11/19/2014
Big banks fined in the billions in Europe and the US
Saw a few pieces of crawlers over Channel News Asia a few days back. UK fined big banks US$1.7b for forex rigging. US fined big banks US$1.4b for forex riggings. Swiss authority fined UBS US$139m for forex rigging. My doubts about how the big banks could make billions in the business of banking suddenly got clearer. No, just on lending and earning interests would not make that kind of money. And no, just on trading would not make that kind of money either. When the big banks are cooking up billions in profits, the likelihoods of fraud and rigging are not far fetched. Give them a chance, like the last US financial crisis, every one of these banks will declare insolvent, bankrupt over night. History will repeat itself.
Who believes that banks are honest bankers doing honest and conservative businesses? Today, the big banks are the biggest rogues in fraudulent practices, money laundering, and rigging in forex and sell toxic derivatives. And if they are not caught and fined, it is not that they are innocent. It is just because they have yet to be caught. So be wary, be very wary, when banks are blowing their trumpets about the billions they are making, just like before the global financial crisis. And until today, none of the CEOs have to be locked up in jail. They continued to cheat and fraud using their banks and some low level traders would be used as the scapegoats. Any fines would be paid by the banks. The CEOs are blameless. They did not know what was going on.
A note of clarification. The big banks I am referring to are those in the US and Europe. Those that are here are absolutely safe, 101% sure. They would do what the rogue bankers are doing in Europe and the US. Our banks are making genuine small profits from loans and financing. We are so very lucky. Must be the good govt, the good governance and the good men in charge of the banks and all the good regulations we introduced.
I hope there is no nightmare in the making. Just remember Murphy’s Law.
Kopi Level - Green
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6 comments:
I m a believer of Murphy’s Law.
Very very soon, we would be meeting our "friend" Murphy’s Law.
Beware Beware Beware!
@RB:
>> Who believes that banks are honest bankers doing honest and conservative businesses?
The chain of dishonesty begins with the govts of the world and their central banks.
Euro interests rates are below 1%, as is Japan -- all big money printers fighting other big money printers like US Fed, and the Chinese and Indian central banks.
You want the biggest criminals: then arrest all the central bankers and their big tua kee "boss" Bank Of International Settlements. Serve arrest warrants on the IMF and World Bank too. They are the fuckers who should not only be fined heavily, but thrown in jail for a long long time.
Guess what? That ain't gonna happen anytime soon.
If you want banks to do "honest conservative business", then the first step is to OUTLAW the wanton printing of paper money which saps the purchasing power from wage earners and savers, and transfers the wealth to the rich and powerful fuckers who can borrow cheap and use that cheap leverage to make themselves even bigger piles of money.
Everyone dishonest lah. No one is saint here. Fine here and there but in the end is the commoners that suffered one lah. True justice has already been destroyed by all these politicians and bankers.
They fined the bankers and the bankers just simply pass the costs to the commoners. They fined the transport companies and they just pass the costs to the commuters. They fined the business, they just pass it over to the consumers. This type of stupid action only insults the people intelligence.
Well said Commenter b.
The World needs martyrs badly
and once in while, some sacrifice
themselves for themselves and
others. They are the Folks who serve
their purpose of being fully.
patriot
S'pore govt saman banks $12 billion last year for trying to manipulate benchmark interest rates.
The banks took remedial actions to ensure future good behaviour and compliance.
So S'pore govt saw it fit to return their saman of S$12 billion dollars.
Superduper wealthy bankers can get back their saman.
Can we ordinary folks ever think we can get back our saman money?!!!
Own money even cannot get back!
http://www.bloomberg.com/news/2014-11-07/singapore-returns-up-to-9-billion-to-banks-in-rate-probe.html
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