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Post Re: Banks
I still think it is a dog and pony show with a much larger outcome in mind.

The banksters are getting away with open theft - just like the politicians!

It is either a big mind #&@% or they are setting a precedent for a specific outcome....

:shakehead

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Wed Jul 04, 2012 3:09 pm
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Post Re: Banks
Sky wrote:
I still think it is a dog and pony show with a much larger outcome in mind.

The banksters are getting away with open theft - just like the politicians!

It is either a big mind #&@% or they are setting a precedent for a specific outcome....

:shakehead


Hmmm, Sky, never thought about it in just that way. What outcome do you forsee?

Personally, I think we will see more and more stories just like these. I firmly believe that the open theft will be exposed.

Right now, I think folks (at least in my area) are into a holiday mood (it's the Fourth of July today) and are just like whatevah!

Something is going to trigger the whole mess all over again - think Tea Party and Occupy Wallstreet. Then watch out! They just might not be able to put the genie back into the bottle.

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Wed Jul 04, 2012 3:56 pm
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Post Re: Banks
Blue I hope your right but if the Tea Party and the Occupy Movement went basically no where I don't see this going anywhere in the future.

The Skansters will pay some fines admit guilt then simply screw us over next year with some new scam, it really is that simple :roll :crazy

Just my two cents!


Bluebonnet wrote:
Sky wrote:
I still think it is a dog and pony show with a much larger outcome in mind.

The banksters are getting away with open theft - just like the politicians!

It is either a big mind #&@% or they are setting a precedent for a specific outcome....

:shakehead


Hmmm, Sky, never thought about it in just that way. What outcome do you forsee?

Personally, I think we will see more and more stories just like these. I firmly believe that the open theft will be exposed.

Right now, I think folks (at least in my area) are into a holiday mood (it's the Fourth of July today) and are just like whatevah!

Something is going to trigger the whole mess all over again - think Tea Party and Occupy Wallstreet. Then watch out! They just might not be able to put the genie back into the bottle.

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Thu Jul 05, 2012 2:40 pm
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Post Re: Banks
L2L wrote:
Blue I hope your right but if the Tea Party and the Occupy Movement went basically no where I don't see this going anywhere in the future.

The Skansters will pay some fines admit guilt then simply screw us over next year with some new scam, it really is that simple :roll :crazy

Just my two cents!



You know you're right L2L they will keep it up.. horrible.

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Thu Jul 05, 2012 4:26 pm
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Post Re: Banks
I think they will keep it up, too, but something just tells me there is a major event/scandal on the horizon that will touch off major revulsion in this country prior to the November election.

Don't have anything to back that statement up - this is just a tiny voice whispering in my mind - "Watch out. Love wins - it always does." It's more a feeling that this country WILL find its way. Americans WILL come together again just like we did after 9/11 but I don't get the sense/feeling it is connected with terrorism. I feel/think it is more a sense of revulsion at the lack of leadership, the financial shenanigans, the outright hatred displayed in this country now. Right now my country and her people lack a vision of American greatness that we had back in the 60's/70's and, yes, even the go-go 80's.

It's like something is going to spark a shared sense of purpose and we are going to put aside the fear that has driven this nation since 2001 and find our purpose in the world again? It's kinda hard to put into words. Hope???

So either the little flower is going schizo on us (which is a possibility) or that female intuition thang is raising its head again. :mrgreen:

Take it with a grain of salt and we'll see come this fall. :dunno

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Thu Jul 05, 2012 4:53 pm
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Post Re: Banks
Exposure of Banker Corruption - Jim Willie
Friday, July 06, 2012\
Just a few excerpts from a long and interesting article (too technical for me to get every point but the main meaning is clear!

Few observers make the connection, but the current LIBOR scandal is a middle inning of two important events. The first is the demise of the Western banker leadership crew. The executives from the most powerful banks will be last to be deposed, all sharing an ethnic strain. The second is the open fracture of the Western financial system.

snip

The Bank of England and the US Federal Reserve are both implicated, but they will skate until the end game. They control the prosecutors and the news networks. Few yet connect the LIBOR rigged prices to the important parts of the financial kingdom run by the harried banker elite.

snip

FASCIST BUSINESS MODEL FLOURISHES

The Fascist Business Model is not just showing its bitter fruit after the Bush II Admin came to office in 2001. It is flourishing in a climax of failure. The model does not simply permit financial crime. It encourages it. It promotes it. It rewards it. The higher powers organize it and run it. The result is not simply tolerated financial crime. It enables financial crime to flourish. The USAttorney General office sits on its hands. The Commodity Futures Trading Commission sits on its hands. The Securities & Exchange Commission sits on its hands. The financial press ignores the crime, or minimizes it, or explains it away. They all pay lipservice to enforcement of regulations and securities fraud. The outcome is a mindnumbing episode of financial fraud, theft, and collusion that the nation has never witnessed in its entire history. The outcome is an extreme strangle of the nation around its financial neck.nds and TNX. The factor is mentioned on financial networks with quick passing and no emphasis. They still sell the flight to safety rubbish story.

con. http://beforeitsnews.com/story/2355/800 ... um=twitter

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Fri Jul 06, 2012 5:44 pm
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Post Re: Banks
US builds criminal cases in interest rate-fixing scandal
By BEN PROTESS and MARK SCOTT
updated 7/15/2012 1:05:56 AM ET

As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center of the scandal.

The department’s criminal division is building cases against several financial institutions and their employees, including traders at Barclays, the British bank, according to government officials close to the case who spoke on the condition of anonymity because the investigation is continuing. The authorities expect to file charges against at least one bank later this year, one of the officials said. :crylaugh

The prospect of criminal cases is expected to rattle the banking world and provide a new impetus for financial institutions to settle with the authorities. The Justice Department investigation comes on top of private investor lawsuits and a sweeping regulatory inquiry led by the Commodity Futures Trading Commission. Collectively, the civil and criminal actions could cost the banking industry tens of billions of dollars. :yamon

Authorities around the globe are examining whether financial firms manipulated interest rates before and after the financial crisis to improve their profits and deflect scrutiny about their health. Investigators in Washington and London sent a warning shot to the industry last month, striking a $450 million settlement with Barclays in a rate-rigging case. The deal does not shield Barclays employees from criminal prosecution.

The multiyear investigation has ensnared more than 10 big banks in the United States and abroad. With the prospects of criminal action, several firms, including at least two European institutions, are scrambling to arrange deals, according to lawyers close to the case. In part, they are trying to avoid the public outcry that stemmed from the Barclays case, which prompted the resignation of top executives. :popcorn

snip

With civil actions, regulators can impose fines and force banks to overhaul their internal controls. But the Justice Department would wield an even more potent threat by bringing criminal fraud cases against traders and other employees. If found guilty, they could face jail time. :clap :roflmao

snip

Read more here: http://www.msnbc.msn.com/id/48187483/ns/business-us_business/

Karma's a b*&ch, isn't it? :spit

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Sun Jul 15, 2012 6:48 am
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Post Re: Banks
Feeding Frenzy Seen If Wall Street Sues Itself Over Libor

By Donal Griffin - Jul 19, 2012 6:09 AM CT

Goldman Sachs Group Inc. (GS) and Morgan Stanley are among financial firms that may bring lawsuits against their biggest rivals as regulators on three continents examine whether other banks manipulated the London interbank offered rate, known as Libor, said Bradley Hintz, an analyst with Sanford C. Bernstein & Co. Even if Goldman Sachs and Morgan Stanley forgo claims on their own behalf, they oversee money-market funds that may be required to pursue restitution for injured clients, he said. :crylaugh :slap :roflmao :spit

Because Libor is based on submissions from only some of the world’s largest banks, the probes threaten to pit firms uninvolved in setting the rate against any implicated in its manipulation, Hintz said. Libor serves as a benchmark for at least $360 trillion in securities.

“This will be a feeding frenzy of sharks,” said Hintz, who has served as treasurer of Morgan Stanley (MS) and chief financial officer of Lehman Brothers Holdings Inc. “We’re going to have Wall Street suing Wall Street.”

snip

Read more here: http://www.bloomberg.com/news/2012-07-19/feeding-frenzy-seen-if-wall-street-sues-itself-over-libor.html

Oh my word! Oh my good heavens!

Tears are streaming down my face right now.

Justice!
:crylaugh :spit :slap :roflmao

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Thu Jul 19, 2012 7:15 am
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Post Re: Banks
U.S. banks told to prepare for financial collapse

Is the nation and the world headed for another financial meltdown? You would think so, judging by what U.S. banks have been told to prepare for by regulators.

According to documents obtained by Reuters, officials from the Federal Reserve and the U.S. Office of the Comptroller of the Currency have directed five of the country's top banks -Bank of America, Goldman Sachs, Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co. - to develop plans for preventing a collapse if they once again faced serious problems because they wouldn't be able to count on government assistance.

snip

Any plan should be flexible enough to launch within three to six months, the documents showed, and banks were to "make no assumption of extraordinary support from the public sector," meaning, in all likelihood, another taxpayer-funded bailout like the one they received in 2007-2008.

snip

"Recovery plans required of the largest banks are helpful in ensuring banks and regulators are prepared to manage periods of severe financial distress or instability affecting the banking sector," said Mike Brosnan, senior deputy comptroller for large banks at the OCC. He told the newswire his agency continually evaluates all contingency measures as part of living will requirements for large U.S. banks and financial institutions.

Learn more: http://www.naturalnews.com/036813_banks ... z23fflyUcU

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Wed Aug 15, 2012 7:11 pm
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Post Re: Banks
New York subpoenas major banks on Libor manipulation
By Maureen Farrell and Poppy Harlow
August 16, 2012: 7:51 AM ET

NEW YORK (CNNMoney) -- New York Attorney General Eric Schneiderman has sent subpoenas to a number of major banks as part of his office's probe into the manipulation of Libor, the world's benchmark interest rate, according to a source with knowledge of the investigation.

Barclays (BCS), Citigroup (C, Fortune 500), Deutsche Bank (DB), HSBC (HBC), JPMorgan Chase (JPM, Fortune 500), Royal Bank of Scotland (RBS) and UBS (UBS) have all received subpoenas, according to the source. :mrgreen:

In July Schneiderman and the Connecticut attorney general's office told CNNMoney that they had been conducting a joint investigation into the Libor scandal for several months

snip

Read more here: http://money.cnn.com/2012/08/15/investing/libor-banks/index.html?source=cnn_bin

Let's see how long it takes these rats to leave the sinking ship.

Also wanted to comment on Ruts' article above about banks being told to prepare for financial collapse. In two words

ABOUT TIME!!!
:clap

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Thu Aug 16, 2012 6:58 am
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Post Re: Banks
NY AG sues JPMorgan over Bear Stearns securities

NEW YORK — The New York attorney general's office has hit JPMorgan Chase & Co. with a civil lawsuit, alleging that investment bank Bear Stearns — prior to its collapse and subsequent sale to JPMorgan in 2008 — perpetrated massive fraud in deals involving billions in residential mortgage-backed securities.

The lawsuit is the first to be filed under the auspices of the RMBS Working Group, which was set up by President Barack Obama to investigate and prosecute alleged misconduct that contributed to the financial crisis.

New York-based JPMorgan said it intends to contest the allegations. Spokesman Joseph Evangelisti noted that the lawsuit relates solely to alleged actions by Bear Stearns prior to its takeover by JPMorgan in May 2008.

In the lead-up to the financial crisis, subprime mortgages were sold to people with less-than-ideal credit. Many of them defaulted on their loans when the housing bubble burst and their introductory "teaser" interest rates skyrocketed.

Because many of those mortgages had been sliced and repackaged as securities that could be bought and sold — known as RMBS — the mass defaults led to huge losses at large U.S. banks and other financial firms, helping fuel the global economic meltdown.

New York Attorney General Eric T. Schneiderman is alleging that Bear Stearns led its investors to believe that the loans in its RMBS portfolio had been carefully evaluated and would be continuously monitored. Bear Stearns failed to do either, resulting in investors buying securities backed by mortgages that borrowers couldn't repay and defaulted on in huge numbers, Schneiderman alleges.

The complaint further alleges that even when Bear Stearns executives were made aware of the problems, the firm failed to correct its practices or disclose material information to investors. The executives routinely overlooked negative findings and continued to package the loans into securities for sale to investors, it says.

snip

Read more here: http://online.wsj.com/article/APfce1180fa203430aa1e3f79e731b70f3.html

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Tue Oct 02, 2012 5:29 am
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Post Re: Banks
Pandit Steps Down as Chief of Citigroup

By JESSICA SILVER-GREENBERG and MICHAEL J. DE LA MERCED

10:26 a.m. | Updated

Citigroup’s board said on Tuesday that Vikram S. Pandit had stepped down as chief executive, effective immediately, and would be succeeded by the head of the bank’s European and Middle Eastern division, Michael L. Corbat.

His resignation comes after long-simmering tensions with the bank’s board. In particular, the board’s chairman, Michael E. O’Neill, had been increasingly critical of Mr. Pandit’s management of the sprawling global bank, according to several people close to the bank.

Mr. Pandit was seen by some board members as not being able to quickly and effectively execute strategy, lurching from crisis to crisis, these people said. There were concerns that the executive lacked the breadth of vision needed to turn the bank around. “He was considered more technically skilled,” one Citi executive said.

John P. Havens, the bank’s president and a longtime associate of Mr. Pandit’s, has also resigned.

Some at the bank said on Tuesday they believed that Brian Leach, the bank’s chief risk officer, could depart soon as well, especially because he was extremely close to Mr. Pandit.

The surprising departures come just a day after the firm reported stronger-than-expected third-quarter earnings. Excluding a number of one-time charges — including a big loss tied to the continued shedding of the Smith Barney brokerage — Citigroup earned $3.27 billion, or $1.06 a share. That exceeded analysts’ average estimate of 96 cents a share.

“There is nothing better than our third-quarter earnings announcement to demonstrate definitively that we have turned this company around,” Mr. Pandit said in a memo to employees.

Yet those results paled in comparison with the earnings that were announced on Friday by Citi’s rivals JPMorgan Chase and Wells Fargo. Spurred by exceedingly low interest rates, and the Federal Reserve bond buying program, there has been a recent resurgence in mortgage lending, bolstering those banks.

Yet Citi appeared to have been caught flat footed. In its earnings call Monday, John Gerspach, the bank’s chief financial officer, intimated that the bank was slow in staffing up to deal with the mortgage activity.

snip

Read more here: http://dealbook.nytimes.com/2012/10/16/pandit-steps-down-as-citis-chief/

Very, very interesting.

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Tue Oct 16, 2012 7:58 am
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Post Re: Banks
Why Should Taxpayers Give Big Banks $83 Billion a Year?
By the Editors Feb 20, 2013 5:30 PM CT

On television, in interviews and in meetings with investors, executives of the biggest U.S. banks -- notably JPMorgan Chase & Co. Chief Executive Jamie Dimon -- make the case that size is a competitive advantage. It helps them lower costs and vie for customers on an international scale. Limiting it, they warn, would impair profitability and weaken the country’s position in global finance.

So what if we told you that, by our calculations, the largest U.S. banks aren’t really profitable at all? What if the billions of dollars they allegedly earn for their shareholders were almost entirely a gift from U.S. taxpayers?

Granted, it’s a hard concept to swallow. It’s also crucial to understanding why the big banks present such a threat to the global economy.

snip

Once shareholders fully recognized how poorly the biggest banks perform without government support, they would be motivated to demand better. This could entail anything from cutting pay packages to breaking down financial juggernauts into more manageable units. The market discipline might not please executives, but it would certainly be an improvement over paying banks to put us in danger.

Read more here: http://www.bloomberg.com/news/2013-02-20/why-should-taxpayers-give-big-banks-83-billion-a-year-.html

More Welfare Queens! :mrgreen:

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Fri Feb 22, 2013 8:04 am
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Post Re: Banks
Elizabeth Warren Wants HSBC Bankers Jailed, Regulators Have Ties To Bank

By: DSWright Friday March 8, 2013 9:39 am

In a nation that has imprisoned millions (mostly poor, mostly minorities) of people for minor drug offenses a bank that laundered billions of dollars in drug money, HSBC, has walked away with a small fine. No jail time, no charter removal, just a few weeks profit and on the game goes.

Senator Elizabeth Warren is irritated by this clear double standard for the rich and decided to let the regulators know of her displeasure in a Senate hearing.

Quote:
On Thursday, the Senate held a hearing to ask federal regulators why they are not stopping banks from allowing money laundering. Sen. Elizabeth Warren (D-Mass.) was the highlight of the show, slamming a Treasury official who refused to weigh in on whether the banks should face more severe penalties…

In December, the giant international bank HSBC was fined $1.9 billion for illegally allowing millions in Mexican drug trafficking money to be laundered through its accounts. But it’s not just HSBC—this is a systemic problem. Ten banks have been penalized in recent years for failure to comply with anti-money laundering rules.


Absent from the hearing was a representative from the Justice Department run by Eric Holder who recently claimed banks like HSBC were Too Big To Jail. The regulators’ excuse for not taking more severe action against HSBC was that Holder’s Justice Department failed to move a criminal case and therefore their hands were tied. Only after a criminal conviction was secured could Treasury move to take away HSBC’s charter.

The reality is, of course, that Under Secretary for Terrorism and Financial Intelligence David Cohen has a few covert reason to be soft on HSBC having worked for the same law firm that HSBC’s current Chief Legal Officer Stuart Levey worked for – Miller, Cassidy, Larroca & Lewin LLP. One big happy family. What’s a little drug money laundering among colleagues? I am sure Mr. Cohen was dying to really punish HSBC regardless of the consequences to future career prospects.

So as the incestuous circle goes round and round and HSBC escapes justice the drug war continues. Ensnaring more of the poor and frequently non-white into the prison-industrial complex from which they will likely never escape. Destroying themselves and their families and perpetuating generations of trauma and dysfunction. What incentive do the elite have to end such a rotten the system if they have no fear of ever facing it?

Two justice system, one for the rich and one for the rest – separate and unequal. Well done Eric Holder, well done.

http://news.firedoglake.com/2013/03/08/elizabeth-warren-wants-hsbc-bankers-jailed-regulators-have-ties-to-bank/

Give 'em hell, Liz! :clap

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Fri Mar 08, 2013 3:30 pm
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Post Re: Banks
Gangster Bankers: Too Big to Jail
How HSBC hooked up with drug traffickers and terrorists. And got away with it

By Matt Taibbi
February 14, 2013 8:00 AM ET

The deal was announced quietly, just before the holidays, almost like the government was hoping people were too busy hanging stockings by the fireplace to notice. Flooring politicians, lawyers and investigators all over the world, the U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. Yes, they issued a fine – $1.9 billion, or about five weeks' profit – but they didn't extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses.

People may have outrage fatigue about Wall Street, and more stories about billionaire greedheads getting away with more stealing often cease to amaze. But the HSBC case went miles beyond the usual paper-pushing, keypad-punching­ sort-of crime, committed by geeks in ties, normally associated­ with Wall Street. In this case, the bank literally got away with murder – well, aiding and abetting it, anyway.

For at least half a decade, the storied British colonial banking power helped to wash hundreds of millions of dollars for drug mobs, including Mexico's Sinaloa drug cartel, suspected in tens of thousands of murders just in the past 10 years – people so totally evil, jokes former New York Attorney General Eliot Spitzer, that "they make the guys on Wall Street look good." The bank also moved money for organizations linked to Al Qaeda and Hezbollah, and for Russian gangsters; helped countries like Iran, the Sudan and North Korea evade sanctions; and, in between helping murderers and terrorists and rogue states, aided countless common tax cheats in hiding their cash.

"They violated every goddamn law in the book," says Jack Blum, an attorney and former Senate investigator who headed a major bribery investigation against Lockheed in the 1970s that led to the passage of the Foreign Corrupt Practices Act. "They took every imaginable form of illegal and illicit business."

That nobody from the bank went to jail or paid a dollar in individual fines is nothing new in this era of financial crisis. What is different about this settlement is that the Justice Department, for the first time, admitted why it decided to go soft on this particular kind of criminal. It was worried that anything more than a wrist slap for HSBC might undermine the world economy. "Had the U.S. authorities decided to press criminal charges," said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, "HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized." :roll

It was the dawn of a new era. In the years just after 9/11, even being breathed on by a suspected terrorist could land you in extralegal detention for the rest of your life. But now, when you're Too Big to Jail, you can cop to laundering terrorist cash and violating the Trading With the Enemy Act, and not only will you not be prosecuted for it, but the government will go out of its way to make sure you won't lose your license. Some on the Hill put it to me this way: OK, fine, no jail time, but they can't even pull their charter? Are you kidding?

snip

Read more: http://www.rollingstone.com/politics/news/gangster-bankers-too-big-to-jail-20130214#ixzz2MzSVDqKX

Ahhh but looky here:

CIMA revokes HSBC Mexico licence
Posted date: March 08, 2013

CIMA has shut down HSBC Mexico (Cayman) operations.

The Cayman Islands Monetary Authority has officially revoked the banking license of HSBC S.A. (Cayman Islands Branch). :crylaugh

In a press release dated Friday, 1 March, the authority said that since last July the said bank had been under investigation to establish whether they had breached any local laws and regulations.

“In the Decision notice of 27 February, the CIMA revoked the Category B Banking license.

Following Section 18 (1) ( i) of the Banks and Trust Companies Law (2009 Revision), CIMA concluded that HSBC was conducting business in a manner detrimental to the public interest, the interest of depositors or of the beneficiaries of any trust or other creditors and that the direction and management of its businesses has not been conducted in a fit and proper manner,” read the announcement.

This follows recent reports that HSBC has handed million-pound pay packages to more than 200 staff in a year that saw it fined £1.2billion for money laundering.

According to the British press, Stuart Gulliver, who is the UK bank’s chief executive, picked up £7.4 million in pay and perks as a reward for bumper profits.

Similar seven-figure payouts went to 78 of his British-based staff.

Campaigners said the massive sums showed the ‘culture of entitlement was alive and well in the city’.

HSBC’s profits for 2012 hit £13.7billion – more than 10 times the amount it was fined for its US and Mexican operations channelling money for drugs cartels.

snip

Read more here: http://caymannetnews.com/2013/03/08/cima-revokes-hsbc-mexico-licence/

Now you just gotta know that when the CAYMAN ISLANDS revokes your banking charter - well, 'nuff said. :crylaugh :spit

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Fri Mar 08, 2013 3:38 pm
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Post Re: Banks
I would guess that most people will be delighted to see bankers made more accountable for their actions. In Iceland (the country which defaulted on debts rather than repay them) they already prosecute reckless bankers.

Simon
------------------------------------------------------
Jail reckless bankers, standards commission urges

Senior bankers guilty of reckless misconduct should be jailed, a long-awaited report on banking commissioned by the government has recommended.

The Parliamentary Commission on Banking Standards was set up by Chancellor George Osborne last year after a number of scandals involving the industry.

The cross-party group's fifth report attacked the lack of accountability of bankers and also said some bonuses should be withheld for up to 10 years.

<snip>

http://www.bbc.co.uk/news/business-22954586

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Wed Jun 19, 2013 2:32 am
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Post Re: Banks
Wall Street Dodges Financial Reform Again
—By Erika Eichelberger

| Fri Jul. 5, 2013 2:01 PM PDT


The Dodd-Frank financial reform act, the law designed to clean up the abuses that led to the financial crisis, celebrates its third birthday this month. But only about a third of the rules required by the legislation have been finalized so far, and even those are not going into effect as scheduled. This week provided a perfect example of why that is: The Federal Reserve granted Goldman Sachs a two-year extension to implement a key Dodd-Frank rule that would require banks to move risky trading into separate affiliates that are not backed by the Federal Deposit Insurance Corporation (FDIC). Several other of the nation's biggest banks won the same exemption last month.

Financial reformers are not shocked. "Quelle surprise!" quips Bart Naylor, a policy advocate at the consumer advocacy group Public Citizen. "The Federal Reserve decides to heed the crush of Wall Street lobbyists."

The Dodd-Frank rule, which Goldman Sachs was supposed to implement by July 16, requires FDIC-insured banks to move most of their derivatives trades into separate firms so that when a trade goes bad the bank will have to handle the fallout, not taxpayers. (Derivatives are financial products with values derived from underlying variables, like crop prices or interest rates; they were a major catalyst in the economic meltdown of 2008.) In its request for an extension, Goldman told the Federal Reserve—the main overseer of derivatives dealers—that complying with the deadline would mean the firm would need to either divest or stop a big portion of its swaps trading; a transition period, Goldman said, would be needed to ensure that the rest of the economy is not damaged by the shift. On Tuesday, the Fed agreed..

There is a provision in the Dodd-Frank law that allows banks to request a two-year transition period, if complying with the rule will damage the wider financial system. But banks were already given three years to phase in compliance with the rule. "If the regulators hadn't let them waste [that] three-year period…then they could have been prepared to execute [the rule] in a way that was less disruptive," says Marcus Stanley, policy director at the financial reform advocacy group Americans for Financial Reform. "It's like saying I need an extension on my homework because it would be disruptive for me to to have do it all the night before," he adds. "This is just a generalized excuse for postponing action."

In June, other major banks, including JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo, were granted two-year extensions on the same rule. Along with Goldman Sachs, those banks control more than 90 percent of the $700 trillion derivatives market.

"The procrastination of both regulators and the banks on this portion of Dodd-Frank has been pretty amazing," Stanley told Bloomberg Businessweek in January.

This particular Dodd-Frank rule is also under assault by Wall Street's allies in Congress. A bill that would exempt a large number of derivatives trades from the so-called pushout rule sailed through the House financial services committee in May. It could come to the House floor for a vote as soon as next week.

http://www.motherjones.com/mojo/2013/07/goldman-sachs-dodd-frank-wall-street

What can you say? :banned

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Sun Jul 07, 2013 8:03 am
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Post Re: Banks
MillerCoors Urges Federal Reserve Crackdown On Wall Street's Aluminum Dealings

Posted: 07/22/2013 8:22 pm EDT | Updated: 07/23/2013 9:49 am EDT

The Federal Reserve should toughen oversight of big banks such as Goldman Sachs and JPMorgan Chase due to their negative influence over commodities, including the aluminum in beer cans, brewer MillerCoors will urge on Tuesday.

The maker of popular beers Coors Light and Miller High Life will tell the Senate Banking Committee that financial groups, through their ownership of warehouses, are distorting the aluminum market by controlling how much aluminum flows out of their storage facilities, leading to extra rent and other costs for industrial companies.

Tim Weiner, MillerCoors global risk manager of commodities and metals, said in prepared remarks that rules exploited by banks and other warehouse owners have cost his company tens of millions of dollars in recent years as a result of an "economic anomaly in the aluminum and other base metal markets."

The alleged gaming has cost aluminum purchasers overall an extra $3 billion, an expense that likely has been passed on to beer and soda drinkers.

The beverage company's statement comes as regulators at the Fed and the Commodity Futures Trading Commission weigh possible action against the banks for their commodities activities. The Fed is revisiting a landmark 2003 decision that for the first time allowed banks to enter the physical commodities business, the central bank said Friday. The CFTC is probing the metals warehousing business, the source of MillerCoors's complaints, people familiar with the matter said.

The inquiries could lead to full-blown investigations by the CFTC or a Fed ban on certain activities by banks in markets for commodities such as aluminum and oil, curtailing a key source of profit.

Ten major global banks have generated nearly $50 billion in revenue off their commodities business over the last five years, according to Coalition, a financial data provider. JPMorgan, Goldman and Morgan Stanley last year were the top three global banks in commodities revenue, with the 10 leading institutions generating about $6 billion in revenue off commodities activities.

The odds of additional regulatory and Congressional scrutiny likely have increased as MillerCoors and other so-called "end users" begin to publicly criticize financial companies and their regulators for inaction, experts said. Industrial companies such as manufacturers have long held a special status in Washington when it comes to financial regulation, successfully winning exemptions from certain rules by lobbying regulatory agencies and empathetic members of Congress.

"The potential impact on the debate by actual major end-users could be extremely significant and helpful," said Dennis Kelleher, president and chief executive of Better Markets, a Washington nonprofit group advocating for stricter oversight of large financial institutions. "The financial industry is supposed to be in service to the real economy. When that's not true, people pay attention."

snip

Read more here: http://www.huffingtonpost.com/2013/07/22/millercoors-federal-reserve-aluminum_n_3636764.html

:popcorn

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Tue Jul 23, 2013 7:07 am
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Post Re: Banks
BLAH BLAH BLAH, another article and yet NOTHING done about these criminal bankers.....

Hang one of these dirty rotten criminals on the white house lawn and you might get my attention :roll

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Fri Aug 09, 2013 4:54 pm
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Post Re: Banks
Banks Plan National Cyber-Attack Drill
Simulation Designed to Help Test Defenses

More than 1,000 banks will test their incident response strategies by participating in a simulated cyber-attack exercise. SWACHA's Dennis Simmons says the drill, which is open to more participants, will help bolster defenses.

Banks are interested in testing their defenses in the wake of recent cyber-attacks, says Simmons, president and CEO of SWACHA, a regional payments association. Those attacks include account-takeover attempts linked to phishing and ACH and wire fraud, as well as distributed-denial-of-service attacks that are sometimes waged as modes of distraction to veil fraud.

snip

Banking institution employees participating in the simulated attacks will be e-mailed attack scenarios and then asked to develop response strategies, he explains. "It's a tabletop exercise. All you need to participate is an e-mail address and telephone."

http://www.bankinfosecurity.com/intervi ... ses-i-2063

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Sat Oct 12, 2013 6:20 pm
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 Re: Banks
Iceland jails former Kaupthing bank bosses

http://www.bbc.co.uk/news/business-25349240

Is there an icon / emoticon for shedding croccodile tears?

Simon

--------------------------------------


Four former bosses from the Icelandic bank Kaupthing have been sentenced to between three and five years in prison.

They are the former chief executive, the chairman of the board, one of the majority owners and the chief executive of the Luxembourg branch.

They were accused of hiding the fact that a Qatari investor bought a stake in the firm with money lent - illegally - by the bank itself.

Kaupthing collapsed in 2008 under the weight of huge debts.

For years, Kaupthing and other Icelandic banks had aggressively pursued overseas expansion plans, but when they went into administration, they brought the country's economy to its knees.

Just a few weeks before the collapse, Kaupthing announced that Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani had bought a 5.1% stake during the financial crisis in 2008.

The move was seen as a confidence boost for the bank.

The four were also made to pay their own legal costs for the case, which amount to millions of pounds.

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Thu Dec 12, 2013 6:13 pm
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Post Re: Banks
This should be done all around the world Simon, the world would be a much better place with some honest bankers :heart

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Fri Dec 13, 2013 6:59 am
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Post Re: Banks
simple simon wrote:
Iceland jails former Kaupthing bank bosses

http://www.bbc.co.uk/news/business-25349240

Is there an icon / emoticon for shedding croccodile tears?



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Sun Dec 15, 2013 6:15 pm
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