12/20/2012
Criminals in high places and high finance
HSBC was slammed with more than a billion in fines for money laundering. UBS too was fined as much for rigging Libor. And several other big banks too were caught for equally serious criminal acts. The American and European authorities are currently investigating several banks for similar financial crimes.
What is nauseating is that no individual was found guilty of any crimes. The criminals were the inanimate banks and institutions. And the fines paid were from the shareholders. The shareholders are paying the fines of these criminals in high places. Where is justice? People in high places can commit crimes and be freed from punishment? How then would they stop doing what they were doing when they know that they are untouchables?
The US is now looking into bringing a few of these criminals to court and make them pay for the crimes personally. Until this is done, until these criminals in high places are put behind bars, the banking and finance industry will be dominated and in the control of such criminals and getting paid obscenely, unchecked by anyone.
The banking and finance industry has been in the hands of rogues and robbers for too long. When would the long arms of the law reach them and put an end to their crimes?
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10 comments:
Money laundering cases are harder to decipher.
1) Grey areas.
2) Eveything was done properly and approved by relevant authority at that time. Now new boss come, want to make a name for himself, says it's illegal.
We know from Kuan Yew's autobiography that his father Lee Chin Koon was gambling addict. Kuan Yew and mother suffered big time. Chin Koon forever fought his wife to pawn off matrimonial jewellery.
Lee has spoken against casino due to that. Later Kuan Yew regretted as he later realized the extend of profit PAP can made from money laundering using casino. Lee need a clown to push his casino agenda. George Yeo the phoney catholic fits in squarely due to his wayang pious.
Actually, Singapore’s success came mainly from being the money laundering center for corrupt Indonesian businessmen and government officials. Indonesia has no money. So Singapore isn’t doing well. To sustain its economy, Singapore is building casinos to attract corrupt money from China.
The above is written by Andy Xie, today the most famous economist in China. Andy was sacked from Morgan Stanley Singapore for speaking the truth.
George Yeo tell spin that casinos create jobs for Singaporeans but in reality most jobs go to foreigner. The only goal of casino is to enable money laundering which make the rich richer.
The money laundering hurts Singaporeans big time, and many people still do not realize it. The operations of money laundering are as below. The monies of drug or even murder find its way to Singapore, in exchange for chips. The next second the chips are exchanged back into cheques.
These cheques can then be saftely deposited back in bank. But then these cheques are denominated in SGD. So the easiest way for these monies to go is our real estate.
And you see then, our property price rocket like crazy. Our people suffer. We get sterilize big time. We got into debt. We are trapped into small cage.
Taking in odious monies hurt us eventually. Today, it hurts to poor. According to law of karma, it will eventually hurt the rich.
Fxxking George Yeo. You are a shame and shit to Christianity.
Dont just fuck Georgie Boy.
You know he was just a pawn.
When I was a boy in the 50s, there were lots of smugglings to nearby countries. Opium, cigarettes, liquors,gold, fashion wears and anything that gets huge returns.
In my early twenties, smuggling was still on, but on a much smaller scale as the neighbouring countries managed to better controlled it.
Now, it is the opposite, tobaccos and most items cost more here and smugglings changed direction. So, lots of money are flowing out, including Singaporeans consuming overseas in large numbers.
Enforcements, which cost .much and make nothing in return, are now required to be much enhanced.
But, many enforcement officers are fts, such that it is very difficukt to rule out successful collusions between the enforcers and their countrymen. Singapore is in for more shits as the Sun rises each day. Brace yourself to smell the shit when it hits the fan. No escape from it except to ran away.
Bringing them to justice and making them pay only benefits the authorities. What about those investors who lost their pants and coffin money? Those poor guys will probably have to pay for the legal cost with higher taxes.
Just like in Sinkieland, all the money collected from fines, persecution goes to the Government. Sinkies have to pay for higher fares, charges, levies when the bottom line is affected.
In the end, who really suffers?
anon 101pm - Sinkies can choose not to vote for the pussy action party but they are so easily manipulated using angpow, bonus, goodies bag, bullshit, gov dividend etc.
Rb, in my opinion the shareholders are to be blame too. They are the ones that are damn greedy pushing the bankers to do whatever it takes to earn high returns for the banks. When the authorities fined the banks, the greedy shareholders continue to support those banks instead of pulling their funds out of those banks.
THe authorities, shareholders, bankers, investors - everyone is guilty except the poor depositors who save and put money to earn saving interest. Authorities should look into breaking up the banksinto normal traditional banking and investing activities. Cost of funds for investing activities should not come cheap due to the more high risk profile.
Unfortunately, greed consume everyone in this world and such change most likely will not be implemented.
When you refer to shareholders, you are likely to be talking about majority shareholders. The minority shareholders are being robbed, paid peanuts in dividends. The biggest beneficiaries are the directors and top management and then the major shareholders.
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