These banks
are willing to pay the fines happily, for good reasons, as none of their CEOs
were found guilty, or would be found guilty, or made accountable for the
offences. The banks continue to run as per normal, and so were the employments
of the CEOs, all sitting tight and happily as if nothing had happened. Surely
they did not know the banks were involved in money laundering. With such
latitude, would they be back to their monkey businesses again? There don’t seem
to be any accountability or responsibility. It is business as usual and the
banks are going to continue to make more monies laundering more money and
selling fraudulent derivative products.
Actually the
biggest winner of all the bank fraud is none other than the US Govt. They
pocketed US$150 billion practically doing nothing, and doing something very
legal. How many businesses can make this kind of profit with nearly zero cost?
Is there a conspiracy between the Federal Court/US Govt and the big banks, with
the banks allowed to do what is profitable but illegal but willing to pay the
fines and the courts to enrich the US Govt’s coffer, like I scratch your back
you scratch mine?
Who are the
big gainers and who are the big losers in this game of money laundering? What a
great game to play for the CEOs of these big banks. No responsibility when
caught, only pay fines. If not caught, can chalk up big profits to justify big
bonuses.
13 comments:
We have three banks caught laundering money or something like that. You think they will be slapped with a small fine and the CEO not affected like in the USA?
Bro, all would be fine! Its all part of game.
Everyone is doing it. If you don't join in, you're gonna lose out. It's a DOG eat dog world.
Have to wayang wayang a bit when caught.
Have to win the game at all costs. See in football matches, for example the EU final.
Had to maim the key players to win. Ronald out in just fifteen mins.
The end result win by all means.
You think MAS sleeping.????
"What a great game to play for the CEOs of these big banks. No responsibility when caught, only pay fines."
RB
There must be good reasons why the big banks only pay fines lah.
Just as there are good reasons why PAP can win 70% votes in GE 2015, and why Chee Soon Juan can't even win a by election against a PAP minority candidate in a Chinese majority SMC.
And good reasons why our neighbour PM Najib can still remain as PM despite all the scandals.
They all have different, but good reasons for being so.
What about changing cash into CPF dollars?
- when CPF Board receives monthly cash payments from the employer and the employee
- the CPF Board converts the real cash (which can buy anything at anytime) into CPF money (which can buy almost nothing)
Do you think this is a lucrative business?
If the foreign banks can do this type of leegal business ... do you think they will still do money laundering which is illegal?
/// Actually the biggest winner of all the bank fraud is none other than the US Govt. They pocketed US$150 billion practically doing nothing, and doing something very legal. ///
The US government bailed out the banks during the financial crisis.
So the fines is to help reimburse government expenditure.
.............................
Most people think that the big bank bailout was the $700 billion that the treasury department used to save the banks during the financial crash in September of 2008.
But this is a long way from the truth because the bailout is still ongoing.
The Special Inspector General for TARP summary of the bailout says that the total commitment of government is $16.8 trillion dollars with the $4.6 trillion already paid out. Yes, it was trillions not billions and the banks are now larger and still too big to fail.
But it isn’t just the government bailout money that tells the story of the bailout.
This is a story about lies, cheating, and a multi-faceted corruption which was often criminal.
http://www.forbes.com/sites/mikecollins/2015/07/14/the-big-bank-bailout/#705c52253723
This Is Where Bad Bankers Go to Prison
- Iceland is the only nation that put top finance executives behind bars after the 2008 crisis.
- Still, fears of crony capitalism remain
Kviabryggja Prison in western Iceland doesn’t need walls, razor wire, or guard towers to keep the convicts inside.
Alone on a wind-swept cape, the old farmhouse is bound by the frigid North Atlantic on one side and fields of snow-covered lava rock on another.
To the east looms Snaefellsjokull, a dormant volcano blanketed by a glacier.
There’s only one road back to civilization.
This is where the world’s only bank chiefs imprisoned in connection with the 2008 financial crisis are serving their sentences.
http://www.bloomberg.com/news/features/2016-03-31/welcome-to-iceland-where-bad-bankers-go-to-prison
- the CPF Board converts the real cash (which can buy anything at anytime) into CPF money (which can buy almost nothing)
Anon 2:16 pm
Smart Sinkies don't use CPF money to buy things but rather to get high interest. Where can you get 5% interest on your money deposited, u tell me lah?
Smart Sinkies use their bank account money to buy things. Because they are smart, their bank account has a lot of money.
/// Smart Sinkies don't use CPF money to buy things but rather to get high interest. Where can you get 5% interest on your money deposited, u tell me lah? ///
July 28, 2016 2:59 pm
3.5% rate of return on your CPF money just means you have 3.5% more money (that you cannot use) after 12 months.
- stupid people have been known to say "Wah! I feel so rich!" when commenting about the cpf money that they have ... that they cannot use.
DEFINITION OF Impotence
- you have a pretty wife
- you have a cock
- but your cock cannot get hard
... just like your cpf money.
I offer you 10% interest but forever you can see but cannot touch your money, want or not?
China claims it has discovered the world’s largest hole and it’s in one of the most dangerous places on the planet
http://www.businessinsider.sg/worlds-giant-hole-in-south-china-sea-2016-7/
------------
Which hole is bigger?
China's hole?
Or the CPF hole your money has disappeared into?
What about the Temasek hole or the SMRT hole?
What about the AIM hole?
China just finished building the world's largest radio telescope to detect life billions of light years away
http://www.businessinsider.com/china-fast-largest-radio-telescope-2016-7?IR=T&r=US&IR=T
-------------------
I wonder if this China radio telescope can detect the presence of life in the PAP parliament?
The AGO report has revealed lots of lapses, including an eye-popping $410,000 consultancy fee for a $470,000 bin centre.
https://likedatosocanmeh.wordpress.com/2016/07/27/20160727-ago-report-on-mccy-minister-grace-fu-chut-pattern/
----------------------------
Penny-wise, pound foolish.
This is a one-off consultancy fee.
A Minister's salary, we have to pay every month.
" After the Verizon VZ deal was announced on Monday, the Internet erupted in outrage that Yahoo CEO Marissa Mayer could collect as much as $55 million.
That’s the figure Yahoo YHOO stated in April that Mayer could collect if the company were sold and more-than enough to get observers who think Mayer has not done a great job to declare her pay unfair, and another sign that corporate compensation is corrupt.
But, here’s the thing, that widely reported $55 million figure grossly understates what Mayer is likely to pocket after the deal closes.
The real number: $122,578,795."
++++++++++++++
“I think the bottom line is look at what [Mayer] is ending up with: She did quite well even if shareholders didn’t,” Foley says.
+++++++++++++++
http://fortune.com/2016/07/26/marissa-mayers-verizon-yahoo-pay/?curator=thereformedbroker&utm_source=thereformedbroker
Is it also the same?
Even if Singaporeans do not do well, our PAP Ministers will still continue to receive outstanding salaries?
Even if MRT train keeps breaking down, the SMRT CEO continues to receive a million dollare salary?
True or not?
You tell me lah.
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