4 ms·
This should be a larger fine. People need to go to jail. These people corrupted of the primary substrates of the financial system. This shows how endemic the
by late2part 12y ago
This should be a larger fine. People need to go to jail. These people corrupted of the primary substrates of the financial system. This shows how endemic the corruption is and how little our system punishes people for cheating. Either the populace really doesn't care, or else the system is corrupt and the financial people have undue influence on the government. Either way, it is bad and it needs to change.
- misiti3780 12y agowelcome to the western world - where no one goes to jail for white collared crimes!!!
- easytiger 12y agoMany people have gone to jail for this and more will be. Still in progress. The merits of the actual impact of this and completely out of wack use of fines as revenue raising is another matter
- beagle3 12y agoThey have? Can you cite sources? The only mention of anyone possibly going to jail I can find (rather than just the general idea that someone might go to jail) is [0] (and another mention in RT). No names; no final sentencing. As if it never happened. [0] http://www.theguardian.com/business/2014/oct/07/banker-pleads-guilty-libor-rigging-rate-fixing http://www.theguardian.com/business/2014/oct/07/banker-plead...
- bboreham 12y ago13 people charged here: http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2014/libor-investigation-further-charge-.aspx http://www.sfo.gov.uk/press-room/latest-press-releases/press... two more here: http://www.justice.gov/opa/pr/two-former-rabobank-traders-indicted-alleged-manipulation-us-dollar-yen-libor-interest-rates http://www.justice.gov/opa/pr/two-former-rabobank-traders-in...
- spuiszis 12y agoThese are outliers though. Aside from insider trading cases, the norm is institution pays $X to settle and everything goes away (tax-deductible btw).
- bko 12y agoReplace 'institution' with 'shareholders'. That's why banks like DB trade for a price to book of < 1 (0.6 today). These settlements are a direct transfer from people's 401k to the pocket of politicians. > More than $5 billion has flowed into New York’s state and city accounts this year from settlements with BNP Paribas SA over sanctions violations and Credit Suisse Group AG for helping Americans evade taxes. In the city, the bounty has already funded a $160 million program to outfit police with tablet computers and a $35 million initiative to prosecute rapists. The New York governor plans to use a big portion to rebuild Rochester, Syracuse and other upstate cities far removed from the banks and their crimes. [0] [0] http://www.bloomberg.com/news/articles/2014-12-04/new-york-officials-jockey-as-bank-settlements-create-windfall http://www.bloomberg.com/news/articles/2014-12-04/new-york-o...
- late2part 12y agoLooks like the trial is underway or so [1] Still, only 13 people charged in what as institutionalized corruption. I believe the leaders of these companies were knowledgeable about what happened, or should have been. [1] http://www.reuters.com/article/2015/03/20/rabobank-libor-allen-idUSL2N0WM2AC20150320 http://www.reuters.com/article/2015/03/20/rabobank-libor-all...
- maxxxxx 12y agoI think it's time to think about sending companies to "jail". If you are in medical devices the FDA can suspend all your sales for a while. Obviously shutting down a bank for half a year will be pretty complicated to do without hurting their customers but I think it's something to think about.