Five Major Banks Plead Guilty to Felony Charges Over Currency Rigging

www.foxbusiness.com...

Read carefully. Not one word about who's going to jail or that anyone is going to jail for these felonies. Yes, felony charges! That's what pisses me off the most. These guys get caught red handed committing felonies and just walk away. Now, the fines are pretty hefty, but in exchange for pleading guilty, the lawyers bargained so they can keep on doing what they were doing. So, several banks get caught manipulating currency, get fined and get to go right back to it. Yep. Another victory for the "justice" system.

Five of the world’s largest banks will plead guilty to felony charges and pay fines totaling nearly $5.8 billion following a multi-year investigation into allegations the banks banded together to manipulate global financial markets, the U.S. Justice Department announced Wednesday.
Four of the banks – Citicorp (NYSE: C), JPMorgan Chase (NYSE: JPM), Barclays PLC (NYSE: BCS) and The Royal Bank of Scotland (NYSE: RBS) -- will plead guilty to conspiring to manipulate the price of U.S. dollars and euros in foreign currency markets and the banks will pay fines totaling more than $2.5 billion.

Traders allegedly rigged by the markets by manipulating two major daily rate “fixes,” the 1:15 p.m. European Central Bank fix and the 4:00 p.m. World Markets/Reuters fix, according to prosecutors. Third parties collect trading data at these times to calculate and publish a daily “fix rate,” which in turn is used to price orders for many large customers.

But Chicago securities attorney Andrew Stoltmann said the punishment has more bark than bite because the banks got regulators to eliminate much of the sting from the penalty during negotiations.

“In exchange for pleading guilty and paying these hefty fines, the banks demanded that regulators not ban them from certain business practices,” said Stoltmann.

“These accommodations render the plea deals effectively useless. The pain of an indictment comes from banks not being able to, as a felon, engage in certain lucrative business practices. By getting the SEC and Labor department to ok the continuation of these business practices, the pleas are not very meaningful,” he added

a reply to: DAVID64

Not surpised.

Good thing we have Dodd-Frank and Too Big to Exist, erm, I mean, Fail.

Instead of breaking these mega-banks down they are only going to continue to consume smaller banks and repeat the failed actions of the past.

and the money doesnt really exist anyway to pay the fines, so transfering imaginary binary digits from one account to another is meaningless when there is nothing in actual reality to support $5.8 billion dollars in cash.

I expect too that, as has happened in the past, a large amount of portion of those fines will be tax deductible!

The other thing to consider, and left unsaid by the press and prosecutors is that this isn't a case of individual banks committing individual crimes. These banks colluded in the crime, which therefore makes it "organized crime", on a grand scale. There are supposed to be very stiff penalties for those charged with organized crime offences, yet once again they walk away free.

The upshot here is that the governments have, once again, suspended the rule of law in not prosecuting the individuals and senior management of the banks, as they ultimately were the ones operating this fraud. Simply having them pay fines then carry on with the next scam is NOT punishment at all, but of course they are too big to punish, and the prosecutors are not going to hit them too heavily as they usually come from those same banks, or will leave office to take up positions with them. The corruption is so deep it's staggering!

Now that these banks are convicted felons, they shouldn't be allowed to have armed security guards, right?

a reply to: VictorVonDoom

You'd think that with so many felonies behind them, they'd even have their banking licenses withdrawn, same way any other business would be shut down.

I bet the prosecutors even apologized for having to impose the fines!

originally posted by: Britguy
You'd think that with so many felonies behind them, they'd even have their banking licenses withdrawn...

You are funny, Britguy.

What do you want next? Politicians prosecuted for their transgressions and lies?

My sides hurt from laughing.

a reply to: DAVID64

Can anyone explain to me why BANKS aren't subject to the same antitrust laws other types of businesses? It seems to me that the whole idea of antitrust laws is to prevent monopolies and unfair control over an industry... so What am I MISSING?????

The banks agreed to what the Justice Department called three years of “corporate probation” that would include federal court supervision and regular reporting to authorities to determining that the firms had ended “all criminal activity.”

Yeah, I'm laughing too.

Everybody's got a price.

originally posted by: AugustusMasonicus
a reply to: DAVID64

Not surpised.

Good thing we have Dodd-Frank and Too Big to Exist, erm, I mean, Fail.

Instead of breaking these mega-banks down they are only going to continue to consume smaller banks and repeat the failed actions of the past.

I wonder when they are going to go after George Soros for doing the same thing.

a reply to: AugustusMasonicus

I like a good laugh too.

Up the workers, etc!

originally posted by: NavyDoc
I wonder when they are going to go after George Soros for doing the same thing.

Never!!!

You funny too.

Give a man a gun and he can rob a bank, give a group of guys a bank and they can rob us all.

These filthy excuses for slimeballs need short ropes and tall trees.

Coinage and courts folks.

so.....

this money... i wonder how will they pay this.... will we let them print it as usual... or will we let them work it off..... no prison is fine as long as you work back the deaths of a phew thousand years for us...

"one moment sir let me add that to your balance by typing a number into your account number......"

those guys need some manual labour like we the people do for money....
we the people have to work with our hands for paper money that loses its worth while being counted....
and banks messing with the system actually are saying well... the work youve done is just less worth now...
youll need to do just a little more if you want to keep living the way you are used to
youll need to work a little harder to keep eating like you are used to...

i for one am planning to use a brics bank as soon as possible, seems much more fair...


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Five of the world’s largest banks will plead guilty to felony charges and pay fines totaling nearly $5.8 billion following a multi-year investigation into allegations the banks banded together to manipulate global financial markets, the U.S. Justice Department announced Wednesday. Four of the banks – Citicorp (NYSE: C), JPMorgan Chase (NYSE: JPM), Barclays PLC (NYSE: BCS) and The Royal Bank of Scotland (NYSE: RBS) -- will plead guilty to conspiring to manipulate the price of U.S. dollars and euros in foreign currency markets and the banks will pay fines totaling more than $2.5 billion.

conspiring... agains american citizens (but also well everybody else on this planet).... isnt that like some sort of... treasonous act against america? for starters? they act with knowledge others cant acces.... they conspire.... they have gained alot more with the real power that the ill begotten money granted them....and what will the beneficiary do (politicians)... pump all this money into society? how will they spread this over the entire population... and if so will it not decrease the money you already had in your wallet as the market gets flooded with more useless paper...

I don't understand, well I do actually but it still doesn't make sense in my head, why none of these POS go to jail. They didn't in 08/09 and they won't for this. They might put up one sacrificial lamb but that will be it and they only get the lightest sentences possible.

If anyone ever thinks that there isn't two justice systems in this world, just point them to this or the fact that no one went to jail for collapsing the worlds economy. In fact, they got handed a tonne of tax payer money because they were all "too big to fail".

originally posted by: GAOTU789
I don't understand, well I do actually but it still doesn't make sense in my head, why none of these POS go to jail. They didn't in 08/09 and they won't for this. They might put up one sacrificial lamb but that will be it and they only get the lightest sentences possible.

If anyone ever thinks that there isn't two justice systems in this world, just point them to this or the fact that no one went to jail for collapsing the worlds economy. In fact, they got handed a tonne of tax payer money because they were all "too big to fail".

yes they only give us back a little drop....

Making Money out of thin Air and all related to GREED !