Thursday, January 10, 2013

Water off a duck’s back, isn’t it?

RBS braced for hefty Libor fines

"The Royal Bank of Scotland is in negotiations with UK and US regulators over fines to be paid for its Libor transgressions". "Last month, UBS paid £940m in fines for attempted Libor rate manipulations". "It is understood that the FSA is arguing that some bonuses earned by executives and investment bankers should be repaid or clawed back" (fat chance of any personal responsibility being taken).

Posted by alan @ 01:52 PM (1624 views)
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5 thoughts on “Water off a duck’s back, isn’t it?

  • Jail time for any of these guys? Probably not.

    Drug traffic relies heavily on money laundering because it’s a cash business, so banks are involved. HSBC got caught in the US laundering drug money that went into financing terrorism, so that’s two major crimes right there. HSBC was fined but no executive was prosecuted. Drug cartel bosses, mules and users are locked up for a very long time, often driven mad by solitary confinement, and forfeit their assets, but HSBC execs who were a vital part of the drug chain kept their jobs, assets, freedom and social standing.

    Why not prosecute execs? Because, according to the Dept of Justice attorneys, “if you prosecute one of the largest banks in the world, do you risk that people will lose jobs, other financial institutions and other parties will leave the bank, and there will be some kind of event in the world economy?” So bank execs who launder drug money for drug cartels and terrorists are immune from criminal prosecution because such prosecution could trigger a global financial meltdown.

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  • watched a good documentary which asked the question of a commentator

    ‘if as you say this was one big fraud among other illegal practices,why have there been no prosecutions of the people invilved?’

    answer

    ‘because then the truth would come out’

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  • These fines are actually taxes because the manipulation has never stopped.

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  • Taffee,

    I suspect you are right. Top people rearely take a hit, especially bankers. The blame is usually delegated to servants or underlings. It’s the same in politics.

    Maybe an exception to this rule could be the DCI found leaking info to the NoW. I strongly suspect April Casburn will escape a custodial sentence ~ watch and see.

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  • alan said…,Thursday, January 10, 2013 06:54PM

    “I strongly suspect April Casburn will escape a custodial sentence ~ watch and see” well if Hector Sants can get a knighthood frankly anything is now possible in this country

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