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Reck B

Making Banks Pay Monetary Fines

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Aside from the fact it's like fining a musician a chord sequence, or a journalist a few paragraphs of words, where does the money actually end up?

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Aside from the fact it's like fining a musician a chord sequence, or a journalist a few paragraphs of words, where does the money actually end up?

In the bank?

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Something I have always wondered.

Presumably they can't just invent a few zeros on a computer and transfer across from one account to another?

Or can they... :ph34r:

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Aside from the fact it's like fining a musician a chord sequence, or a journalist a few paragraphs of words, where does the money actually end up?

Banks have bank accounts too you know.

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Print it off and give it to the banks being fined. That or bump up taxes a bit and hand it over to them.

Apparently fines just ended up back in the financial sector funding the regulators.

http://

www.telegraph.co.uk/finance/newsbysector/banksandfinance/9363461/Banks-scandal-Use-millions-in-bank-fines-to-cut-taxes-says-Osborne.html

Under the current system, the £60 million fine imposed on Barclays by the FSA in Britain for manipulating the market will go straight back to the banks in the form of lower regulatory fees.

Osborne is reported to have said he wanted to change it so that taxes will be reduced. Dream on - it probably will go towards some pet project. It was supposed to happen from April 2012.

It might reduce taxes a fraction of the increase in taxes to bail out the banks due to their various frauds.

Edited by billybong

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Numbers change within the banks' computers.

The bank balance of the recipient of the fine increases - an increase of liability for the banks.

On the aggregated banks' balance sheet the liability labelled 'shareholder equity' decreases correspondingly - one liability has replaced another.

The shareholders are worse off.

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Do the banks also have to pay back their ill gotten gains from something like LIBOR fixing?

Or is the fine it?

And, if so, how does the fine stack up against the profit?

What I mean is that if Bank A, for instance, has to tip up £290m in fines as full and final settlement, but made £580m in profit from its rogue activities, that is still a pretty nice turn isn't it.

Surely the bank should be pursued for the criminal funds / assets too. In my illustration above, the £580m profit should be taken from Bank A as well as the £290m fine.

Does that happen?

Edited by JPJPJP

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Lloyds bank fined record £28m for 'serious failings' - BBC

Lloyds Banking Group has been fined £28m for "serious failings" in relation to bonus schemes for sales staff.

The Financial Conduct Authority said it was the largest fine that it or the former Financial Services Authority had imposed for retail conduct failings.

The bonus scheme pressurised staff to hit sales targets or risk being demoted and have their pay cut, the FCA said.

In other words. the Lloyds scum staff knowingly missold products in order to get bonuses and to save their worthless sh*tty scum jobs.

Anyone who works for Lloyds, and takes their shilling, is worthless SCUM.

It really is as simple as that. If you work for a criminal organisation, you are a criminal.

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Lloyds bank fined record £28m for 'serious failings'

I love the lengths the media will go to avoid saying anything that might seem to accuse the bankers of committing actual crimes- there's an entire lexicon in use now that describes their activities as being 'misdemeanors' or 'serious misconduct' ect- well no- the word they are looking for-and successfuly not finding is 'fraud'.

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