Posted on May 20, 2015
If the law doesn't apply equally to everyone, is it a law? Big Banks caught manipulating international currency exchange rates
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http://www.foxbusiness.com/industries/2015/05/20/five-major-banks-plead-guilty-to-felony-charges-over-currency-rigging/
Five of the Big Boy banks get caught manipulating currency exchange rates. No real punishment, though. As part of the plea agreement, they can continue in the FOREX business, as long as they dole out $5.8 billion in fines between them. They've been doing it at least since 2007, so do any of you believe they "only" made $1.16 billion each over that 7 year span? I doubt it.
If you or I engage in fraud like that, we're going to be heavily fined and imprisoned. As felons, we will not be able to legally continue in the same industry (think Jordan Belfort of Wolf of Wall Street fame), but the banks? Eh... they're in the club. And as George Carlin informed us, "It's a big club... and you ain't in it."
I get so sick and tired of people talking about law, but doing/saying nothing when the group of people it doesn't apply to is constantly shoved in our faces.
Five of the Big Boy banks get caught manipulating currency exchange rates. No real punishment, though. As part of the plea agreement, they can continue in the FOREX business, as long as they dole out $5.8 billion in fines between them. They've been doing it at least since 2007, so do any of you believe they "only" made $1.16 billion each over that 7 year span? I doubt it.
If you or I engage in fraud like that, we're going to be heavily fined and imprisoned. As felons, we will not be able to legally continue in the same industry (think Jordan Belfort of Wolf of Wall Street fame), but the banks? Eh... they're in the club. And as George Carlin informed us, "It's a big club... and you ain't in it."
I get so sick and tired of people talking about law, but doing/saying nothing when the group of people it doesn't apply to is constantly shoved in our faces.
Law
Banking
Money
Posted >1 y ago
Responses: 4
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To quote George Orwell (1984): "Some pigs are created more equally than others."
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No, it isn't. But we are seeing this more and more with everything anymore. There is the law for the rich, famous, etc. and then there is the law for the rest of us. There are the taxes for the rich, famous, etc. and then there are the taxes for the rest of us. Some people will argue that it has always been that way and maybe it has --- but it has certainly become more blatantly obvious here lately.
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TSgt Christopher D.
It's disgusting. So many good, honest, hard-working people make the hard right over the easy wrong every day, and then you see people like this piss in everyone's face (or flat-out steal from us) and get a finger wagged at them. I say indict every single person involved as an individual and throw their asses in prison.
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GySgt Wayne A. Ekblad
It is certainly easy to find yourself questioning like that CSM Charles Hayden. WTH? You play by the rules, work your butt off, etc. and then see something like this.
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TSgt Christopher D.
It's bad enough that our growing debt (and the way we deal with it) slowly weakens the purchasing power of every dollar in existence. We have these teflon jerk faces getting caught manipulating money values, and walking away with no real punishment. Most of the banks are US banks, so one has to wonder... They did this currency thing, before this many of them were selling credit default swaps and betting against the people they sold them to, Goldman Sachs seems to have a revolving door into the SECTREAS office (Paulson, Geithner just to name a couple in recent memory... talk about putting the foxes in the henhouse)... When the law doesn't apply equally to everyone, it isn't a law. It's a guidance, or a recommendation. But these jerks don't work for us. They do not serve us. They do not give a damn about us. It's adding insult to injury to those of us who joined and served for what we believed were the right reasons, only to see that we're little more than tools of an agenda. They show us this crap every single time this kind of crap happens, and we abide it.
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GySgt Wayne A. Ekblad
I agree TSgt Christopher D. ... not only do they break the law and get away with it, but when things don't work out quite the way they planned (as in the real estate bust of a few years ago), they ended up getting tax dollars to bail them out.
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