Banks fined for forex manipulation

[AnotherBrian]

Banks are crooks article

OK, this is all great stuff but I haven't read anywhere that says where this "fine" money goes, apart from this single suggestive sentence....

"The penalties extracted on Wednesday by the Justice Department and Federal Reserve are expected to be routed to the U.S. Treasury Department."

How about the government pays back all the people who got screwed from the MF Global and PFG bullshit, all because 'regulators' can't seem to do the job well enough.

Is the government stealing from the crooked banks? Use the fines to help offset traders who have been screwed, blued, and tattooed!

|

[Dewey McG]

What also bothers me is that no one goes to jail. Someone stealing a six-pack of beer from the liquor store is more likely to go to jail than someone stealing millions of dollars in this type of crime.

You can bet a sizable contribution to politician's campaign war chests keeps them out of prison.

[SteveHopwood]

Banks will be a law unto themselves until spineless witless and pathetic governments stop appointing spineless witless and pathetic regulators.

On the other hand, thank your lucky stars that democratically elected governments are spineless witless and pathetic. Anyone here fancy living under the non-democratic sort? Putin? The Dear Leader? Assad? Any of the less insane ones from central Africa - that was not a typo.

Doesn't mean that the spineless witless and pathetic should not try to get things right. Maybe we should be less hard on them when they get it wrong. I do have the inestimable advantage of living in a country where I cannot be rounded up at tea time, tortured and shot by dinner time. There are advantages to spineless witless and pathetic.

[AnotherBrian]

Banks will be a law unto themselves until spineless witless and pathetic governments stop appointing spineless witless and pathetic regulators.

On the other hand, thank your lucky stars that democratically elected governments are spineless witless and pathetic. Anyone here fancy living under the non-democratic sort? Putin? The Dear Leader? Assad? Any of the less insane ones from central Africa - that was not a typo.

Doesn't mean that the spineless witless and pathetic should not try to get things right. Maybe we should be less hard on them when they get it wrong. I do have the inestimable advantage of living in a country where I cannot be rounded up at tea time, tortured and shot by dinner time. There are advantages to spineless witless and pathetic.

Yes, I was thinking that as I was typing my complaint! Can't compare to a country where you hear machine gun fire as your sleeping. It's ironic that they take that mush money and do whatever they want with it, we need to have Robin Hood as a government adviser.

The other thought is - how much would they need to have stolen before it was enough? Just keep going until you get caught? Smart enough to get around the system, not smart enough to stop when you've hit the jackpot. That's just plain stupid and greedy in itself.

[SteveHopwood]

The other thought is - how much would they need to have stolen before it was enough? Just keep going until you get caught? Smart enough to get around the system, not smart enough to stop when you've hit the jackpot. That's just plain stupid and greedy in itself.

Interesting question/thought. When is enough enough? Is enough ever enough?

On the rare occasion that I have £1000 spare in the bank, I am desperate to keep it there. It never stays, but that £1000 is a magical figure to me. And to a lot of others here, I bet.

On the far more frequent occasions that I am down to £50, I don't really care. £1000 is a lot of money to me. Mind, I do start to worry a tad when I dip below £50 and am extremely grateful when the next EA commissioner pays up and the balance goes up again.

Suppose my threshold were £1,000,000. How desperate would I be not to drop below that? Can't wait to find out.

Would my attitude be different were I fleecing an organisation/market to fund a lavish lifestyle? Probably. I would have an attitude to risk that would make your average trader blanche. I would probably always be chasing the next 'final kill'. I admit that there is a bit of the gambler in my soul.

Hmmmmmm. Better not put me in charge of a bank any time soon.

[zader]

Banks will be a law unto themselves until spineless witless and pathetic governments stop appointing spineless witless and pathetic regulators.

Or until we stop treating banks like they are somehow magical and run themselves and hold the actual people accountable and jail the **ckers https://www.youtube.com/watch?v=zVEdcr6F30I