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(CNBC)   DOJ to the American's banking criminals: "Please tell us about all the crimes you've committed because we have no idea what we're doing"   (cnbc.com) divider line
    More: Facepalm, Plea, Corporation, Pleas, United States Deputy Attorney General, Justice Department official, JPMorgan Chase, guilty plea, Arthur Andersen  
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1447 clicks; posted to Politics » on 08 Dec 2022 at 10:17 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



44 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-12-08 5:59:40 PM  
Plea deals generally give you better terms than enforcement.
 
2022-12-08 10:21:56 PM  
Remember when banks crashed the economy and we rewarded them with trillions of dollars we fabricated overnight? They'll be fine.
 
2022-12-08 10:23:14 PM  

aleister_greynight: Plea deals generally give you better terms than enforcement.


Sam Bankrupt Fraud believes it is better to ask forgiveness than permission.

fark these banks, too.
 
2022-12-08 10:27:22 PM  
Don't Talk to the Police
Youtube d-7o9xYp7eE


But uh, maybe those assholes should talk to the police
 
2022-12-08 10:28:22 PM  
Remember when the Occupy Wall Street protests ended?
 
2022-12-08 10:29:53 PM  
Even the DOJ describes their leniency as "clear and predictable"
 
2022-12-08 10:32:11 PM  

Karma Chameleon: Remember when banks crashed the economy and we rewarded them with trillions of dollars we fabricated overnight? They'll be fine.


Remember when AG Eric Holder said that he knew exactly who was guilty but he refused to prosecute anyone because the number of guilty people was so high that remanding that many people from Wall Street into custody would have just led to another financial crisis?
 
2022-12-08 10:32:41 PM  
Phil McKraken:

Scam Bankrupt Fraud believes it is better to ask forgiveness than permission.
fark these banks, too.


Fixed
 
2022-12-08 10:37:00 PM  

Phil McKraken: aleister_greynight: Plea deals generally give you better terms than enforcement.

Sam Bankrupt Fraud believes it is better to ask forgiveness than permission.

fark these banks, too.


Please, spell his name correctly: Scam Bankrupt-Fraud.
 
2022-12-08 10:37:19 PM  

mistahtom: Phil McKraken:

Scam Bankrupt Fraud believes it is better to ask forgiveness than permission.
fark these banks, too.

Fixed


D'oh!
 
2022-12-08 10:38:46 PM  
...as they laughed their way to the bank. Nobody's going to jail, they'll just be fined a fraction of the profit.
 
2022-12-08 10:40:35 PM  
Banks, at the nexus of trillions of dollars of flows around the world daily ...

Is "flows" a noun now?
 
2022-12-08 10:45:01 PM  

dericwater: Phil McKraken: aleister_greynight: Plea deals generally give you better terms than enforcement.

Sam Bankrupt Fraud believes it is better to ask forgiveness than permission.

fark these banks, too.

Please, spell his name correctly: Scam Bankrupt-Fraud.


mistahtom: Phil McKraken:

Scam Bankrupt Fraud believes it is better to ask forgiveness than permission.
fark these banks, too.

Fixed


Too obscure.
 
2022-12-08 10:47:51 PM  
Fark user imageView Full Size


my face when I see it.
 
2022-12-08 10:47:57 PM  

whatshisname: Banks, at the nexus of trillions of dollars of flows around the world daily ...

Is "flows" a noun now?


Always been a plural noun. I think you are complaining about its use as financial jargon. Be my guest.

I would think TRANSFERS, TRANSACTIONS, or some other word would be better. Money does not flow, after all.
 
2022-12-08 10:48:14 PM  
Fark user imageView Full Size
 
2022-12-08 10:50:40 PM  
If you have the skills to be a financial auditor then you are not taking a job at public servant salaries.

What they should do is hire an auditing firm or two and let them have a cut of the money they find and the fines.
 
2022-12-08 10:57:12 PM  

Langdon_777: If you have the skills to be a financial auditor then you are not taking a job at public servant salaries.

What they should do is hire an auditing firm or two and let them have a cut of the money they find and the fines.


The fines and other punitive actions have to leave a mark. The fine shouldn't equal to "cost of doing business". And officers shouldn't be able to avoid admitting guilt or be convicted and become a felon. At the very least, they must never be able to be involved at any level above mid-level manager at any company. And that's after serving time for the crime.
 
2022-12-08 10:58:22 PM  
The fact that HSBC board hasn't been RICO'd and the bank shiat down with all assets seized is amazing if I'm being honest.
 
2022-12-08 10:58:24 PM  

2fardownthread: whatshisname: Banks, at the nexus of trillions of dollars of flows around the world daily ...

Is "flows" a noun now?

Always been a plural noun. I think you are complaining about its use as financial jargon. Be my guest.

I would think TRANSFERS, TRANSACTIONS, or some other word would be better. Money does not flow, after all.


I'm seeing a volcano of money.
 
2022-12-08 10:59:42 PM  

Night Train to Wakanda: The fact that HSBC board hasn't been RICO'd and the bank shiat down with all assets seized is amazing if I'm being honest.


They're trying to get bought out by a big Canadian bank. Coincidence?
 
2022-12-08 11:08:52 PM  

whatshisname: Banks, at the nexus of trillions of dollars of flows around the world daily ...

Is "flows" a noun now?


That's the real take on this story. Making a verb a noun. Something that's never happened before. Thanks for distilling it for us. Ignore the rest it's no big deal.
 
2022-12-08 11:10:53 PM  
Fark user imageView Full Size
 
2022-12-08 11:19:02 PM  
Have they tried this with TFG? I mean ... Jeebus. Why the fark not? Better than the nothing they're doing.
 
2022-12-08 11:24:05 PM  

whatshisname: 2fardownthread: whatshisname: Banks, at the nexus of trillions of dollars of flows around the world daily ...

Is "flows" a noun now?

Always been a plural noun. I think you are complaining about its use as financial jargon. Be my guest.

I would think TRANSFERS, TRANSACTIONS, or some other word would be better. Money does not flow, after all.

I'm seeing a volcano of money.


A buttvolcano of solvency.
 
2022-12-08 11:27:01 PM  
From TFA:

Officials have generally sought to avoid inadvertently triggering the collapse of companies with enforcement actions after the 2002 indictment of accounting firm Arthur Andersen led to 28,000 job losses.
But that has meant that over the past decade, banks and other companies typically entered deferred prosecution agreements or other arrangements, coupled with fines, when misdeeds are found. For instance, JPMorgan Chase entered DPAs for its role in the Bernie Madoff pyramid scheme and a precious metals trading scandal, among other mishaps.

/
There's obviously a trove of both pros and cons to this logic but it does appear to be somewhat pertinent even if it also seems massively unfair and skewed to protect the rich.
 
2022-12-08 11:33:30 PM  
Fark user imageView Full Size
 
2022-12-08 11:37:15 PM  
The IRS has offered up amnesty programs at times.  They're surprisingly successful.  It's a smart way to get people to pay some taxes without having to go through the expense.of finding and prosecuting tax cheats.
 
2022-12-09 12:12:34 AM  
The carrot that Justice officials are dangling before the corporate world includes a promise that companies that promptly self-report misconduct won't be forced to enter a guilty plea.

Confess to your wrongdoing and you won't be forced to enter a guilty plea. However, we'll have your confession which we'll use at trial so save court costs and just enter a guilty plea.
 
2022-12-09 12:19:34 AM  

SomeFarkinFarmgirl: From TFA:

Officials have generally sought to avoid inadvertently triggering the collapse of companies with enforcement actions after the 2002 indictment of accounting firm Arthur Andersen led to 28,000 job losses.
But that has meant that over the past decade, banks and other companies typically entered deferred prosecution agreements or other arrangements, coupled with fines, when misdeeds are found. For instance, JPMorgan Chase entered DPAs for its role in the Bernie Madoff pyramid scheme and a precious metals trading scandal, among other mishaps.

/There's obviously a trove of both pros and cons to this logic but it does appear to be somewhat pertinent even if it also seems massively unfair and skewed to protect the rich.


Or, you know, they could prosecute the executives responsible for the misdeeds, leaving the companies functional while still punishing wrongdoers and deterring others from doing the same in the future.

Oh, wait, that would inconvenience the rich.  Nevermind.
 
2022-12-09 12:21:55 AM  

aleister_greynight: Plea deals generally give you better terms than enforcement.


On the flip side, the enforcement is almost non-existent.
 
2022-12-09 12:54:33 AM  
You can voluntarily confess or you can get away with it. Your choice.
 
2022-12-09 1:34:07 AM  
Money is missing?
What happened?
I'll do whatever to help you.
Get back to me tomorrow
 
2022-12-09 1:46:14 AM  

dericwater: Phil McKraken: aleister_greynight: Plea deals generally give you better terms than enforcement.

Sam Bankrupt Fraud believes it is better to ask forgiveness than permission.

fark these banks, too.

Please, spell his name correctly: Scam Bankrupt-Fraud.


Is that like how people named Dennis are statistically more likely to become dentists?
 
2022-12-09 1:48:59 AM  

Night Train to Wakanda: The fact that HSBC board hasn't been RICO'd and the bank shiat down with all assets seized is amazing if I'm being honest.


That is most definitely a law that needs more usage - RICO - tRump and 1/6 should be RICO'd.  Many of these financial crimes could also be RICO'd.
 
2022-12-09 1:51:55 AM  

SomeFarkinFarmgirl: From TFA:

Officials have generally sought to avoid inadvertently triggering the collapse of companies with enforcement actions after the 2002 indictment of accounting firm Arthur Andersen led to 28,000 job losses.
But that has meant that over the past decade, banks and other companies typically entered deferred prosecution agreements or other arrangements, coupled with fines, when misdeeds are found. For instance, JPMorgan Chase entered DPAs for its role in the Bernie Madoff pyramid scheme and a precious metals trading scandal, among other mishaps.

/There's obviously a trove of both pros and cons to this logic but it does appear to be somewhat pertinent even if it also seems massively unfair and skewed to protect the rich.


Then we should have rules about company sizes, get close to the limit then you have to split into two (seems very organic and natural.)

Private companies "too big to fail" should not exist, or such companies should be nationalised.
 
2022-12-09 1:53:50 AM  

Troy McClure: The IRS has offered up amnesty programs at times.  They're surprisingly successful.  It's a smart way to get people to pay some taxes without having to go through the expense.of finding and prosecuting tax cheats.


The part of the IRS that goes after rich people brings in many times their budget to the public coffers.  Fark em, hit them hard.
 
2022-12-09 1:54:16 AM  

fruit flies like a banana: dericwater: Phil McKraken: aleister_greynight: Plea deals generally give you better terms than enforcement.

Sam Bankrupt Fraud believes it is better to ask forgiveness than permission.

fark these banks, too.

Please, spell his name correctly: Scam Bankrupt-Fraud.

Is that like how people named Dennis are statistically more likely to become dentists?


Fark user imageView Full Size
 
2022-12-09 3:01:24 AM  

Emposter: SomeFarkinFarmgirl: From TFA:

Officials have generally sought to avoid inadvertently triggering the collapse of companies with enforcement actions after the 2002 indictment of accounting firm Arthur Andersen led to 28,000 job losses.
But that has meant that over the past decade, banks and other companies typically entered deferred prosecution agreements or other arrangements, coupled with fines, when misdeeds are found. For instance, JPMorgan Chase entered DPAs for its role in the Bernie Madoff pyramid scheme and a precious metals trading scandal, among other mishaps.

/There's obviously a trove of both pros and cons to this logic but it does appear to be somewhat pertinent even if it also seems massively unfair and skewed to protect the rich.

Or, you know, they could prosecute the executives responsible for the misdeeds, leaving the companies functional while still punishing wrongdoers and deterring others from doing the same in the future.

Oh, wait, that would inconvenience the rich.  Nevermind.


First we need to get rid of all of the politicians that were bought by corporate america and were responsible for cursing us with many of the judges that would end up deciding the fate of the executives. Then we need laws passed that won't allow executives who are being paid many millions of $$$ for their supposed expertise to weasel out of fraud and gross mismanagement by pleading ignorance and stupidity.
 
2022-12-09 3:13:32 AM  

Langdon_777: SomeFarkinFarmgirl: From TFA:

Officials have generally sought to avoid inadvertently triggering the collapse of companies with enforcement actions after the 2002 indictment of accounting firm Arthur Andersen led to 28,000 job losses.
But that has meant that over the past decade, banks and other companies typically entered deferred prosecution agreements or other arrangements, coupled with fines, when misdeeds are found. For instance, JPMorgan Chase entered DPAs for its role in the Bernie Madoff pyramid scheme and a precious metals trading scandal, among other mishaps.

/There's obviously a trove of both pros and cons to this logic but it does appear to be somewhat pertinent even if it also seems massively unfair and skewed to protect the rich.

Then we should have rules about company sizes, get close to the limit then you have to split into two (seems very organic and natural.)

Private companies "too big to fail" should not exist, or such companies should be nationalised.


Yeah, I totally agree. I really don't know why they bothered teaching us in school about anti-trust laws and monopolies when the government doesn't bother to enforce anything.

/we also should enforce laws about "public servants" such as congresspeople being so openly and brazenly bought outright by big businesses but unfortunately I don't see the current majority of SCOTUS changing their minds about corporations being "people"
 
2022-12-09 3:23:15 AM  

SomeAmerican: aleister_greynight: Plea deals generally give you better terms than enforcement.

On the flip side, the enforcement is almost non-existent.


That is also true, unfortunately.
 
2022-12-09 3:52:29 AM  

Stoker: ...as they laughed their way to the bank. Nobody's going to jail, they'll just be fined a fraction of the profit.


And they will whine about that until they get it back in tax cuts.
 
2022-12-09 6:00:29 AM  
Banks, at the nexus of trillions of dollars of flows around the world daily, have a lengthy track record of legal and regulatory failures.

When we steal it is crime. When banks steal it is "legal and regulatory failure." Nice objectivity you've got there, NBC.
 
2022-12-09 6:48:12 PM  

Phil McKraken: dericwater: Phil McKraken: aleister_greynight: Plea deals generally give you better terms than enforcement.

Sam Bankrupt Fraud believes it is better to ask forgiveness than permission.

fark these banks, too.

Please, spell his name correctly: Scam Bankrupt-Fraud.

mistahtom: Phil McKraken:

Scam Bankrupt Fraud believes it is better to ask forgiveness than permission.
fark these banks, too.

Fixed

Too obscure.


FTX Was (And Is) A Complete Mess
Youtube WqDvsbElFXg
too obscure, really?
 
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