when the numbers get up into the billions and trillions, you just get a fine and some new regulations that will soon be circumvented once again - even if your actions lead to mass unemployment, bankruptcy, loss of pensions, homes etc.

Its really sickening to think of the impunity with which these bankers go about their business. There's seemingly no authority in place to deal with these people and send them to jail where they belong - or rather the authority is itself party to this corruption. As one commenter says, "Capitalism has usurped law, nations states and justice." This is where we're at now.

EU antitrust regulators vowed to keep investigating rate- rigging on Wednesday as they slapped a record 1.7 billion euro ($2.3 billion) penalty on six financial institutions including Deutsche Bank, RBS and JPMorgan.

The fines by the Commission, which along with authorities around the globe has been examining the manipulation of London interbank offered rate (Libor) and its euro equivalent Euribor, takes the tally of penalties related to the scandal to almost $6 billion.

Confirming what a source familiar with the matter had previously told Reuters, EU Competition Commissioner Joaquin Almunia said he had been shocked at the scale of the scam and was sending a clear message that Brussels would fight and impose sanctions on cartels.

Deutsche Bank, which has yet to be fined by U.S. and UK regulators as part of separate investigations into benchmark interest-rate fixing, received the highest fine of 725.4 million euros.

Germany's largest lender and RBS were fined for their involvement in both the Euribor and Libor cartels.

Also fined were JPMorgan and Citigroup, France's Societe Generale and UK-based brokerage RP Martin.

Swiss bank UBS and Britain's Barclays avoided fines of 2.5 billion euros and 690 million respectively for revealing the existence of the cartel.

U.S. and French banks were penalized for the first time in a scandal in which traders fiddled rates used as a reference point to price around $400 trillion worth of products worldwide, from derivatives to mortgages and student loans.

Some banks declined to settle with the EU. France's Credit Agricole and UK-based HSBC are disputing allegations, while the role played by UK-based brokerage ICAP remains under investigation.

JPMorgan has only settled allegations relating to yen-denominated Libor, not Euribor.

Almunia said the Commission would continue to investigate collusion allegations in other benchmarks, including the Swiss Franc currency and foreign exchange markets.

"This will not be the end of the story, neither for interest rate derivatives nor for the manipulation of benchmarks," Almunia told a Brussels news conference.

"And one of the areas where, as you know, we have received some elements of information that we are looking at very, very carefully is forex, forex markets and the relations with forex benchmarks."

 

[Esch]

One day they'll get theirs

 

[phazedplasma]

One day they'll get theirs

Probably not...

 

[Aesius]

One day they'll get theirs

They will die rich and happy after living highly fulfilling lives.

 

[Flying Toaster]

One day they'll get theirs

Not really... perhaps... no, still not really.

 

[DEO3]

One day they'll get theirs

lol

 

[Marleyman]

One day they'll get theirs

No way; people don't even understand it enough.

It is time to do something about the banking system. It goes to the culture and the structure of banks: the excessive compensation, the shoddy treatment of customers, the deceitful manipulation of a key interest rate. It is beyond disgusting.

 

[SpyGuy239]

They will die rich and happy after living highly fulfilling lives.

This is probably ture. Oh well luck of the draw I guess.

 

[captainnapalm]

Probably not...

Not in this life anyway. The political will to change things doesn't seem to be there. I wonder why.

 

[Marleyman]

Not in this life anyway. The political will to change things doesn't seem to be there. I wonder why.

The politics will never be there; the people have to act. The Occupy movement brought some attention to the crooked nature of the banking industry, I give them credit for that. It needs to be ramped up big time for there to be some accountability.

 

[poppabk]

They will die rich and happy after living highly fulfilling lives.

And leave their kids million dollar bootstraps to pull themselves up with.

 

[captainnapalm]

The politics will never be there; the people have to act. The Occupy movement brought some attention to the crooked nature of the banking industry, I give them credit for that. It needs to be ramped up big time for there to be some accountability.

Yeah, will things eventually reach a tipping point? The Occupy movement was fairly comfortably contained in the end. Maybe something even bigger will come along.

We're all slaving away while these unfathomably rich bastards lie, cheat and steal to get even richer.

 

[Hari Seldon]

Obviously the governments are in on this. With all the 5 billion cell phones tapped and the NSA spying and everything else, they knew about this. What is a bigger threat to the world, bankers fucking with the economy for personal gain or a few brown skinned goat herders?

 

[ezrarh]

Meanwhile let's get up in arms about servers wanting 20% tip or fast food workers demanding a higher minimum wage.

 

[The Technomancer]

Yeah, will things eventually reach a tipping point? The Occupy movement was fairly comfortably contained in the end. Maybe something even bigger will come along.

We're all slaving away while these unfathomably rich bastards lie, cheat and steal to get even richer.

But you just gotta work hard man! Yeah the rich are bad sometimes but they worked hard and you have to too! If you aren't working as many hours as possible at a shitty job just to make ends meet then there is something morally wrong with you and you won't get into heaven

 

[Esch]

Probably not...

They will die rich and happy after living highly fulfilling lives.

Not really... perhaps... no, still not really.

lol

No way; people don't even understand it enough.

It is time to do something about the banking system. It goes to the culture and the structure of banks: the excessive compensation, the shoddy treatment of customers, the deceitful manipulation of a key interest rate. It is beyond disgusting.

I wish there was a sarcasm plugin for firefox ;_;

 

[Azih]

And leave their kids million dollar bootstraps to pull themselves up with.

Bwaha, they'll give them trust funds that generate millions in profit yearly. They'll be making money since the day that they were born. MERITOCRACY!

 

[Lambtron]

Obviously the governments are in on this. With all the 5 billion cell phones tapped and the NSA spying and everything else, they knew about this. What is a bigger threat to the world, bankers fucking with the economy for personal gain or a few brown skinned goat herders?

Well it depends, are the bankers white?

 

[SouthernDragon]

Corporate fines should be 100% + x of all profits made by the illegal transactions they made. Otherwise they'll just factor it in as a potential cost.

 

[Marleyman]

Yeah, will things eventually reach a tipping point? The Occupy movement was fairly comfortably contained in the end. Maybe something even bigger will come along.

We're all slaving away while these unfathomably rich bastards lie, cheat and steal to get even richer.

God, I hope so. Unfortunately, I believe it will take violence to get the point across that people are fed up.

 

[CornBurrito]

One day they'll get theirs

Just world fallacy.

But then doesn't it stand to reason that the people they fucked over somehow deserved it?

 

[entremet]

Meanwhile let's get up in arms about servers wanting 20% tip or fast food workers demanding a higher minimum wage.

Gotta love the brainwashing.

 

[alterno69]

Yeah, will things eventually reach a tipping point? The Occupy movement was fairly comfortably contained in the end. Maybe something even bigger will come along.

We're all slaving away while these unfathomably rich bastards lie, cheat and steal to get even richer.

It is pretty sad and i don't see an exit in the near future, unless the entire society would somehow collapse and rendered banks useless.

 

[Walshicus]

None of this will change until a shit load of these fuckers are sent to gaol.

 

[captainnapalm]

God, I hope so. Unfortunately, I believe it will take violence to get the point across that people are fed up.

Maybe a couple of bankers' heads on pikes will send just the right message. You can stick one in the ground at the headquarters of each major bank as you come in at the door as a friendly reminder.

 

[Chichikov]

Corporate fines should be 100% + x of all profits made by the illegal transactions they made. Otherwise they'll just factor it in as a potential cost.

The problem is that those fuckers made enough money to last a lifetime, you might fuck the bank (but you can't fuck it too bad, because people have money there) but the bank execs just laugh it all the way to a private island.

Nah, you need to hit those fuckers personally and need to hit them where it hurt, some people suggested that "You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bullshit would stop, all over Wall Street" and it's probably true, but I always thought the best approach, seeing how those are crimes of greed is to go after their money, but go after it hard.
Take everything, like we do to drug dealers, and then create a penal tax bracket specifically for assholes who were convicted of such grand financial malfeasance - every dollar you make over the median income we tax at 100%.
You bring that stick, this shit will end, quickly.

 

[Protein]

Not in this life anyway. The political will to change things doesn't seem to be there. I wonder why.

They will bury opposing politicians in the ground just with the sheer amount of lobbying power/influence they have.

 

[daveo42]

One day they'll get theirs

At this point, global economic collapse, nuclear war, or some sort of pandemic would be the only way they would 'get theirs'. People don't care enough to do anything about it and these shenanigans will continue as long as they can easily get away with it.

 

[Dyno]

The 'developed world' is in the hands of the bankers. They have purchased the governments and everyone is afraid to hold them to account because at that level of employment the banks will reward your loyalty with executive positions and millions in campaign finance.

We collectively aspire to be corrupted.

 

[Deleted member 13876]

The news this week here called it a justifiably huge fine because it affected millions of people while in reality it's like getting a parking ticket for causing a massive traffic pile-up.

 

[kick51]

but lol bitcoin is stupid and a pyramid scheme and just speculation to make a few guys rich

 

[Hari Seldon]

The problem is that those fuckers made enough money to last a lifetime, you might fuck the bank (but you can't fuck it too bad, because people have money there) but the bank execs just laugh it all the way to a private island.

Nah, you need to hit those fuckers personally and need to hit them where it hurt, some people suggested that "You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bullshit would stop, all over Wall Street" and it's probably true, but I always thought the best approach, seeing how those are crimes of greed is to go after their money, but go after it hard.
Take everything, like we do to drug dealers, and then create a penal tax bracket specifically for assholes who were convicted of such grand financial malfeasance - every dollar you make over the median income we tax at 100%.
You bring that stick, this shit will end, quickly.

Exactly. Target the executives personally. Hell, kidnap them with commandos and put them into secret CIA prisons if their lawyers get in the way. These guys are Lex Luther style super criminals, the justice system is not enough.

 

[Marleyman]

I was watching Hannity(do it for the lolz basically) and Hannity along w/ his other buddy Cunningham said that most people who make minimum wage are college workers. The reasoning? They were. Sorry guys; some people actually are trying to raise kids, etc with these jobs and they need better fucking wages.

 

[Marleyman]

The 'developed world' is in the hands of the bankers. They have purchased the governments and everyone is afraid to hold them to account because at that level of employment the banks will reward your loyalty with executive positions and millions in campaign finance.

We collectively aspire to be corrupted.

Only solution is to take out the heads of these banks.

 

[Spaghetti]

One day they'll get theirs

do you mean their pensions and stock options

 

[cryptic]

The rich and the poor live such different lives it's every bit the same as if we lived two miles vertically apart.
Nothing will ever change in our generation as there needs to be no carry over wealth, just a take into the system like a tax, and an establishment of equal opportunity for each successive generation.
Only then will people be able to value and understand one another, as it is there can be no sympathy as there is no obligatory route for understanding between the two.
Just my thoughts.

 

[A Human Becoming]

Exactly. Target the executives personally. Hell, kidnap them with commandos and put them into secret CIA prisons if their lawyers get in the way. These guys are Lex Luther style super criminals, the justice system is not enough.

The reverse is more likely to happen. Getting money out of politics was a step in the right direction.

I was watching Hannity(do it for the lolz basically) and Hannity along w/ his other buddy Cunningham said that most people who make minimum wage are college workers. The reasoning? They were. Sorry guys; some people actually are trying to raise kids, etc with these jobs and they need better fucking wages.

They're not entirely wrong. I've seen many statistics say otherwise however.

 

[kurbaan]

They will die rich and happy after living highly fulfilling lives.

Believe in hell so they can burn for all eternity.

 

[Dyno]

Only solution is to take out the heads of these banks.

The head, the shoulders, and I would say down to the waist. Promotion is what makes this particular kind of evil eternal.

 

[pompidu]

Only solution is to take out the heads of these banks.

I usually dont ever want harm to come to people, but clearly being peaceful just gets you fucked in the ass.

 

[Messypandas]

This is disgusting. They should be getting pay rises and uncapped bonuses. Where is the justice?

 

[GraveRobberX]

None of this will change until a shit load of these fuckers are sent to gaol.

Why did my mind race to Titan HM from FFXIV automatically, then why did my mind come up with the following, "They'll just buy the run"

=/

 

[DownLikeBCPowder]

Exactly. Target the executives personally. Hell, kidnap them with commandos and put them into secret CIA prisons if their lawyers get in the way. These guys are Lex Luther style super criminals, the justice system is not enough.

That would be possible if the Federal Government wasn't in on the scam. Unfortunately..

 

[ymmv]

The problem is that those fuckers made enough money to last a lifetime, you might fuck the bank (but you can't fuck it too bad, because people have money there) but the bank execs just laugh it all the way to a private island.

Nah, you need to hit those fuckers personally and need to hit them where it hurt, some people suggested that "You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bullshit would stop, all over Wall Street" and it's probably true, but I always thought the best approach, seeing how those are crimes of greed is to go after their money, but go after it hard.
Take everything, like we do to drug dealers, and then create a penal tax bracket specifically for assholes who were convicted of such grand financial malfeasance - every dollar you make over the median income we tax at 100%.
You bring that stick, this shit will end, quickly.

Yep. Hit those bankers personally. Throw them in jail, strip them off their money and assets and then forbid them to ever get a job at a financial institute for the rest of their lives. A one way ticket to the poor house. But that will remain a pipe dream.

Take those Irish bankers who were laughing about how the Irish government was going to bail them out. Was anything done about those fraudsters?

 

[Pandaman]

One day they'll get theirs

unless you're planning on dusting off the ol' guillotines...

 

[pizza dog]

The article you're quoting puts the fines in the billions of dollars and says they're all record-setting. "Slap on the wrist."

Do any of you even know what a Libor is?

 

[timetokill]

And the NSA can spy on everyone so that any possible protest or action against the wealthy can be "addressed" before it has a chance to do anything.

Amazing what can happen when the government, banks, and corporations decide to work together for a common goal -- keeping themselves all rich and everyone else poor.

 

[Marleyman]

The article you're quoting puts the fines in the billions of dollars and says they're all record-setting. "Slap on the wrist."

Do any of you even know what a Libor is?

Just the biggest financial scandal/swindel ever. Big banks fixing global interest rates; what do you know about it?

 

[captainnapalm]

The article you're quoting puts the fines in the billions of dollars and says they're all record-setting. "Slap on the wrist."

Do any of you even know what a Libor is?

It might be a record-setting fine, but it amounts to just a fraction of what is paid out to bankers in annual bonuses. When your fine is not even cancelling out the gravy on top, it's not going to be a very effective form of punishment, is it.

 

[Deleted member 13876]

It might be a record-setting fine, but it amounts to just a fraction of what is paid out to bankers in annual bonuses. When your fine is not even cancelling out the gravy on top, it's not going to be a very effective form of punishment, is it.

Not just that, but the estimate profiting of the scheme was in the trillions scale.