*** OFFICIAL FINANCIAL INDUSTRY WRONGDOINGS THREAD*** - Honda-Tech


*** OFFICIAL FINANCIAL INDUSTRY WRONGDOINGS THREAD***

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Old 06-26-2014, 11:25 AM   #1
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Old 06-26-2014, 11:26 AM   #2
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New one today:


New York AG slaps Barclays with securities fraud suit


http://www.reuters.com/article/2014/...0F02MT20140625
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Old 06-30-2014, 03:20 PM   #3
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Guilty plea: BNP Paribas fined $8.8 billion for rogue-regime banking

Pleading guilty to two felonies, French banking giant BNP Paribas will pay more than $8.8 billion to federal and New York state authorities to settle accusations that it funneled billions of dollars from blacklisted countries -- Sudan, Iraq and Cuba -- through its U.S. operations.

To accomplish the “complex and pervasive scheme,” BNP structured payments in needlessly complicated ways and concealed the identities of blacklisted individuals and corporations, U.S. Atty. Gen. Eric Holder said.

“This outcome should send a strong message to any institution -- anywhere in the world -- that does business in the United States: illegal conduct will not be tolerated,” Holder said. “And wherever it is uncovered, it will be punished to the fullest extent of the law.”

Well, not quite Eric.

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"Remarkably, BNPP continued to engage in this criminal conduct even after being told by its own lawyers that what it was doing was illegal," Asst. U.S. Atty. Leslie Caldwell said.

http://www.latimes.com/business/la-f...630-story.html





You ******* **** sucking punk bitch. **** you.
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Old 07-01-2014, 03:28 PM   #4
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Default Re: *** OFFICIAL FINANCIAL INDUSTRY WRONGDOINGS THREAD***

You need to watch American Greed: Scams, Scoundrels and Scandals
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Old 07-01-2014, 03:35 PM   #5
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I've caught a few episodes. But those are small time players. They hurt only those around them.

These guys produce effects that are far reaching.

Global.
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Old 07-01-2014, 04:11 PM   #6
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I've caught a few episodes. But those are small time players. They hurt only those around them.

These guys produce effects that are far reaching.

Global.
I just watched this episode.
Hedge Fund manager in one of the biggest insider trader scams ever.


http://en.wikipedia.org/wiki/Raj_Rajaratnam
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Old 07-02-2014, 04:46 AM   #7
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Well, this thread should reach a million pages then.
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Old 07-02-2014, 08:03 AM   #8
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I've caught a few episodes. But those are small time players. They hurt only those around them.

These guys produce effects that are far reaching.

Global.
Tom Petters got my father's company for over $350 million. **** that guy.
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Old 07-09-2014, 05:56 PM   #9
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A heads up for the incoming Citibank settlement in a day or two.

And the Bank of America settlement after that, should exceed the fine imposed on JP Morgan ($13 billion a few months ago).

I first caught a glimpse of Jon Stewart with his GM ignition scandal piece. A masterpiece.




I like this guy, he also thinks CNBC is full ****. Which they are.








And this Cavuto guy is the pretty ******* dumb as well. Holy **** man.

http://www.foxbusiness.com/economy-p...d-look-within/
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Old 07-09-2014, 06:05 PM   #10
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Old 07-09-2014, 07:29 PM   #11
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The whole Jon Stewart / Jim Cramer thing from a couple years ago is incredible if you missed it. It ended in a long interview where Cramer got torn apart.
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Old 07-09-2014, 07:55 PM   #12
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CNBC has been pure noise for as long as I can remember. Anyone else remember how many people on that network were trying to tell us how strong the economy was as the 2008 collapse was starting to unfold?
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Old 07-09-2014, 08:42 PM   #13
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The whole Jon Stewart / Jim Cramer thing from a couple years ago is incredible if you missed it. It ended in a long interview where Cramer got torn apart.
I like this Jon Stewart even more.

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Originally Posted by rochesterricer View Post
CNBC has been pure noise for as long as I can remember. Anyone else remember how many people on that network were trying to tell us how strong the economy was as the 2008 collapse was starting to unfold?
CNBC clowns!
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Old 07-09-2014, 09:14 PM   #14
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Default Re: *** OFFICIAL FINANCIAL INDUSTRY WRONGDOINGS THREAD***

DeBeers corporation and the manipulation of the diamond market as well as the price fixation.
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Old 07-09-2014, 09:26 PM   #15
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Enron scandal and how the CPAs and other public officials helped conceal their financial woes.
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Old 07-09-2014, 09:34 PM   #16
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Did not know DeBeers were involved with CDS (credit default swaps) like AIG, which is a completely unregulated segment which is so toxic and lucrative, I want in on the action!
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Old 07-14-2014, 09:51 AM   #17
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Citigroup to pay $7 billion to settle U.S. mortgage probe



Citigroup Inc has agreed to pay $7 billion to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis, in a deal that includes the largest civil fraud penalty ever levied by the U.S. Justice Department.

The settlement, announced on Monday, is more than twice what many analysts expected but less than the $12 billion the government sought in negotiations with Citi C.N, the third largest U.S. bank.

The accord came roughly six years after the height of the financial crisis. It is one of several Justice Department probes into the packaging and sale of risky home loans.

Many of the securities were marketed as safe, even though the banks knew they were destined to collapse. The widespread implosion of the securities fueled the 2007-2009 financial crisis.

Bank of America Corp BAC.N has been negotiating with the Justice Department over similar claims, though those talks have stalled in recent weeks amid a multibillion dollar difference in proposed penalties.

"We're not letting up, and we're not going away," Tony West, the Justice Department's No. 3 official, said in announcing the Citigroup deal.

"We will continue to pursue these cases," he said, adding that related announcements could come "in the very near future."

Citigroup acknowledged it was aware that "significant percentages" of sample loans did not comply with underwriting guidelines but the bank pooled them into securities anyway.

In one 2007 deal, a Citigroup trader told colleagues in an email he had reviewed a due diligence report on the poorest quality loans, and that they "should start praying," according to the document.

Many of the loans listed unreasonable borrower incomes or home values below the original appraisals, the trader wrote, saying he "would not be surprised if half of these loans went down." Citigroup still securitized loans from the pool, according to the document.

The settlement, signed over the weekend, capped months of negotiations, during which the government threatened to sue the bank. (Full Story)

"The penalty is appropriate, given the strength of the evidence of the wrongdoing committed by Citi," U.S. Attorney General Eric Holder said in a statement on Monday.

"Despite the fact that Citigroup learned of serious and widespread defects among the increasingly risky loans they were securitizing, the bank and its employees concealed these defects," Holder added.

RECORD PENALTY

Earlier Monday, Citi said it took a related pretax charge of about $3.8 billion in the second quarter, which led the bank to report a 96 percent drop in earnings.

Citi shares rose 3.2 percent at $48.52.

Under the agreement, Citi will pay $4.5 billion in cash and provide $2.5 billion in aid to low-income tenants and struggling homeowners.

The cash portion consists of a record $4 billion civil payment to the Justice Department, double rival JPMorgan Chase & Co's JPM.N penalty in November, and $500 million to resolve claims from five state attorneys general and the Federal Deposit Insurance Corp.

The Justice Department penalty resolves claims over both mortgage securities and more complicated securities known as collateralized debt obligations that the bank structured or underwrote between 2003 and 2008.

The consumer portion of the deal will include financing for the construction of affordable multifamily rental housing and principal reduction and forbearance for residential loans, due by the end of 2018.

Citi is the second major bank to settle with authorities since U.S. President Barack Obama in 2012 ordered the formation of a task force to investigate misconduct in the mortgage securities market.

JPMorgan, the No. 1 U.S. bank, has agreed to pay $13 billion to resolve related claims, including those from the Justice Department and regulators, and a $4 billion deal with the Federal Housing Finance Agency (FHFA).

Last year Citi settled with the FHFA for $250 million. The regulator of Fannie Mae and Freddie Mac had sued the bank over soured mortgage securities sold to the taxpayer-owned entities.

Investigators at the U.S. Attorney's offices in Brooklyn and Colorado and the FHFA inspector general's office collected some 25 million documents through nearly 50 subpoenas as part of the Citi probe that lead to the new settlement, authorities said.



http://www.reuters.com/article/2014/...0FJ13120140714






Mother ******* initially offered $363 million dollars, lulz.

Two in the chest and one in the head is the only true way to fix this ****.

******* **** suckers!
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Old 07-14-2014, 09:58 AM   #18
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B of A:

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Old 07-14-2014, 09:59 AM   #19
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Old 07-14-2014, 10:03 AM   #20
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ITT: John hates my boss.
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Old 07-14-2014, 10:05 AM   #21
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No I don't


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And may all the top executives and their families die by triangulated snipers, synchronized.
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Old 07-14-2014, 10:16 AM   #22
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We ought to have that debt paid off in no time at this rate.
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Old 07-14-2014, 11:57 AM   #23
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We ought to have that debt paid off in no time at this rate.
Printing unfathomable amounts of money to fail out corrupt and unethical financial companies sounds like a better idea
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Old 07-14-2014, 12:05 PM   #24
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many times... the wrong doings are merely a correction to the system AFTER an institution figures out a way to gain the advantage otherwise never thought of before.
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Old 07-14-2014, 12:19 PM   #25
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Citigroup pays $7B but how much have the received. Won't surprise me if it's way more than $7B.
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