Citicorp, JPMorgan Chase, Barcleys and RBS found guilty of rigging foreign exchange prices of U.S. dollars and euros from Dec. 2007 to Jan. 2013.

[WhiteLove]

Big headlines today, the worms are escaping the cans...

Can of worms (http://www.usatoday.com/story/money/2015/05/20/billions-in-bank-fx-settlements/27638443/)

Can you imagine this, it is finally official that some of the largest banks in the world have actually manipulated the global markets at their most fundamental level. If this is not major news, I don't know what is. Because when we know something like this has actually happened, just imagine the potential of the yet to be uncovered corruption out there. When politicians learn that digging has great returns on investment, then it's going to blow.

This is such a big news story that it is hard to melt it all at once.

[Gaia]

Now you know why they are called "Banksters"

[WhiteLove]

Now you know why they are called "Banksters"

Hehe :clapping:

[shadowstalker]

Well at least it's in national mainstream.

But it wont last long and folks in this country seem to have a short attention span for semi real news unless someone gets killed and even that is debatable..

And nothing real would come out of this except for the people, people as in tax payers to pay the price in the long run.

[lucidity]

Hello Siblings,

I might just chime in here...

According to the USAToday article:



Outlining what she termed a "brazen display of collusion," U.S. Attorney General Loretta Lynch said investigators found that traders in the nearly unregulated, $5.3-trillion-a-day foreign-exchange market colluded in you-scratch-my-back-and-I'll-scratch-yours forms of plotting.

The $2.5 billion in criminal fines levied as part of the resolutions represent the largest federal anti-trust penalties ever obtained by U.S. authorities, she said.


Note that the FX trade is worth: $5.3-trillion-a-day
FX markets are open 24 hours a day, 7 days a week.
So multiple it by 365 to get the true annualised size of the market.
It's a very, very big market.

But the criminal levy is only 2.5 billion.... ie. peanuts.
That's almost certainly less than one tenth of 1 percent of the profits they made.
Consider that no one has gone to jail.
And no one has been sacked.

In other words,.... there's every incentive for them to continue doing this, it's
making them HUGE profits, with virtually no deterrent.

Another quote from the USAToday article:


"Once again the actual perpetrators and criminal architects of the fraud scheme will avoid criminal liability," said Gurulé, now a University of Notre Dame law professor. "While the payment of these large fines may help to reduce the federal deficit, such penalties will do little to change the pervasive culture of corruption that currently exists in the banking sector. Real change will only occur when corrupt bank officials are indicted, convicted and sent to prison for their crimes."


What's needed to stop this corruption is one or both of the following measures:
1. Fines that actually make breaking the law unprofitable.
Fines that wipe out any financial gain and cut into the bottom line profit hurt banks badly.
They really, really hate that.
2. Put senior banking executives in jail.

be happy

lucidity :-)

[East Sun]

BIG money people know they can buy just about anyone. And those they can't buy they murder. They have to because they are controlled also,
So it's a hierarchical set-up and the ones at the top are not known and will never be brought to any kind of justice. They are essentially above the law.

Only if the entire system is destroyed by some great force will they be brought down. Let's hope that this will happen.

And it may. Let it be!!!!!!!!!!!!!!Let it be!!!!!!!!!!!!!!!

[Tesla_WTC_Solution]

Whoa! It might explain something from a couple months back (http://www.nydailynews.com/news/politics/lupica-republicans-stalling-loretta-lynch-spite-article-1.2150313).


Lupica: Republicans stalling Loretta Lynch confirmation out of spite
NEW YORK DAILY NEWS Sunday, March 15, 2015, 9:08 PM

my own grandma would hate me for pointing that out,
she's a repub </3

[mgray]

Over $5.6B in fines paid by the banks and yet not one of these traders were charged criminally for rigging a market that effects everyone borrowing money.

Amazing. I guess they were using aliases in the chat rooms so the feds don't know who they are. lol

[sandy]

Fines my rear end..............they need to be charged and jail sentences handed out accordingly and then their way of business shut down permanently!!

[Noel]

I am thinking that china's way of lining them up for a public execution would have the fastest and memory jogging end to the problem, it may be the only thing they will understand.

[Nikola Tesla]

they rip us of, again and again and again... this is the latest moves before the crash. Iceland made the right deal, put this scum in jail and take the money and fredom back. But this will never happen with Obama.. he is laying even if he say "good morning" like every western politician. The system does not allow good people to come up and rule the world. Tey pick up just good actors and allways control booth candidates so the sheeps can chuse between pest ane cholera.