5 Banks Plead Guilty to Felony Charges, Pay Billions

TurkeyOnRye · May 20, 2015

Five banks, including JPMorgan Chase, Barclays, Citigroup, and Royal Bank of Scotland to plead guilty to felony charges and will pay over 5.5 billion dollars in charges.

I'm sure this will certainly shake up bank leadership, but on the whole, there appears to be little incentive to cease their criminal activity. It appears no prison sentences will be imposed.

Do you take checks?

http://www.nytimes.com/2015/05/21/b...in-currency-and-interest-rate-cases.html?_r=0

George-ananda · May 20, 2015

I thought felony charges could only apply to individuals not institutions.

Revoltingest · May 20, 2015

Let's not forget that RBS (Royal Bank'o Scotlandistan) is owned by the Brit government.
And it owns (at least) Citizens & Charter One here in Americastan.
Those are all 3 pretty bad actors.

TurkeyOnRye · May 20, 2015

I'm sure the Justice Department sees this as a victory, and obviously it's better than the banks getting away scot-free, but there is a saying that's going around about the financial and corporate sector: "Fines are just the price of doing business." In other words, these institutions are just treating criminal fines as merely a debit in their accounts payable. If there's no real backlash (i.e. prison, forfeiture of business practices etc.), how is this any different from say....buying a very expensive business license that allows you to practice in a highly profitable market? The answer: there IS no difference.

lostwanderingsoul · May 20, 2015

instead of fines,the board of directors should do time in jail like any other common felon

TurkeyOnRye · May 21, 2015

lostwanderingsoul said:
instead of fines,the board of directors should do time in jail like any other common felon

Fines as well as prison time would be fair, I say.

Augustus · May 21, 2015

This is like catching a burgler and saying they can avoid criminal charges if they return 5% of what they stole. Then catching them again a few weeks later and saying 'this time we are getting serious! Return 6% of what you stole.'

Someone who commits $10,000 of benefit fraud will be in front of a judge and inside of a cell after that. Commit $10 billion of fraud and you get to help governments draft and revise banking regulations.

Won't stop till CEOs and traders are going to prison for 10+ years.

Musty · Jul 16, 2015

Senior management of organisations need to be personally liable for the actions of their companies. If they are happy to take the high wage which comes with the post then they need to be willing to accept the consequences when they fail to put in places adequate measures to prevent their organisation falling foul of the law.

Underhill · Jul 29, 2015

Augustus said:
This is like catching a burgler and saying they can avoid criminal charges if they return 5% of what they stole. Then catching them again a few weeks later and saying 'this time we are getting serious! Return 6% of what you stole.'

Someone who commits $10,000 of benefit fraud will be in front of a judge and inside of a cell after that. Commit $10 billion of fraud and you get to help governments draft and revise banking regulations.

Won't stop till CEOs and traders are going to prison for 10+ years.

Spot on. But the reality is that the consequences will not be severe so long as these banks control so much of the economy. Who wants to be the regulator who sparks another recession?

Revoltingest · Jul 29, 2015

Musty said:
Senior management of organisations need to be personally liable for the actions of their companies. If they are happy to take the high wage which comes with the post then they need to be willing to accept the consequences when they fail to put in places adequate measures to prevent their organisation falling foul of the law.

I'll include the British government, which owns RBS (Royal Bank Of Scotland).
I've dealt with them, & found them to be the most malicious lender ever.

dust1n · Aug 3, 2015

TurkeyOnRye said:
I'm sure the Justice Department sees this as a victory, and obviously it's better than the banks getting away scot-free,

Well, not the Royal Bank of Scotland.

Sorry, took me 4 months to write that one.

5 Banks Plead Guilty to Felony Charges, Pay Billions

TurkeyOnRye

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George-ananda

Advaita Vedanta, Theosophy, Spiritualism

Revoltingest

Pragmatic Libertarian

TurkeyOnRye

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lostwanderingsoul

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TurkeyOnRye

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Augustus

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Musty

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Underhill

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Revoltingest

Pragmatic Libertarian

dust1n

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