(Excerpt taken from The Telegraph)
Barclays has been handed the biggest UK bank fine in history as six banks were ordered
to pay $6bn (£3.9bn) over manipulating the foreign exchange markets.
The Financial Conduct Authority ordered Barclays to pay £284.4m as part of the British
bank’s £1.5bn settlement with the City watchdog and four US regulators.
Royal Bank of Scotland, JP Morgan, UBS, Citigroup and Bank of America were also fined
by the Federal Reserve, while all but Bank of America were forced to plead guilty to
criminal charges and penalised by the US Department of Justice.
Regulators detailed how traders at the banks, referring to themselves with names such as
“The Cartel”, colluded to rig euro-dollar currency benchmarks, profiting at the expense of
The bankers attempted to manipulate vital benchmarks used by companies around the
world as a peg for foreign exchange transactions in the $5.3 trillion-a-day market. One
Barclays trader wrote in electronic chats: “If you aint cheating, you aint trying.”
These banks eh, when is enough going to be enough? It said in the article there that they had
pleaded guilty to criminal charges. Apparently these shysters were still fixing the currency
exchange rate (FOREX) in 2014. So having being fined for their fraudulent Libor activities
they were still manipulating the financial markets for their own ends, after the Libor
It appears that everywhere you look in the financial industry there is corruption, there is
fraud, but what happens? Nothing!
You manipulate interest rates to make you and the banks billions and yourself millions and
you get caught, the bank has to pay a few hundred million in fines, the net result is, the
bank and its fraudulent banksters are billions to the good. They don’t care, they see a fine
for getting caught for their criminal activity as a hazard of the job. It’s an utter disgrace.
The actions of the bankers is appalling, totally unacceptable and criminal. They should be
in jail! It affects all of us and how much we have to pay. They are stealing from us to line
their own pockets by billions, literally, but no one goes to jail. Billions in fines, hundreds of
millions in bonuses, admitted fraudulent activity, and still no one goes to jail. What has a
banker got to do to go to bloody jail?
I put a quick search into Google and I found this piece…
(Excerpt taken from Hull Daily Mail)
[Somebody from] Boothferry Estate, west Hull, was jailed for 16 weeks for stealing washing
powder and deodorants from various shops.
So this poor guy goes to jail for stealing washing powder and deodorant, but bankers steal
billions, literally, and nobody really gets into any trouble, let alone go to bloody jail. But get
this. I don’t know this guy who went to jail for stealing items but I bet his story goes
something like this, just like millions of others from around the country.
‘Because the banks recklessly gambled and manipulated the markets for their own ends
and for their own selfish bonuses, the banking system collapsed causing the government
to have to bail out the banks to the tune of over a trillion £’s. The government then had to
introduce Austerity to cut costs so that they could start to pay back the money owed by the
government for bailing out the banks who collapsed because the banks gambled and lost.’
This guy could well have been made redundant by a company that had to lay people off,
because the company he worked for had to downsize, because the economy was
shrinking, because of the banks that did all they could to line their own pockets by cheating
and committing fraud, weren’t lending because the same bankers collapsed the system
with their greed.
This guy would then have to go onto benefits because so many companies have closed
because they just couldn’t find any work. He may well of had his benefits sanctioned and
lost them, which means the only way for him to survive would be to steal. He gets caught,
he goes to jail. But the bankers, who wear thousand £ suits, who are responsible for the
financial collapse carry on as if nothing had happened, being paid hundreds of millions in
bonuses despite losing billions.
This is where our so called economic recovery has come from, the £100bn that has been
paid out in banker bonuses since the financial collapse that they caused and has cost
What shows us that our government has absolutely no interest what so ever in stopping
the banks fraudulent practices, or interfering in anyway how the banks are run is the
governments handling of the the Royal Bank of Scotland. Even though the tax payer still
owns 80-82% of RBS, who have been heavily fined for illegally manipulating the currency
market as well, the government couldn’t care less about the tax payer that bailed them out
to the tune of £46bn. Despite losing £50bn in 7 straight years of losses, the government
has still allowed RBS to pay hundreds of millions in bonuses to its staff. More proof, if ever
we needed it, that this government, and Labour before them, are not going to change the
way bankers work, for anybody. Why would the Conservatives when 50% of their funding
comes from these very bankers.
They will sanction people’s benefits for being late for an appointment, but you lose £50bn
after having been bailed out to the tune of £46bn and you get hundreds of millions in
bonuses as a reward.
In 2014 despite RBS losing another £3.5bn in that year alone, the bank handed over
£421mn, including 72 employees that received over £1m that year. The banking system is
sick, it’s corrupt, it’s fraudulent, it’s parasitical, they must be broken up, the high street
banks must be broken down into smaller entities.
How on Earth can we sanction people’s benefits for being late for an appointment meaning
they literally have nothing, but reward such obvious failure with hundreds of million of £’s.
What cost us more, paying hundreds of millions in banker bonuses for multi, multi, tens of
billions of loses, or somebody that’s claiming benefits because they can’t find a job
because of the system that has been destroyed by those paying out hundreds of billions in bonuses and losing our economy hundreds of billions every single year?
The banking losses outweigh the benefit losses by hundreds of millions of times. It’s utterly
ridiculous. It’s almost as if the government are ethically cleansing the poor.
In this so called sensible, civilised society, this is completely insane, and it shows that a
sensible, civilised society we certainly aren’t. But like most things, you don’t see any action
against the banks, you don’t see people gluing pieces of paper on the front of the bank
windows saying “SCUM” on them until they can’t get them off, you don’t see people in
general, protesting them. There was a banker bonus protest a few years ago led by Billy
Bragg bless him, but now it’s just accepted that bankers get paid billions and that’s it. No
wonder they’re saying that the UK is the most unequal society in the western world. That
isn’t something to celebrate, and will eventually lead to riots, because when people have
nothing left to lose, they lose it, and bankers will be targeted, mark my words.