Besides another STX trading scam it was a banner week for crime on Wall Street.
1. UBS is close to an agreemenmt to pay more than $1 billion to resolve allegations that the Swiss banbk tried to rig interest rate benchmarks. Barclay's paid $450 million to settle similar allegations in June.
2. HSBC was fined $1.9 billion for laundering drug cartel and terrorist money.
3. Standard Chattered fined $0.67 billion for breaching sanctions
4. Deutsche Bank AG said this past summer its internal investigation of rate fixing undercovered wrong doing.
5. SAC under another investigation for purchasing call options on 400,000 shares of Weight Watchers on February 14 of 2011, three days later the stock rose by more than $20. The kingfish of the cartel has a bull's eye on his back.
.While big checks are being written, NOT A SINGLE WALL STREET #$%$ BAG WILL GO TO JAIL!
All those fines will come out of our pockets in the form of new fees or reduced interest rates. For banks, fines are just the cost of doing business and are passed on to customers.
Until management gets serious jail time nothing is going to change. The legal system in this country is completely broken and rigged.
Let a poor person in this country steal and get caught and he gets jail time ( as he should ). But let management commit a crime and steal a thousand time as much and he gets a bonus. It makes you sick.