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fru-gal

Are They Going To Start Prosecuting Bankers Now?

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So suddenly we see a real, live, individual being taken to court for rigging of the financial markets. Is this going to be a new thing or is this just for show?

http://www.dailymail.co.uk/news/article-3097327/City-trader-accused-ringmaster-Libor-rigging-fraud-boasted-want-little-bit-money-possibly-get.html

The real trials begin the day 2 million people are in london baying for blood :lol:

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So suddenly we see a real, live, individual being taken to court for rigging of the financial markets. Is this going to be a new thing or is this just for show?

http://www.dailymail.co.uk/news/article-3097327/City-trader-accused-ringmaster-Libor-rigging-fraud-boasted-want-little-bit-money-possibly-get.html

..the CPS must feel they have a good case.....and more should follow ....if they broke the law as accused ..then yes the should be tried ...let it roll....

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The opening statement "he was driven by greed". LOL.

I mean what else would he be driven by? If you work in the financial markets that's your only remit. Make as much f*ing money as possible.

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What about all the innocent people making honest transactions that lost out financially because of this fraud, will they have any comeback to recuperate any losses?

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Chart of the number of bankers convicted for fraud and market-rigging since 2008.

CFmqecgWIAASSdu.png

totally Brilliant.

Says it all.

Edited by TheCountOfNowhere

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It seems he's being charged with 8 counts of conspiring to defraud - but from the account of what happened it sounds like there's enough to throw the entire book of financial offences at him.

Edited by billybong

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It seems he's being charged with 8 counts of conspiring to defraud - but from the account of what happened it sounds like there's enough to throw the entire book of financial offences at him.

Conspiracy charges imply that there should be other prosecutions coming. You can't undertake a conspiracy on your own........

Edited by Exiled Canadian

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He said he was prepared to name names. It'll be interesting to see if there's a path leading to the BoE. Apparently they denied knowledge of the fraud but there were reports (apparently from America?) that they did know about it.

Edited by billybong

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......and now FIFA as well. Is this a new era where wrong-doing gets punished?

It's been on talksport radio all afternoon. Apparently it's been under investigation for 24 years - since 1991.

A major issue and one has to ask with such an endemic culture how far down into day to day football it extends considering the number of incredible results in football.

24 years - so they might get around to the top of banking by about 2030 - maybe. Today the investigators have kept saying they will punish the bribery and corruption but apart from side issues the banking elephant in the room just stands there unmoved.

Edited by billybong

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It's astounding how outraged they all became on the radio about the FIFA scandal (justifiably) after they heard about it in stark contrast to the reporting about the banking scandals.

They then started saying Russia's FIFA World Cup (2018) should be put up for the vote again as well as Qatar's (2022).

Edited by billybong

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I

It's astounding how outraged they all became on the radio about the FIFA scandal (justifiably) after they heard about it in stark contrast to the reporting about the banking scandals.

They then started saying Russia's FIFA World Cup (2018) should be put up for the vote again as well as Qatar's (2022).

The Russians and Quataris will want their money back.

They bought those World Cups in good faith.

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A close relative who has worked in the city all their life says that all the "witch" hunting is stifling innovation!!!!!

The mindset was that as long as the marks weren't aware then it was alright.

They seem to think that lack of prosecutions was an official indictment of their business model.

Their venom is directed at the companies "overpaid lazy nucts" of compliance officers who are stopping their ability to earn a decent living.

Seeing this attitude is sickening, they believe measures taken against them are a anti-capitalist socialist plot!!!!!!

Lets hope that Hayes is just the start.

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A close relative who has worked in the city all their life says that all the "witch" hunting is stifling innovation!!!!!

The mindset was that as long as the marks weren't aware then it was alright.

They seem to think that lack of prosecutions was an official indictment of their business model.

Their venom is directed at the companies "overpaid lazy nucts" of compliance officers who are stopping their ability to earn a decent living.

Seeing this attitude is sickening, they believe measures taken against them are a anti-capitalist socialist plot!!!!!!

Lets hope that Hayes is just the start.

The problem with compliance is that as it has become more detailled and prescriptive in its rules it has less able to cope with changes in practices.

It used to be that the general principle was "is the client being treated fairly and with full knowledge of any conflicts of interest" the front of house would debate this with compliance and come to a position that met that test.

Now compliance is mostly box ticking to ensure adherence to very specific rules and sight has been lost of the general principle of transparency and fair dealing. this means that there is a constant search for "loop holes" in the rules and often a more broad view of the situation is not taken. Compliance become a barrier to business as all they do is deluge the front office with paperwork that seems to have no relevance to ensuring that clients are treated properly.

That's my view anyway..........

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Compliance has been a large part in making the Lloyds market what it is today after spiral reinsurance collapsed that market. True reform after some very bad practices.

The hubris in the banking sector is so great that they see no problem in the business model, long may they thieve off the rest of the system, that is all they want.

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Chart of the number of bankers convicted for fraud and market-rigging since 2008.

CFmqecgWIAASSdu.png

Thats not strictly true...institutions have been routinely found guilty of crimes, but their officers have walked off scot free with the fines being the cost of doing business.

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A close relative who has worked in the city all their life says that all the "witch" hunting is stifling innovation!!!!!

The mindset was that as long as the marks weren't aware then it was alright.

They seem to think that lack of prosecutions was an official indictment of their business model.

Their venom is directed at the companies "overpaid lazy nucts" of compliance officers who are stopping their ability to earn a decent living.

Seeing this attitude is sickening, they believe measures taken against them are a anti-capitalist socialist plot!!!!!!

Lets hope that Hayes is just the start.

They could always relocate to China. Then they'd be looking at a bullet. Corporate banking has the highest number of psychopaths of any profession tested. Those views don't surprise me, lets hope this prosecution concentrates their minds to stop breaking the law.

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Wow! 14 years jail time! I'm sure he acted alone!

Reading through the sentencing guidelines for this offence is interesting: https://www.sentencingcouncil.org.uk/wp-content/uploads/Fraud_bribery_and_money_laundering_offences_-_Definitive_guideline.pdf

BBC reports he was convicted of conspiracy to defraud, the maximum sentence for which is 10 years and might've been expected to come out as 8 years (top of cat A range).

It'll be interesting to see quite how the judge managed to get all the way up to 14 years.

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