@LeoliansBro I love that sentence "They merely stretched their interpretation" get the fuck out of town bro. |
They knew what they were doing was fraudulent they just didn't care. The FSA is a limp dick regulator finaiced by their friends in the city the fine they imposed is laughable.
This is starting to get a little scary • Page 364
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@LeoliansBro The infomation they were submitting to the authority which calculated the LIBOR rate was false. They were doing this in collusion with other banks to keep the LIBOR rate low. I know that this is not fraud in the traditional sense but it is illegal market manipulation. Playing the system to benifit themselves knowing what they were doing was well outside of the meaning and spirit of the regulations.
The FSA are idiots for not catching but they do not have the best track record. There is a crime here but like most of the underhanded stuff that happens in FSI it is going to take an entire army of lawyers and an expensive, labourous legal investigation to work out what it is and who is at fault.
As is usual its a case of banks asking themselves these questions
can we do it? yes
will doing this be damaging to the market in the long run? yes
should we do it? no, but as long as we don't get caught we will make/save a metric fuckton of money.
Edited by whatfruit at 12:31:32 28-09-2012
Edited by whatfruit at 12:41:33 28-09-2012
So in a way, bankers are kinda like a modern Robin Hoods ;-P
Touche Sport Touche
Khanivor 41,715 posts
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Registered 13 years ago
ReallyLB? That last lines screams "I know my argument is piss weak but fuck you that's why".
@LeoliansBro Yes I would be happy to call myself an accessory and take the short term knock if it meant restoring some moral fibre to the FSI.
It gives out the entirely wrong message, it says you can carry on with this kind of behaviour as long as you pay a (relatively) small fine, rap on the knuckles you cheeky scamps. Sending whoever it was for instigating this scandal down for 20 years in prison would be a far greater disincintive no?
Just because you can do something doesn't mean you should. I could pad out my invoices with made up expenses that would be 99.1% impossible to prove were false and make alot more money but I don't do that because I am not a cunt.
LeoliansBro wrote:Well you're a goddamn hero in my eyes LB!!!
Just trying to offer a more measured viewpoint, I'm thoroughly sick of the tabloid fueled witch hunts we see everywhere these days.
LeoliansBro wrote:Only if they can prove that I have committed a crime, I could easily convince a tribunal that it was an oversight a simple mistake no harm done and the worse I would probably get is a fine.
whatfruit wrote:The difference is this is illegal.
I could pad out my invoices with made up expenses that would be 99.1% impossible to prove were false and make alot more money but I don't do that because I am not a cunt.
I love the it's the regulators fault argument. "It is there fault they should have been supervising us properly we wouldn't have done it if they had been doing their job."
Edit: Sorry if it sounds like im badgering you. I do know alot of people that do work in the city who are good people and know that not everyone is a snake, grandmother selling asshole, but whenever one of the Big Cartel banks gets caught doing this shit it gets on my goat.
Edited by whatfruit at 13:10:46 28-09-2012
LeoliansBro wrote:But my billing is not cast in stone I am beholden to certain regulations that I could simply choose to misinterpret or bend. My billing would not be seemingly illegal they would have to prove that I intentionally did so which is 99.9% impossible to prove. Also no one is hurt someone my pay more than was normal but they are not going to be dead or suffer serious harm.
No, it's illegal and you have committed a crime, regardless of whether it is proven or not (the only difference there is whether you receive any punishment).
Or do you seriously believe that I could murder you, and that wouldn't be a crime if they never found your body? They wouldn't be able to prove that either, but I would still have murdered you.
The thing with LIBOR is that it was created by banks for banks, with no more than oversight by banks. So, a bit of fiddling of an unregulated index isn't illegal, although it should be and probably will be.
So, I agree that the punishment is appropriate. The damage to the reputation of the banking industry is appropriate too.
Greek police send crime victims to neo-Nazi 'protectors'
Greece's far-right Golden Dawn party is increasingly assuming the role of law enforcement officers on the streets of the bankrupt country, with mounting evidence that Athenians are being openly directed by police to seek help from the neo-Nazi group, analysts, activists and lawyers say.Can't see that ending well
The IMF's changed its forecast for the British economy this year from +0.2% to -0.4%.
It says there'll be 1.1% growth in 2013, but considering its previous forecast for this year was growth I'm not too sure that means much.
Better shake-down some poor folk for more money then. They always have something hidden in a sock or down the back of a settee or wherever, I imagine. Rich folk have suffered enough as it is. :/
Here's the link to the BBC story on the latest IMF forecasts
The table looks pretty damning, really. From our perspective, I mean. Brazil and India take larger drops than the UK, but at least they're still in growth.
Edited by Tom_Servo at 23:45:58 08-10-2012
NYSE has stopped trading...
mcmonkeyplc wrote:...After google accidentally released it's 3rd quarter results early by mistake.
NYSE has stopped trading...
Oh I was in the gym.
I was having my dinner.
Was it good for you?
THFourteen 36,360 posts
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I was watching mad men
I was eagerly watching this thread for updates