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Banks Get Fined $5.7Bn Over Forex Rigging

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2 at RBS fired and 3 suspended. For a ~£600 million fraud.

Astounding.

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Banks Customers Get Fined $5.7Bn Over Banks Forex Rigging

Fines paid out of customer takings.

Unless several of the bankers are locked up/hung for fraud where is the incentive to stop/

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yes, fines don't matter - it is a cost of business for banks nowadays

and, in the case of RBS, it is either our money or customer's money that pays the bill anyway

unless and until there are charges and trials with custodial sentences for this sort of thing, it is going to carry on

surely there are charges of conspiracy to defraud that could be brought? That has a nice chunky 10 stretch as potential sentence http://www.cps.gov.uk/legal/s_to_u/sentencing_manual/conspiracy_to_defraud_%28common_law%29/

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Anybody held accountable?

:lol::lol::lol:

Nice one.

Banker's can't be held accountable- apparently if a senior banker is ever charged with a crime the world ends, or something like that. Think of them as financial terrorist's with derivative bombs strapped to their chests.

But- like all those who deal in unstable and destructive things sooner or later they will succeed in blowing themselves up (again)- and us along with them- at which point I think we will see some real action.

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What I would like to know about all these fines is who gets the money?......the state or all those who lost out because of market rigging?

if the authorities would they not then have a VI in misdemeanours?

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What I would like to know about all these fines is who gets the money?......the state or all those who lost out because of market rigging?

if the authorities would they not then have a VI in misdemeanours?

Fines go to FSA they keep it, fines never get to be paid back to the consumer, the consumer always loses.

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Fines go to FSA they keep it, fines never get to be paid back to the consumer, the consumer always loses.

Incorrect on several levels.

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:lol::lol::lol:

Nice one.

Banker's can't be held accountable- apparently if a senior banker is ever charged with a crime the world ends, or something like that. Think of them as financial terrorist's with derivative bombs strapped to their chests.

But- like all those who deal in unstable and destructive things sooner or later they will succeed in blowing themselves up (again)- and us along with them- at which point I think we will see some real action.

The City of London Police are responsible for investigating economic crimes.

The City of London Police are regulated by the City of London Corporation.

The City of London Corporation is elected by the the senior staff of the banks.

About the only hope for justice is if any of them are extradited to the USA (e.g. Natwest Three).

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Get your popcorn ready :) :

Giant $5.6 Billion Bank Fines Pave Way for Clients to Sue

The banks have all promised to clean up, but the evidence that emerged today is likely to spark further litigation against the banks, “particularly from pension funds and other money managers that have suffered losses on forex trades as a result of the market manipulation,” said Simon Hart, banking litigation partner at City law firm RPC.
“Legally it will be much easier to bring a civil claim against a bank for forex manipulation than for Libor manipulation,” he said. “The short-term and one-off nature of forex trades means it will be far easier for firms to prove that they lost money on particular trades during a period one of these banks was manipulating the market. If a firm aggregates all those trades where losses were suffered, the numbers could well be significant.”
Robin Henry, a financial disputes partner at Collyer Bristow, said: “Potential claimants could be pension funds and investment managers, who have regular currency dealings with banks in large volumes and U.K. businesses who were mis-sold highly complicated forex derivatives by banks in order to manage their exposure to foreign currency. Small changes in forex rates can trigger massive liabilities for businesses. ”
Even more troublesome for banks, he said, is the “threat of claims by customers that, had they known that their banks were manipulating forex rates, would never have entered into those contracts in the first place.”
The fines aren’t the end of the story for banks, said Abdulali Jiwaji, a partner at Signature Litigation.
“Criminal and competition related investigations are ongoing,” Mr. Jiwaji said. “While the larger institutions can comfortably absorb the financial penalties, significant actions against individuals are in the pipeline which will no doubt also provide ammunition for related civil claims.”
Edited by Eddie_George

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The US govt is talking about 'a self-declared cartel conducting brazenly illegal behaviour over many years'.

The UK govt keeps telling us to stop bashing the bankers.

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Anybody held accountable?

Or is that fate just reserved for any other Joe shit in the rest working world?

Yes Bob Diamond was only permitted to be paid £120,000,000 from scammed customers.

he loved Barclays

The time for bashing the bankers is over, we need to get behind them - Rt hon David Cameron PM.

Edited by R K

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According to radio 4, large pension funds and investors/shareholders of bank shares were fed up with the behaviour and governance of some big banks.....things have got to change...all this going on is putting banking to shame immoral and unethical greedy behaviour has to stop.

I think that their concern is driven as much by how the fines damage share prices and dividends.

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I think that their concern is driven as much by how the fines damage share prices and dividends.

Public concern about what is going on behind closed doors, bosses and employees that it seems are protected.....fines are not good but fines are not preventing/ putting a stop to the underhand and illegal cartels manipulation of markets for private and personal gain....

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Money literally has no meaning these days. We are all living in an economic illusion.

A bit off topic but I have been thinking the same thing. What does that pound in my pocket actually mean any more?

At best, it's a liars promise.

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