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Banks, behaving badly
plastic
post Posted: Oct 10 2020, 06:22 AM
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Which one is the next Drexel Burnham Lambert? Or was that Lehmans already?



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Mags
post Posted: Oct 9 2020, 07:15 PM
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In Reply To: mullokintyre's post @ Oct 9 2020, 04:59 PM

And that is exactly why I own shares in them far exceeding my deposits with them....
If they go broke, my deposit gets taken to bail them out via government laws...
If they break the law and profit, even wilfully admitting to it, they barely get fined, in fact, their admissions are often ignored...

If I'm clipped speeding, I don't even get a trial: Just get a fine in the mail.....
SMH: Seriously, you have to join them, because you sure as hell can't beat them.


 
mullokintyre
post Posted: Oct 9 2020, 04:59 PM
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From Wall street on parade
QUOTE
Under the richly compensated leadership of Chairman and CEO Jamie Dimon, JPMorgan Chase, the largest bank in the United States, has admitted to an unprecedented five criminal felony counts since 2014 and put on criminal probation three times. Dimon notched two of those felony counts in his belt today. (That’s five felonies more than the bank pleaded guilty to in its prior 100 years of existence. Translation: this is not normal even on Wall Street.)

The bank has agreed today to pay criminal fines and admit to two felony counts of wire fraud for manipulating (spoofing) trading in the precious metals and U.S. Treasury markets. Why the Justice Department is bringing only two counts when its own charging document indicates that traders engaged in “tens of thousands of instances of unlawful trading in gold, silver, platinum, and palladium…as well as thousands of instances of unlawful trading in U.S. Treasury futures contracts and in U.S. Treasury notes and bonds…” is one more sign that this Justice Department is egregiously failing the American people and making a mockery of the word “justice.”

This Justice Department is not only defining deviancy down; it’s defining outrage down. Where is the U.S. Attorney’s voice announcing his resignation over this sellout of a deal?

The routine of charging the largest bank in the United States with felonies and placing it on a three-year probation is now so yawn-worthy at the U.S. Department of Justice that the prosecutors didn’t even bother to hold the usual press conference today to announce the charges and settlement. The Justice Department simply issued a press release and a Deferred Prosecution Agreement which both sides had already signed.

Sweeping the whole mess up and tying it with a tidy bow meant that the Securities and Exchange Commission and Commodity Futures Trading Commission also had to agree to the settlement, which they obligingly did.

Representing JPMorgan Chase as outside counsel were lawyers from Kirkland & Ellis (the law firm with which Attorney General William Barr was associated before coming to the Justice Department) and lawyers from Sullivan & Cromwell, where SEC Chairman Jay Clayton was a partner before taking the lead at the SEC. (See SEC Nominee Has Represented 8 of the 10 Largest Wall Street Banks in Past Three Years.)

The deal is so sweet for criminal recidivist JPMorgan Chase that it notes that “an independent compliance monitor was unnecessary” despite also revealing that the bank “did not voluntarily and timely disclose to the Fraud Section and the Office the conduct described in the Statement of Facts.” It was required to do that under its prior probation agreement that ended in January of this year.

Monetary fines were also imposed, consisting of the following: a criminal monetary penalty of $436,431,811; a criminal disgorgement amount of $172,034,790; and a victim compensation payment of $311,737,008. That brings to more than $37 billion the total that JPMorgan Chase has paid to settle allegations of fraud and ripping off Americans since the financial crash of 2008.

In a properly functioning Justice Department and bank regulatory system that genuinely wants to ensure the safety and soundness of America’s deposit-taking banks, Dimon would have been forced out when the bank admitted guilt to the first two felony counts in 2014 for its dubious role in handling the business bank account of Ponzi-schemer Bernie Madoff. If not then, perhaps the following year when it pleaded guilty to its role in a bank cartel (actually called “The Cartel”) that rigged the foreign currency market. In the Forex matter, the bank admitted guilt to one felony count and received a deferred prosecution agreement along with other banks involved in the matter.

In the rigging of the foreign currency market case, the Justice Department announced that agreement on May 20, 2015 but the U.S. District Court did not approve the agreement until January 2017. Thus, the clock did not start ticking on the three-year probation period until then. That meant that JPMorgan’s probation period began in January 2017 and ended in January of this year.

To be charged with two more felony counts in the same year your three-year probation ends is the strongest proof that Wall Street has become a fraud monetization system where deferred prosecution agreements and fines are simply the cost of doing business on Wall Street.

The Justice Department brought racketeering charges against three of the precious metals traders at JPMorgan in September of last year. It was the first-time veterans on Wall Street could ever remember a major U.S. bank having its traders charged with racketeering. The Board of Directors of JPMorgan Chase must have taken that as some kind of great branding for the bank: the Board gave Dimon a 1.6 percent raise for the year to a total compensation of $31.5 million.

Forget about the criminals in the White House and other fed govt agencies. The US commercial banks are the real crims.
Mick



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Mork
post Posted: Sep 22 2020, 09:52 AM
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In Reply To: Mags's post @ Sep 22 2020, 09:26 AM

Agreed Mags,
However, given the ownership of the US Federal Reserve is actually by a few select banks, the crooks are probably one and the same.
So when we saw the Fed bailing out the banks in 2008, they were really bailing out themselves with tax payers and future generations handed an ever increasing debt burden. sounds like debt slavery to me?


 
Mags
post Posted: Sep 22 2020, 09:26 AM
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So people have got their panties in a twist because the international banking system is moving crooks money around.
Who the hell do they think owns the banks???? They banks are owned by the crooks, they operate as crooks.

The banks are the 2nd greatest crooks on earth after the central banks.
Henry Ford was right:
QUOTE
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.




Said 'Thanks' for this post: mullokintyre  Mork  
 
mullokintyre
post Posted: Sep 22 2020, 07:36 AM
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It seems my all time fav investment Bank, JPM, along with its highly paid and credentialled leader, Jamie Dimon, have run into a spot of bother.
From Wall street on Parade

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The International Consortium of Investigative Journalists (ICIJ) has once again managed to do what federal bank regulators refuse to do in the United States – come clean with the American people about our dirty Wall Street banks.

ICIJ dropped a bombshell investigative report yesterday about money laundering for criminals at some of the biggest banks on Wall Street, but you won’t find a peep about it on the front page of today’s Wall Street Journal or New York Times’ print editions. In fact, the New York Times, as of 6:44 a.m. this morning, hasn’t reported the story at all. The Wall Street Journal carries an innocuous headline, “HSBC Stock Hits 25-Year Low,” putting the focus on the British bank, HSBC, when its focus should be on the largest bank in the U.S., JPMorgan Chase, a serial felon.JPMorgan Chase was involved in moving illicit funds for the fugitive, Jho Low, involving the notorious looting of public funds in Malaysia. Jho Low has been accused by multiple jurisdictions of playing a key role in the embezzlement of more than $4.5 billion from a Malaysian economic development fund, 1MDB. JPMorgan Chase moved $1.2 billion in money for Jho Low from 2013 to 2016, according to the report.

The ICIJ bombshell includes the charge that JPMorgan also “processed more than $50 million in payments over a decade, the records show, for Paul Manafort, the former campaign manager for President Donald Trump. The bank shuttled at least $6.9 million in Manafort transactions in the 14 months after he resigned from the campaign amid a swirl of money laundering and corruption allegations spawning from his work with a pro-Russian political party in Ukraine.”

More troubling activity at JPMorgan Chase includes the following, according to ICIJ investigators:

“JPMorgan also moved money for companies and people tied to corruption scandals in Venezuela that have helped create one of the world’s worst humanitarian crises. One in three Venezuelans is not getting enough to eat, the UN reported this year, and millions have fled the country.

“One of the Venezuelans who got help from JPMorgan was Alejandro ‘Piojo’ Isturiz, a former government official who has been charged by U.S. authorities as a player in an international money laundering scheme. Prosecutors allege that between 2011 and 2013 Isturiz and others solicited bribes to rig government energy contracts. The bank moved more than $63 million for companies linked to Isturiz and the money laundering scheme between 2012 and 2016, the FinCEN Files show…”


At least they are consistent.

Mick




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mullokintyre
post Posted: Aug 4 2020, 08:13 PM
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From The OZ

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The dollar value of deferred loans continues to rise as more companies feel the impact of COVID-19, with the lockdown in Victoria likely to lead to more deferrals.

Figures released by the Australian Prudential Regulation Authority showed repayments were frozen on loans worth $274bn at the end of June, or 10 per cent of total loans worth $2.7 trillion.

While this was $8bn higher than the May figure of $266bn, the percentage figure was unchanged at 10 per cent.

Commonwealth Bank chief executive Matt Comyn said on Tuesday that CBA was committed to supporting its customers in their time of need, particularly Victorians who were facing additional challenges from the latest lockdown restrictions.

“We fully appreciate that the circumstances of individual customers can change very quickly, which is why we are focusing very closely on our customers in Victoria during the check-ins we are making at the moment to see what further help we can provide to them,” Mr Comyn said.

CBA, he said, had doubled the number of people in its financial assistance teams over the past few months.


Theres some scary numbers there.
The $274 billion in deffered loans is seriously big.
The gross Australian Government debt is llsted at around $570 billion.
This is dwarfed by the by the 2.7trillion in loans outlayed by the banks to private industry.
We often hear much hand wringing about Govt Debt, but perhaps we should be more worried about private Debt.
mick





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mullokintyre
post Posted: Jun 8 2020, 02:34 PM
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So, it looks like the banks are fighting back!

QUOTE
An incipient rebellion by the ban­king industry against “draconian” anti-money laundering enforcement measures is intensify­ing, as leaders compare Westpac’s $1bn penalty and career-ending accountability moves to Canberra emerging unscathed from the robodebt disaster.

“There’s no logic … behind the two outcomes, particularly if you believe Centrelink’s debt recovery program is a more grievous failure because it preyed on (vulnerable) people,” a senior banker said.

While acknowledging Austrac’s serious allegation of a link to child exploitation in some payments made by 12 Westpac customers, he said the bank’s transgressions were overwhelmingly “victimless”.

Last Thursday, Westpac released two reports on the Austrac debacle: a management accountability review overseen by Promontory Financial Group, and a report on board governance by a three-member panel chaired by Ziggy Switkowski.

The probe blamed “sins of omission and not of commission”, estimating that 99.95 per cent or more of the missing international funds transfer instructions related to legitimate and uncontroversial transactions involving government pension payments et al.

Westpac, however, has suffered a heavy toll, with chairman Lindsay Maxsted bringing forward his retirement, chief executive Brian Hartzer losing his job, and non-executive director Ewen Crouch stepping down.
n addition, the bank has set aside $900m for a penalty. Austrac is seeking $1.5bn, more than double the penalty paid by Commonwealth Bank for similar AML breaches in 2017.

In contrast, the robodebt scandal, where the government will repay $721m after unlawfully using income averaging to raise 470,000 debts from welfare recipients, has not claimed one ministerial head or led to accountability measures.


It is kinda hard to argue the logic.
But as usual, it is one rule for the private sector, and another for the guvmint.
We are still to hear which of the mandarins from treasury and he ATO will be terminated after the debacle of the 60 billion overstatement of Job keeper.
But then again, you only have to look at the bull shit labour statistics to see that the standards for accuracy are pretty low the public service.

Mick



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mullokintyre
post Posted: May 23 2020, 10:10 PM
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Have the rates really hit bottom??
from The OZ
QUOTE
ANZ has hiked its interest rate on two-year fixed owner-occupier loans by 10 basis points to 2.29 per cent, marking the first major bank to increased fixed interest rates since the Reserve Bank’s emergency rate cuts on March 19

The move has prompted suggestions that longer term bank funding costs – a key driver fixed rate pricing – may be at or near the bottom of the cycle.

Since May 1, eight banks have increased rates on owner-occupied variable home loan products, while 20 lenders – including non-banks – increased two-year fixed rates, according to figures by mortgage research house RateCity

“There’s no question we’re close to the bottom of the fixed rate market but some lenders could still potentially shave their rates further in a bid to get new customers in the door,” RateCity research director Sally Tindall told The Weekend Australian.

ANZ’s increase brings it into line with two-year rates offered by NAB and Commonwealth Bank. While ANZ has made the first increase on fixed rates on its home loan portfolio, NAB has slashed its two-year fixed rate for interest only loan by 60 basis points to 2.79 per cent.

Westpac is offering the lowest two-year fixed principal and interest rate of the big four, at 2.19 per cent. The changes do not apply to variable mortgage rates which make up the bulk of ANZ’s home loan book.

Not sure if this is the bottom or not.
There is still the question as to whether RBA goes down the negative interest rates path.

Mick



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mullokintyre
post Posted: Apr 30 2020, 04:31 PM
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Got an email from NAb this morning with enormously generous offer t

QUOTE
We understand that it's a challenging time for many of our customers. That's why we're reducing credit card minimum monthly repayments to 0.5% of your closing balance or $5 (whichever is greater).
What happens next?
This change will happen automatically on statements issued from 27 April 2020 until at least 24 July 2020. If you have a direct debit set up to pay only your minimum monthly payment we'll automatically debit the reduced amount.

It's important that you have the option to pay less during this difficult time. Please keep in mind that paying more than the minimum monthly payment will help reduce the interest you pay.
Head to nab.com.au/creditcardrepayments for info on ways to set up or change your credit card repayments.


So, anyone who has a minimum automatic deduction will end up paying even more in interest unless they read the fine print.
No mention of a reduction in the appallingly high interest charges on the balance.
The bastards just don't seem to get it.
Do they really think people are going to think the bank is doing them a favour??

Mick



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