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The Big C, Citigroup's Bailout
Pendragon
post Posted: Sep 4 2019, 10:20 AM
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In Reply To: plastic's post @ Jul 30 2019, 04:45 PM

Traders being replaced by computers and smarter algorithms???

On a happier note - for someone who hates rodent lawyers - my nephew in London is firing hundreds of these rodents. Partly because they are being replaced by computers.

 
plastic
post Posted: Sep 4 2019, 09:54 AM
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The wheels keeps turning....glacially.
It will be interesting how many minnows and lemmings get thrown under the bus as the cheese try to protect themselves. Nick Leeson.

https://finance.yahoo.com/news/citi-deutsch...-120412716.html

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One of the Australia’s biggest white-collar crime prosecutions involving Australia and New Zealand Banking Group ANZBY and the local units of Citigroup C and Deutsche Bank DB finally showed progress. The news was reported by Reuters.
Lawyers and representatives of the banks met at the Sydney courtroom for a small administrative hearing ahead of legal argument scheduled to be held later this month.

Following this, the magistrate shifted hearings to a larger room as the court would need to make room for 20 barristers, an unusually large number in Australia, even for large cases. Also, the lawyers from both sides are required to submit briefs of evidence to each other a week before scheduled hearings on Sep 25 and Sep 27.

If found guilty, the banks could face penalties of A$10 million or triple the benefit of the conduct. The individuals charged could face 10 years in prison.

Brief on the Case

In August 2015, Citigroup, Deutsche Bank and JPMorgan JPM were the underwriters for the institutional placement of nearly 80.8 million shares of ANZ Bank, which was conducted to raise capital for meeting regulatory requirements.

However, Citigroup and Deutsche Bank, as part of their underwriting commitment, created a cartel arrangement. They, thus, reached an understanding for the disposal of 25.5 million shares that the banks absorbed as part of the placement. These shares represented less than 1% of ANZ Bank’s outstanding shares at that time.

Having investigated the matter for over two years, the Australian Competition and Consumer Commission (“ACCC”) had put forth the allegations in June 2018.

The regulator laid criminal charges against Citigroup’s former Australia head Stephen Roberts, its present local head of capital markets John McLean and the bank’s London-based head of foreign exchange trading Itay Tuchman. Further, Deutsche Bank's former local chief Michael Ormaechea and former local capital markets head Michael Richardson were sued. Also, ANZ Bank’s treasurer Rick Moscati had been charged for cartel offences.

JPMorgan was found to be clean by the ACCC, and thus faced no charges.




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What did Uncle Mel do to us?
 
plastic
post Posted: Jul 30 2019, 04:45 PM
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No matter how much you may wish otherwise wolverine, no matter how slowly the wheel turns, this is going to happen as surely as night follows day. And it couldn't happen to a nicer bunch of a**holes.

https://www.zerohedge.com/news/2019-07-29/c...revenue-tumbles

QUOTE
Citi To Fire Hundreds Of Traders As Revenue Tumbles




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What did Uncle Mel do to us?
 
plastic
post Posted: Jul 9 2019, 11:46 AM
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I wish we had the RICO Act. Sooner or later we will get there. It couldn't happen to a nicer bunch of dogs.

https://www.reuters.com/article/us-australi...a-idUSKCN1U404B

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SYDNEY (Reuters) - A criminal cartel case against Australia and New Zealand Banking Group (ANZ.AX) and the local units of Citigroup (C.N) and Deutsche Bank (DBKGn.DE) was adjourned on Tuesday for further legal arguments ahead of a possible trial.





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What did Uncle Mel do to us?
 
plastic
post Posted: Jun 7 2019, 08:21 AM
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The wheel may have finally turned.

Anyone remember Drexel Burnham Lambert?



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What did Uncle Mel do to us?
 
plastic
post Posted: Nov 11 2018, 11:57 AM
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They should be prosecuted under the RICO Act.

https://www.sec.gov/news/press-release/2018-255

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Citibank to Pay More Than $38 Million for Improper Handling of ADRs







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What did Uncle Mel do to us?
 


plastic
post Posted: Jun 19 2018, 12:16 PM
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The wheels of justice turn slowly, but turn they do.

Lets hope they get the right people. Some real nasties at Citigroup.

https://thewest.com.au/business/markets/jpm...se-ng-s-1869383

QUOTE
ACCC chairman Rod Sims recently said the cartel conduct charges relate to trading in ANZ shares by Deutsche Bank and Citigroup.]
.



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What did Uncle Mel do to us?
 
plastic
post Posted: Mar 7 2018, 06:55 PM
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And what about the stock market listed Australian banks? What is their principle purpose?

Not to render everyone indebted for a profit is it?






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What did Uncle Mel do to us?
 
plastic
post Posted: Mar 7 2018, 06:39 PM
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Private banks requiring state bail outs. And Big Daddy G is never gonna want a return on its investment eh?

Dream on.

The end is nigh. The world is about to end.

https://www.youtube.com/watch?v=yW4SCgl9V_k&t=2028s



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What did Uncle Mel do to us?
 
plastic
post Posted: Feb 21 2018, 11:48 AM
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Everyone is talking about a crash. I am not so sure. If Trump has annexed the assets of the vandals then its less likely to be a crash and more like a targeted excision of various tumours.



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What did Uncle Mel do to us?
 
 


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