Oh look, banks admit to criminal wrongdoing and no one goes to jail . . . again

[ksen]

http://www.theatlantic.com/business/archive/2015/05/bankers-greedy-or-foolish/393815/

An agreement between five banks and the federal government, announced Wednesday, forces five banks to pay a combined $5.6 billion and plead guilty to rigging markets. Four banks—Barclays, Citigroup, JPMorgan Chase, and the Royal Bank of Scotland—pled guilty to antitrust violations. UBS received immunity in the antitrust case, but will plead guilty to manipulating the London Interbank Offer Rate, or LIBOR, a benchmark interest measure.

Help citizens dodge taxes? No problem.

Launder drug money? No problem.

Manipulate global currency markets? No problem.

Crash the world economy? No problem.

So . . . what exactly do bankers have to do to end up in jail and put out of business?

 

[Tom Sawyer]

Egad. That's like a whole month's worth of profits. I bet the SEC had them get their parents to sign a note, too.

It's safe to say that the industry has been scared straight.

 

[arkirk]

http://www.theatlantic.com/business/archive/2015/05/bankers-greedy-or-foolish/393815/

An agreement between five banks and the federal government, announced Wednesday, forces five banks to pay a combined $5.6 billion and plead guilty to rigging markets. Four banks—Barclays, Citigroup, JPMorgan Chase, and the Royal Bank of Scotland—pled guilty to antitrust violations. UBS received immunity in the antitrust case, but will plead guilty to manipulating the London Interbank Offer Rate, or LIBOR, a benchmark interest measure.

Help citizens dodge taxes? No problem.

Launder drug money? No problem.

Manipulate global currency markets? No problem.

Crash the world economy? No problem.

So . . . what exactly do bankers have to do to end up in jail and put out of business?

Try to control your outrage! The banker may catch sight of it and then...they may do something to you and have to pay another fine! The sad thing is, it would probably be an even smaller fine to deal with a small fry like you!