So... who's going to jail? Financial system corruption

Discussion in 'Politics, Religion, Social Issues' started by VulchR, May 20, 2015.

  1. VulchR macrumors 68020

    VulchR

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    #1
    OK, so 4 banking companies have agreed to pay nearly $6 billion (yes, that's billion with a 'b') in fines due to fixing the currency markets (see story at http://www.bbc.co.uk/news/business-32817114).

    What hasn't been reported so far is who's going to jail. I wonder if anybody will actually serve time...
     
  2. Eraserhead macrumors G4

    Eraserhead

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    #2
    Agreed. Someone should be in prison for this.
     
  3. Thomas Veil macrumors 68020

    Thomas Veil

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    #3
    Pleading guilty has got to mean there was a deal made and nobody's going to prison.

    Jail is for the little people.
     
  4. VulchR thread starter macrumors 68020

    VulchR

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    #4
    Probably one of the biggest thefts in history, if not the biggest (bigger than LIBOR?)... The financial industry really went whole hog on this, proving the worth of self-regulation. They fired a few underlings. Of course, the executives given that massive banker's pay knew not–a–thing. :rolleyes:

    EDIT: And two of the banks' stocks went up because the fines wee 'lower than expected'.
     
  5. ucfgrad93 macrumors P6

    ucfgrad93

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    #5
    Agreed. It is hard to imagine that they did something so wrong that it earned them a $6 Billion fine, but no one is going to jail.:rolleyes:

     
  6. steve knight macrumors 68020

    steve knight

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  7. zin macrumors 6502

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    #7
    Nobody will go to prison because the corporations pleaded guilty. You can't send a corporation to prison so the only alternative is to levy criminal fines.

    I sometimes wonder if the reason individual bankers are rarely charged is because proving individual guilt would be tremendously difficult. These financial instruments pass over multiple continents through thousands of different accounts. Proving guilt for one such person is going to take a lot of time and resources.

    And the banks know it, which is why they'll do it all over again.

    Penalties should be substantially higher or regulators should go after individuals, no matter how difficult it will be. It should have been $6 billion per bank.
     
  8. DonJudgeMe macrumors regular

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    #8
    Could you even imagine the feeling of invincibility if you are the CEO of a corporation?

    Now, if you are apart of the judicial system, what kind of message are you sending when you let some these guys get away with what they are doing with "fines"?

    You made a valid point, but people have been jailed for actions of corporations... there just has to be overwhelming evidence against individuals (which is nearly impossible, unless you are Enron).

    It does SELDOM happen, unfortunately, however I do not think it is necessarily an ope n and shut 'fine' scenario. I think there will, most definitely, be multiple investigations for several individuals that were involved.
     
  9. aaronvan Suspended

    aaronvan

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    #9
    Over the past few year a number of government whistleblowers were prosecuted and sent to prison by the feds, but not one Wall Street crook.
     
  10. A.Goldberg macrumors 68000

    A.Goldberg

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    #10
    Hieveryone should be the first to go.

    But really, I do agree that those knowingly involved need to be arrested.
     
  11. zin macrumors 6502

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    #11
    Mandatory thread comic relief before we grab our pitchforks:

    A lawyer and a banker are drowning. You can only save one. Do you go read the newspaper or make lunch?
     
  12. LIVEFRMNYC macrumors 603

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    #12
    DOJ needs to start holding the immediate supervisors responsible. Then you'll see change.
     
  13. aaronvan Suspended

    aaronvan

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    #13
    A black guy, a Jew, and a Mexican walk into a bar.
    The bartender says, "Get the **** out of here."
     
  14. DonJudgeMe, May 20, 2015
    Last edited: May 20, 2015

    DonJudgeMe macrumors regular

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    #14
    Ok. Thanks for making beer come out of my nose. Now, the bartender wants me to leave, too.:p

    A guy walks into a bar.... "ouch"
     
  15. steve knight macrumors 68020

    steve knight

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    #15
    their inflated egos and money will keep them afloat.
     
  16. jnpy!$4g3cwk macrumors 65816

    jnpy!$4g3cwk

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    #16
    Are there estimates of the damage this caused? It sounds like they touched O(10%) of all foreign currency transactions in the world, for five years? (Have I got that right?) There must be trillions in damage. I wonder how much of that the banks were able to collect. $6 Billion sounds like a small price to pay.
     
  17. Happybunny macrumors 68000

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    #17
    First off nobody of any consequence is going to go to prison. There are just to many layers between the actions and the top, plus armies of lawyers.

    Although I blame the financial service industry for the crisis of 2008.

    One must never forget that the public was a willing victim.
    I mean all those advertisements giving you money for nothing, it was like they were making money out of thin air.

    People were willing to believe growth rates of 10% year upon year, house prices were only going to go up, China would always be a low cost manufacturer.

    It got to such a state of affairs that most governments were to frightened to control/stop the gravy train. The general public was happy, and for most politicians of the time that was enough.

    If the general public was not so gullible, the crisis would never have happened.
     
  18. thekev macrumors 604

    thekev

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    #18
    The problem is that even those of us that didn't attempt to leverage the upswing of the bubble were affected by it. You can be part of the general public without supporting any of that or leveraging it in any way (and yes still working and paying taxes before anyone mentions that).
     
  19. Happybunny macrumors 68000

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    #19
    I agree, but my point was that without a willing victims, the crisis wouldn't have happened.

    Those people who borrowed and lived like kings on credit, they were the ones who shouted the loudest when the ride stopped.

    Anybody who really thought that the economy could keep growing was fooling him/her self and should never be in-charge of money matters again.
     
  20. VulchR thread starter macrumors 68020

    VulchR

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    #20
    And yet US courts have ruled that a company can have religious views.... :rolleyes:

    Not everybody rolled up debt during the boom years. My ex and I saved like crazy and I now own the place in which I live. I've done plenty of shouting about the financial system since the '80's. ;) The again, I always seem to be in the minority, so maybe you're right.

    In any case, I am appalled by the lack of news coverage. The BBC last night seemed to focus on 8 jewel thieves rather than the 8 fired by Barclay's for this scandal. In spite of the fact that the UK police seem to make it their business to leak juicy details about the petty criminals to the tabloids, none of the perpetrators of this crime have been named and shamed. The lack of personal accountability disgusts me.
     
  21. stylinexpat macrumors 6502a

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    #21
    The big boys always have someone who takes the hit for them. Rothschild must be happy that their name is not on the list. Drop in the bucket for them.
     
  22. sim667 macrumors 65816

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    #22
  23. NT1440 macrumors G4

    NT1440

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    #23
    How much of this "fine" is going to be tax deductible?

    This is $5Billion across multiple banks...in other words maybe a week's worth of profits for each of them.

    This is what we call pay to play people.
     
  24. DonJudgeMe macrumors regular

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    #24
    Very well said.
     
  25. td1439 macrumors 6502

    td1439

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