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(CNN)   UBS fined $1.5 billion for fraud and bribery, hope to turn things around and put it in the right way   (money.cnn.com ) divider line
    More: Misc, Libor, UBS, adjustable-rate mortgages, Swiss bank, british banks, lead plaintiff, tax profit, interest rates  
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519 clicks; posted to Business » on 19 Dec 2012 at 3:08 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



20 Comments   (+0 »)
   
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2012-12-19 02:38:19 PM  
www.lolroflmao.com
 
2012-12-19 02:45:20 PM  
[golfclap.jpg]
 
2012-12-19 03:21:46 PM  
And yet, not one single person is going to jail.

This organization laundered money for terrorists and drug runners. If you or I did that, we'd go to prison for 20 years. Yet, because breaking this piece of shiat up would have an adverse effect on the economy, the DoJ isn't going to do shiat about it.

Too big to indict.

We now have feudal law as well as feudal economics. The Lords are above the law.
 
2012-12-19 03:24:31 PM  

Rent Party: And yet, not one single person is going to jail.

This organization laundered money for terrorists and drug runners. If you or I did that, we'd go to prison for 20 years. Yet, because breaking this piece of shiat up would have an adverse effect on the economy, the DoJ isn't going to do shiat about it.

Too big to indict.

We now have feudal law as well as feudal economics. The Lords are above the law.


Fark, that's HSBC, not USB.

USB is a bunch of scumbags, too.

* shakes tiny fist *
 
2012-12-19 03:28:03 PM  

Rent Party: And yet, not one single person is going to jail.


And that is the whole problem. At this point I'm willing to start throwing the lower folks in jail for significant periods if only to try and break the chain. You can't fine these banks too highly or you only punish the customers.
 
2012-12-19 03:35:39 PM  

Smackledorfer: Rent Party: And yet, not one single person is going to jail.

And that is the whole problem. At this point I'm willing to start throwing the lower folks in jail for significant periods if only to try and break the chain. You can't fine these banks too highly or you only punish the customers.


Exactly, its just the cost of business when the only repercussions are paying part of sharing some on the profits in "fines"...
 
2012-12-19 03:36:56 PM  

Rent Party: And yet, not one single person is going to jail.

This organization laundered money for terrorists and drug runners. If you or I did that, we'd go to prison for 20 years. Yet, because breaking this piece of shiat up would have an adverse effect on the economy, the DoJ isn't going to do shiat about it.

Too big to indict.

We now have feudal law as well as feudal economics. The Lords are above the law.


"Two former UBS traders face criminal charges"

ftfa
 
2012-12-19 03:41:59 PM  

SuperT: Rent Party: And yet, not one single person is going to jail.

This organization laundered money for terrorists and drug runners. If you or I did that, we'd go to prison for 20 years. Yet, because breaking this piece of shiat up would have an adverse effect on the economy, the DoJ isn't going to do shiat about it.

Too big to indict.

We now have feudal law as well as feudal economics. The Lords are above the law.

"Two former UBS traders face criminal charges"

ftfa


Yeah. Wrong bank. I was thinking of the HSBC money laundering scandal where they paid a similarly sized fine, and that's it.
 
2012-12-19 04:15:27 PM  
I laughed more than I should've. Great headline.
 
2012-12-19 04:17:40 PM  
UBS in the headlines? They must have been fined.
 
2012-12-19 04:25:00 PM  
Between this and HSBC's $1.9 billion settlement the US gov may have found a great new revenue stream. Surely we can find something awesome to blow our new found ~$3.5 billion on.
 
2012-12-19 04:37:04 PM  
Im sure they will get that out of petty cash. Too bad they wont be able to have as many balloons at the christmas party.
 
2012-12-19 04:43:24 PM  

Mistah Scrotie: Between this and HSBC's $1.9 billion settlement the US gov may have found a great new revenue stream. Surely we can find something awesome to blow our new found ~$3.5 billion on.


They're gonna use it to bail out some banks, I'm guessing.
 
2012-12-19 04:48:35 PM  
HSBC pays a fine and stays in business for money laundering. UBS pays a fine and stays in business for fraud and bribery. TheStreet.com guys settle with the SEC over accounting fraud and misrepresentation. Knight Capital throws the NYSE into chaos with just half an hour of trading that costs the company $440M. PricewaterhouseCoopers, who was supposed to be keeping an eye on MF Global, has SEC immunity and isn't paying a dime, even though they passed on MF Global losing $1.6 BILLION in client investments. They apparently paid enough for their sins at JP Morgan and Barclays, where they turned a blind eye to client fund commingling.

There isn't a single firm on the Street that hasn't had some sort of negative SEC action taken against them in the last half dozen years. These should be death sentences for these guys. Instead, they just jump to another company, change a name, reorganize divisions, merge or spin off departments, or pull some other paper chicanery where everybody keeps doing the same thing in the same offices with the same people but it somehow makes the SEC throw up its hands and say "Nothing we can do."

Time to kill the bastards and hard. Start putting these assholes in jail and taking away their money. Random drug testing for cocaine. Prostitution stings. RICO investigations. Grand juries. Government takeovers. Stop legitimizing and ignoring this obviously fraudulent behavior that puts the rest of the country at risk and treat it like the organized crime that it is.
 
2012-12-19 04:55:28 PM  

phyrkrakr: HSBC pays a fine and stays in business for money laundering. UBS pays a fine and stays in business for fraud and bribery. TheStreet.com guys settle with the SEC over accounting fraud and misrepresentation. Knight Capital throws the NYSE into chaos with just half an hour of trading that costs the company $440M. PricewaterhouseCoopers, who was supposed to be keeping an eye on MF Global, has SEC immunity and isn't paying a dime, even though they passed on MF Global losing $1.6 BILLION in client investments. They apparently paid enough for their sins at JP Morgan and Barclays, where they turned a blind eye to client fund commingling.

There isn't a single firm on the Street that hasn't had some sort of negative SEC action taken against them in the last half dozen years. These should be death sentences for these guys. Instead, they just jump to another company, change a name, reorganize divisions, merge or spin off departments, or pull some other paper chicanery where everybody keeps doing the same thing in the same offices with the same people but it somehow makes the SEC throw up its hands and say "Nothing we can do."

Time to kill the bastards and hard. Start putting these assholes in jail and taking away their money. Random drug testing for cocaine. Prostitution stings. RICO investigations. Grand juries. Government takeovers. Stop legitimizing and ignoring this obviously fraudulent behavior that puts the rest of the country at risk and treat it like the organized crime that it is.


The crooks are winning while the plebeians get all up in arms over birth control and sluts.
 
2012-12-19 05:35:59 PM  

mcreadyblue: The crooks are winning while the plebeians get all up in arms over birth control and sluts.


My concern is the sluts who aren't on birth control.
 
2012-12-19 05:55:04 PM  

phyrkrakr: HSBC pays a fine and stays in business for money laundering. UBS pays a fine and stays in business for fraud and bribery. TheStreet.com guys settle with the SEC over accounting fraud and misrepresentation. Knight Capital throws the NYSE into chaos with just half an hour of trading that costs the company $440M. PricewaterhouseCoopers, who was supposed to be keeping an eye on MF Global, has SEC immunity and isn't paying a dime, even though they passed on MF Global losing $1.6 BILLION in client investments. They apparently paid enough for their sins at JP Morgan and Barclays, where they turned a blind eye to client fund commingling.

There isn't a single firm on the Street that hasn't had some sort of negative SEC action taken against them in the last half dozen years. These should be death sentences for these guys. Instead, they just jump to another company, change a name, reorganize divisions, merge or spin off departments, or pull some other paper chicanery where everybody keeps doing the same thing in the same offices with the same people but it somehow makes the SEC throw up its hands and say "Nothing we can do."

Time to kill the bastards and hard. Start putting these assholes in jail and taking away their money. Random drug testing for cocaine. Prostitution stings. RICO investigations. Grand juries. Government takeovers. Stop legitimizing and ignoring this obviously fraudulent behavior that puts the rest of the country at risk and treat it like the organized crime that it is.


I'd be in favor of the SEC being able to levy punishment in the form of public beheading.
 
2012-12-19 05:59:39 PM  

Rent Party: Rent Party: And yet, not one single person is going to jail.

This organization laundered money for terrorists and drug runners. If you or I did that, we'd go to prison for 20 years. Yet, because breaking this piece of shiat up would have an adverse effect on the economy, the DoJ isn't going to do shiat about it.

Too big to indict.

We now have feudal law as well as feudal economics. The Lords are above the law.

Fark, that's HSBC, not USB.

USB
is a bunch of scumbags, too.

* shakes tiny fist *


I was unaware the inverse was true as well. I wonder if the bankers get as pissed as us IT folk do.
 
2012-12-19 07:19:45 PM  
I'm not saying a firing squad is in order.... but.... ok, fark that, I AM saying a firing squad is in order.
 
2012-12-19 07:36:22 PM  
I bet they pay it with gold fillings.
 
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