Reply With QuoteAs i suspected, the LIBOR scandal is going to affect more banks than just barclays:
http://www.bbc.co.uk/news/business-18848673
Because freedom has no rules.Originally Posted by ShivaX
No rules means you break the law.
And I AM THE LAW, law-breaker.
Six years solitary in the cubes for you.
Judge Dredd is a good american.
As i suspected, the LIBOR scandal is going to affect more banks than just barclays:
http://www.bbc.co.uk/news/business-18848673
http://www.bbalibor.com/panels
Check the currency panels, pick 12 banks. The odds are quite high this hits a bank on every continent.
No mention of Goldman Sachs on any of the panels. I'm not sure if contributor bank historical data is available publicly, but there's a chance they might have never been involved in this, which genuinely suprises me.
yeah, things are so intergrated. I wonder why british banks in particular are being picked out currently? (other than we make great villians (Moff Tarkin etc))
HSBC is also in the shitter, for none Libor related stuff (currently), but probably worse 'crimes':
http://www.bbc.co.uk/news/business-18867054
Yes, I know some guys in their newly built AML function. They've had a huge project going on for a while, and whilst their money laundering issues have been news in the industry for quite some time, now the detail is apparent it's turning out to be a really big story. IIRC not even Riggs Bank got to the Senate.
Anyway, its a major bank. That reputational damage they pretend they are worried about? Below is the filenote this "damage" will amount to in its counterparties records.
"FSA regulated and London Stock Exchange listed bank. US fines and regulators censure noted. Remediation undertaken by HSBC. Approved. Low Risk. Review in 3 years."
However the fine will be up near a billion, and the costs of the enhanced monitoring and new group wide global functions they are putting in place might head that way too so it's a big deal internally.
I've spent a lot of time investigating opaque ownership structures, obscure foundations, charities and funds, drag people all over the world so someone can witness bearer shares in hand, and it's all wasted as instead of using a complex system for placement/layering/integration* all they had to do is walk into a HSBC branch with a bag of cash.
*money laundering 101
Cause they're the ones that got caught.
Complicity in shuttling funds should result in jail terms, not just resignations. Seriously. What the hell is going on?
Same thing that always does?
They already made an example of Madoff, and this is just confusing enough that the public wont understand it enough to be upset by it.
most likely, sadly. South Korean banks are now being looked at for LIBOR like fixing:
http://www.bbc.co.uk/news/business-18882294
And oil prices might have been rigged by traders also:
http://www.bbc.co.uk/news/business-18856018
While completely unsurprising, it is looking like getting messy.
Meanwhile, in Japan, where the JFSA don't mess about.
http://www.reuters.com/article/2011/...7NF3KZ20111216
UBS and Citibank penalised by JFSA for TIBOR (and LIBOR) manipulation back in January. It's back in the news there of course, and there's investigations underway across all markets.
A good anecdote I heard was a meeting was arranged with the JFSA, who came in and politely requested an inspection. When? Now. A convoy of lorries and buses bearing inspectors, desks, computers et al arrived within minutes, they then took over the conference rooms and canteen and were pouring over the books within a few hours.
Citibank also had their private bank in Japan shut down for AML violations in 2004.
This should be a good example. Going after individuals doesn't work. The regulators should be walking in to unwind the offending operations and shut them down.
Sounds like the operations for insider dealing...which surely this is a form of?
Sigh.
Not really insider trading, this is similar to Market Manipulation. Still a bad thing and illegal when done in respect to stock prices.
http://en.wikipedia.org/wiki/Market_manipulation
Imma gonna get my pitchfork.
look....it's an exclusive 'boys club'. Your either in it, getting filthy rich on the scamming, or not and getting scammed. That's the face of modern capitalism and all the convaluted, complexity and lies it hides behind (to confuse close examination).
Also, to hit closer to home, it's 'the american way' (in this modern current context of current day capitalism) - which we have all adopted.
Corporate 'freedom' is always going to lead to this. To coin a phrase from above, 'The problem with Corporate freedom is it is always going to vote itself more money', and that is completely evident from the banking crash to housing prices to oil prices to wars on terror etc. 'freedom' is never good without good rules to abide by, and penalites for rule-breaking that are an actual disincentive.
Last edited by Zak Gordon; 07-19-2012 at 03:58 AM.
I'm not against the rich getting rich etc. What I'm disgusted with is that even with all the cards stacked in their favor, these rich guys still feel the need to break the law to get even more stonkin' rich. As someone who certified as a specialist in AML, this makes me truly sick to the stomach.
I'm in the exact same boat as you on this (but not AML certified!). How many ferrari's do you actually need? Serious question.
And if the answer is always, 'More than that guy over there', what does that say about you? Inferiority complex? need to get out more? john thomas too small? need real friends? need real love from a real family? etc. You got issues that more money aint going to fix. I wouldn't swap places for all the money in the world.
... and next up in the naughty bank thread.
Standard Chartered Bank has been facilitating Iranian transactions
The full report in my eyes, looks worse than the HSBC issue. From a compliance point of view, HSBC was just a giant messy clusterfuck, but SCB seems to be a Board lead process. There's a real chance SCB could lose its banking licence, and through that, its access to USD. Phrases like "You f---ing Americans. Who are you to tell us, the rest of the world, that we‟re not going to deal with Iranians" and "SCB Defrauds Safety and Soundness Examiners" are lining up SCB for a lube free pounding from the regulators the likes of which the market hasn't been seen before.
The intransigence from the senior management is probably due to SCB being a key establishment bank over here in the UK. Lots of political/civil service cross-over and old school networks.
Meh. If you have the money to collect cars, then there are valid reasons to have a variety of Ferraris.
Not all of the reasons are valid but if that's your passion, go for it.
I'm sorry you have so many ferraris to cover some personal issue you think you may have ;)
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On a more serious note, and in part due to the recent Standard Charterd bank scandal, i ended up doing some more research and got directed to an old (1996) movie that is available on youtube. It's called The Money Masters, and seems to have predicted the current financial crash (or a coming larger one). So it is probably required viewing, which is asking alot for a 3.5 hour film! 1 Hour in and i felt it worthy to link here:
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http://www.youtube.com/watch?v=EeIM-4hJO44
Well that was such interesting viewing that i found his other movie called 'The Secret of Oz', which is also on youtube:
http://www.youtube.com/watch?v=swkq2...eature=related
Edit: The above covers much of the same ground as the older 'Money Makers' video, it is however the filmakers prefered story as the older one contained some innacurate quotes that the film owner didn't want to change.
In the context of the current financial crash i found both films very informative and quite insightfull.
Last edited by Zak Gordon; 08-10-2012 at 03:02 AM.
'Libor review: Wheatley says current state 'not an option': http://www.bbc.co.uk/news/business-19203103 interesting!
Genius statement by the BBA. Next up they will comment on the Popes religion, and the toilet habit of bears.
I noticed JPM are being deluged in subpoenas re-LIBOR, TIBOR and EURIBOR, as are Bank of America and Citigroup. I'm sure Barclays are glad the love is being spread around a bit now.
Oh i'm sure everyone is ready to sling mud, wether it will stick or not is another matter. Banks, and the banking system is 'too big to fail' and the power behind the banks is the number one predetor on the planet, so i suspect they will use it to streamline operations and get rid of what they consider chaff, then anounce it 'fixed' etc.
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