This is starting to get a little scary Page 364

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  • whatfruit 28 Sep 2012 12:10:51 1,914 posts
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    @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.
  • whatfruit 28 Sep 2012 12:27:11 1,914 posts
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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
  • sport 28 Sep 2012 12:40:37 12,972 posts
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    So in a way, bankers are kinda like a modern Robin Hoods ;-P
  • mcmonkeyplc 28 Sep 2012 12:41:05 39,833 posts
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    Touche Sport Touche
  • Khanivor 28 Sep 2012 12:42:37 41,715 posts
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    ReallyLB? That last lines screams "I know my argument is piss weak but fuck you that's why".
  • whatfruit 28 Sep 2012 12:49:49 1,914 posts
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    @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.
  • sport 28 Sep 2012 12:50:30 12,972 posts
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    LeoliansBro wrote:
    Just trying to offer a more measured viewpoint, I'm thoroughly sick of the tabloid fueled witch hunts we see everywhere these days.
    Well you're a goddamn hero in my eyes LB!!!
  • whatfruit 28 Sep 2012 13:05:19 1,914 posts
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    LeoliansBro wrote:
    whatfruit wrote:
    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.
    The difference is this is illegal.
    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.

    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
  • whatfruit 28 Sep 2012 13:37:44 1,914 posts
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    LeoliansBro wrote:
    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.
    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.
  • Bremenacht 29 Sep 2012 01:59:43 21,457 posts
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    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.
  • ResidentKnievel 1 Oct 2012 19:26:40 6,362 posts
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    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
  • Tom_Servo 8 Oct 2012 22:56:25 18,082 posts
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    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.
  • Bremenacht 8 Oct 2012 23:36:45 21,457 posts
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    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. :/
  • Tom_Servo 8 Oct 2012 23:44:46 18,082 posts
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    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
  • mcmonkeyplc 18 Oct 2012 19:17:13 39,833 posts
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    NYSE has stopped trading...
  • Deleted user 18 October 2012 19:22:32
    mcmonkeyplc wrote:
    NYSE has stopped trading...
    ...After google accidentally released it's 3rd quarter results early by mistake.

    DRAMA
  • mcmonkeyplc 18 Oct 2012 19:52:26 39,833 posts
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    Oh I was in the gym.
  • Bremenacht 18 Oct 2012 19:56:30 21,457 posts
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    I was having my dinner.
  • mcmonkeyplc 18 Oct 2012 20:34:38 39,833 posts
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    Was it good for you?
  • THFourteen 18 Oct 2012 20:38:14 36,360 posts
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    I was watching mad men
  • ResidentKnievel 18 Oct 2012 20:47:11 6,362 posts
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    I was eagerly watching this thread for updates
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