Bankers Trust (they should be Trussed Up!)

[davemercedes]

Was it bankers sent to prison or the "victims"? (probably should read the link , but it's been a busy day )

Just for once it was bankers and a couple of other "respected" people!
- I hadn't really heard of this one but apparently they were convicted of various crimes after a five-month jury trial in February.
- Dammit! Missed the honours list this year, then!

 

[davemercedes]

And yet another "wriggle off a hook"

http://uk.reuters.com/article/uk-hsbc-settlement-idUKKBN17G1HO

HSBC to pay $2 million to resolve U.S. civil loan fraud lawsuit

 

[davemercedes]

RBS Have succeeded in keeping Fred the Shred out of Court
http://www.cityam.com/266060/royal-bank-scotland-trial-looks-off-shareholder-group

The latest news of RBS is the the shareholders seem to have reluctantly accepted a deal which has allowed RBS to wriggle off the hook - they have spent more than £1bn fending off a high profile court case over its disastrous rights issue in 2008. IO like to see that with all the noughts - it's £1,000,000,000. The majority state-owned bank's mammoth bill consists of legal fees and out-of-court settlements with shareholders but it kept Fred the Shred out of the witness box.

Is that scandalous or not?

But after they were lent all the money to stop them sinking altogether, that nice Mr Osborne said as he announced austerity cuts: ..."We're all in this together...".

I wonder when I'll see my share of that £1Bn?

 

[AMGeed]

^ Osborne aside, that is a scandal. And who is paying for that £1b in legal fees and costs etc?
The public who bank with RBS, through bank fees for late payments, unauthorised overdrafts and interest on loans/mortgages. The legal profession always come up smelling of roses even when defending the indefensible! Shocking.

 

[davemercedes]

WE are paying for that £1b in legal fees and costs etc - who else?

But there is a certain class of people who are above all laws - both statute and morality.

My sub-tile for this thread was a little play on words...
Bankers Trust (they should be Trussed Up!)
... and I haven't really changed my opinion... "ordinary" people get sent to prison for theft or fraud etc. But this "privileged" lot are able to bat it off and then "agree to pay a fine of £x..."

The law is a complete and absolute ass.
- And that's three scandals in one!

 

[davemercedes]

http://www.bbc.co.uk/news/business-40338220
Barclays charged with fraud in Qatar case

Former CEO John Varley is one of the four ex-staff who will appear at Westminster Magistrates' Court on 3 July. The numbers quoted (£2Bn and £12Bn) are eye-watering. This is quite interesting though because all the recent cases ended up with the particular bank just "agreeing to pay a fine of £X" whereas this time individuals are actually being taken to court.
- They are of course innocent until proven guilty.
- No doubt the case will be immediately adjourned so we might get news about in six or nine months.

 

[davemercedes]

Interesting... I started this thread in February when

Once up a time, Deutsche Bank "agreed to pay a fine of $10 billion in respect of sham Russian trades.
- And they all lived happily ever after.

So I posed a fairly genuine question:

QQ...The next time they catch a UK bank at it (going by recent history it shouldn't be too long!) I wonder if Theresa May will jump up to deal with the terrible "injustice" affecting those "hard working ordinary people"she says she's looking out for...ENDQ

So here we are now in June and not a word of condemnation from Mayhem and only this week Barclays and four employees including the ex-CEO have been charged with fraud and they are due to appear in court early in July. I've already bet that the case will be immediately adjourned and will go to "sleep" for six months or so, but then I wonder, will this one end up with the company "agreeing to pay a fine of £X" as well?

Local theft report 4th September 2015
A 21-year-old man was caught on CCTV with another man taking 15 boxes of Lego worth £270 from the shelves in a toy department Worcester Crown Court was told. Police caught him a short time later in the town centre and he had already sold the Lego for £50. The other man was given a suspended four week jail sentence by magistrates but ***** was sent on to crown court because he was in breach of a nine month suspended sentence imposed in March for a series of thefts from cars.
- He was given four weeks for theft and 24 weeks for breaching the suspended sentence, a total of 28 weeks.
- This thief was sent down for four weeks for theft and 24 weeks for breaching the suspended sentence, a total of 28 weeks.

Question of Justice
I don't attempt to defend the thief above - I simply ask why, is a banker treated so differently and allowed to "agree to pay a fine" - presumably after a certain amount of bartering has taken place to reduce the fine while the little local villain just gets banged up?

 

[apxc15]

Simple enough really the Thief is just a Scrote and he deserves all he gets!

On the other hand the Banker is also a Scrote but with friends in high places!

 

[Frontstep]

The failure of the Banks essentially down to poor or no diligence is remarkably similar to the practices carried out by the EU in allowing financial basket cases to join the Euro.

I cannot condemn Bankers yet leave the EU Bloatocrats to cripple people lives across the EU unscathed, they are at least as bad as each other.

At least until the crash it was the Banks and inevitably its customers and shareholders money.
The EU bloatocrats still take from the poor and throw peoples money on to a bonfire of their vanity.

 

[davemercedes]

http://www.bbc.co.uk/news/business-40338220
Barclays charged with fraud in Qatar case

Former CEO John Varley is one of the four ex-staff who will appear at Westminster Magistrates' Court on 3 July. The numbers quoted (£2Bn and £12Bn) are eye-watering. This is quite interesting though because all the recent cases ended up with the particular bank just "agreeing to pay a fine of £X" whereas this time individuals are actually being taken to court.
- They are of course innocent until proven guilty.
- No doubt the case will be immediately adjourned so we might get news about in six or nine months.

UPDATE Monday 03 July 2017: -
Four former Barclays executives appeared in court in London on Monday to face charges that they conspired to commit fraud during the bank's 12 billion pound ($15.56 billion)emergency fundraising in 2008.

They are: former CEO John Varley, Roger Jenkins, Tom Kalaris and Richard Boath who were charged by Britain's Serious Fraud Office last month in the first criminal prosecution for senior bankers' actions during the financial crisis. Barclays Plc was also charged with fraud and unlawful financial assistance.

Lawyers representing Jenkins and Boath said in June they would contest the charges.
- Those representing Varley and Kalaris declined to comment.
- The case was sent to Southwark Crown Court, - the next hearing is scheduled: July 17 (it will probably then be adjourned...)

 

[davemercedes]

And here we go again... two more banks buy their way out of a fraudulent situation: -
http://uk.reuters.com/article/us-libor-yen-deutschebank-jpmorgan-idUKKBN1A7006

NEW YORK (Reuters) - Deutsche Bank AG (DBKGn.DE) and JPMorgan Chase & Co (JPM.N) have agreed to pay a combined $148 million to end private U.S. antitrust litigation claiming they conspired with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.

These are preliminary settlements, which require a judge's approval.

 

[davemercedes]

This is HUGE even by US bank standards...

http://www.bbc.co.uk/news/business-41113665
Wells Fargo reveals more fake accounts

It seems they had created as many as 3.5 million accounts for "customers" without permission over about eight years and this latest admission swells the numbers even more than previously acknowledged. They have already "agreed to pay" more than $150m to customers.

- They say that everything done in USA today will happen here tomorrow.
- Hmm... I certainly hope not!

Their reputation has also been bruised by problems in other areas.
- For example, the bank said in July it would pay $80m, after wrongly charging about 570,000 customers for auto insurance.

Since March 2017 their advertising slogan has been “Building Better Every Day”.
- But presumably the building took place without planning permission!!!