Big Banks Face Another Round of U.S. Charges
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Big Banks Face Another Round of U.S. Charges
1–10 of 46 posts
Re: Big Banks Face Another Round of U.S. Charges
#2Another round? When was the first round. The banks have been caught with they hands in the cookie jar at least half a dozen times in the last ten years and nothing at all has been done about it (either from the US or UK side).
Re: Big Banks Face Another Round of U.S. Charges
#3Another round? When was the first round. The banks have been caught with they hands in the cookie jar at least half a dozen times in the last ten years and nothing at all has been done about it (either from the US or UK side).
That reflects popular sentiment, but it's not correct:
http://blogs.wsj.com/moneybeat/2014/06/23/a-list-of-the-bigg...
Re: Big Banks Face Another Round of U.S. Charges
#4"Prosecutors have explained publicly that banks would earn credit for exposing their misbehaving employees or face charges for protecting them."
Hopefully they offer extra credit for exposing C-Suite level involvement.
Also, where was this deal when the Fed was investigating toxic asset fraud?
Re: Big Banks Face Another Round of U.S. Charges
#5"Prosecutors have explained publicly that banks would earn credit for exposing their misbehaving employees or face charges for protecting them." Hopefully they offer extra credit for exposing C-Suite level involvement. Also, where was this deal when the Fed was investigating toxic asset fraud?
Doubtful. Also ftfa: The charges will most likely focus on traders and their bosses rather than chief executives.
This seems akin to the drug enforcement policy of targeting the users. Which has been shown to be completely useless.
Re: Big Banks Face Another Round of U.S. Charges
#6Another round? When was the first round. The banks have been caught with they hands in the cookie jar at least half a dozen times in the last ten years and nothing at all has been done about it (either from the US or UK side).
They've been pretty good at prosecuting financial institutions that ripped off other financial institutions. It's the public that they don't care about.
Re: Big Banks Face Another Round of U.S. Charges
#7Another round? When was the first round. The banks have been caught with they hands in the cookie jar at least half a dozen times in the last ten years and nothing at all has been done about it (either from the US or UK side).
Came here to mention what's linked to in @comatose_kid's response. There have been some really huge settlements with many/most of the banks, but it's happened so long after the fact, it's kind of out of the limelight. Obama's DOJ really hasn't gotten a lot of political mileage out any of it at all.
Re: Big Banks Face Another Round of U.S. Charges
#8Another round? When was the first round. The banks have been caught with they hands in the cookie jar at least half a dozen times in the last ten years and nothing at all has been done about it (either from the US or UK side).
Came here to mention what's linked to in @comatose_kid's response. There have been some really huge settlements with many/most of the banks, but it's happened so long after the fact, it's kind of out of the limelight. Obama's DOJ really hasn't gotten a lot of political mileage out any of it at all.
If they want political mileage, settlements are useless. You'll need to dismantle organizations, similar to what happened to Arthur Anderson after Enron.
Re: Big Banks Face Another Round of U.S. Charges
#9Another round? When was the first round. The banks have been caught with they hands in the cookie jar at least half a dozen times in the last ten years and nothing at all has been done about it (either from the US or UK side).
Bankers contribute substantial amounts to political candidates. Ex-bankers run the agencies that are supposed to oversee the banks. And they have quietly in the name of encouraging competition rewritten laws to strip away protections. In other words, it is now perfectly legal to grab cookies from the cookie jar. Is it any surprise nothing has been done?
I used to be more neutral till the secret recordings of Carmen Segarra came out - http://www.propublica.org/article/so-who-is-carmen-segarra-a...
The fed regulators in question were recorded being eager to be deferential to the very banks they were supposed to regulate, and the very banks that had caused this crisis. And oh, a surprising number of ex-regulators ended up working for the banks they previously regulated. What a coincidence.
Re: Big Banks Face Another Round of U.S. Charges
#10Another round? When was the first round. The banks have been caught with they hands in the cookie jar at least half a dozen times in the last ten years and nothing at all has been done about it (either from the US or UK side).
That reflects popular sentiment, but it's not correct: http://blogs.wsj.com/moneybeat/2014/06/23/a-list-of-the-bigg...
Popular sentiment is correct in this case. No one went to jail for reckless behavior that they had good reason to believe was wrong. Instead, they got to keep their bonuses to buy their mansions.
Oh and in one final insult, the settlements with the banks will eventually be paid for out of bank revenues - which of course is generated by the public. I'm sure the bank execs are high fiving each other over that maneuver in the backyards of their private Connecticut uber-mansions.