YET "ONCE AGAIN":
HEADLINES IN THE FINANCIAL TIMES
"SIX BANKS HIT WITH FINES OF $4.3 BN
IN GLOBAL FOREX RIGGING SCANDAL"
(November 13, 2014)
"Six major banks were fined more than $4 billion as regulators punished them for their role in a foreign exchange rate-rigging scandal that once again called into question the integrity of the global financial markets."
"The fines took the total issued by U.S. regulators this year to $56.5 billion..."
"... called into question..."???
 |
| Common criminals caught red-handed. |
The banks are "once again" dishonest...
WHAT IS LEFT TO QUESTION??
(Hey, Keith Leggett - @ creditunionwatch.blogspot.com - would you consider this a "material event" or just a "typical event"?)
(Hey, Keith Leggett - @ creditunionwatch.blogspot.com - would you consider this a "material event" or just a "typical event"?)
15 comments:
Jim:
Yes, this is a material event. But your regulators hide your industries wrong doings. Take a look at the latest Texas Credit Union Department newsletter were it states enforcement actions, conservatorships, and removal orders are confidential information.
Keith, are these criminal fines tax deductible?
Just asking'....
At least Keith admitted they were material events. NCUA would have said, what?
http://www.newsweek.com/2014/11/07/giant-penalties-are-giant-tax-write-offs-wall-street-279993.html
Good article pointing out how not only the street hustlers at the big boinks get away with murder but the government agencies investigating them get their hands in the till. To try to hide behind "the Texas CU Department wont tell us" argument is a big stretch for even Mr. Leggett. Worse is the fact that despite the horrible and lingering damage done to our country and its people by these bums (whom Leggett tries to protect with his protestations) none of them have been prosecuted for their criminal activities. In China they would all have been long dead. That would solve what is becoming a continuing problem. As far as credit unions are concerned we dont have access to the tax write offs described in the article and used by your noble boinks. At least give us our props there!
The Federal Government does not have to fine credit unions increase their revenues. All they need to do is increase the OTR!
As I understand it, these fines are treated as pre-tax expense.
But the same would apply to all businesses.
First y'all need to know that I really like Keith Leggett, he's N.C. trained... just has a difficult job...
That said, Keith that "pre-tax expense" (definitely D.C., inside-the-beltway, weasel wording !!!) means that American taxpayers are providing a tax subsidy for the banks' admitted criminal activity - right?
Bank crime is a "non-jailable, tax deduction!
I am glad I live in the United States, instead of China.
Let's change the topic to NCUA not enforcing the law against Arizona FCU for charging a monthly membership fee. If you read the FCUA, you will note that you can only charge a membership fee once at the time of joining the credit union (if the credit union board decides to charge a fee).
However, this practice has been going on for almost two years and inspector clueless (aka NCUA) still has not unearthed the evidence despite the information appearing on Arizona FCU's fee schedule and the credit union trade press reporting on this story last year.
Keith,
Why do the banks always want to change the subject when people "question" their continuing, admitted criminality?
Will you at least just apologize to the American people for this chronic problem of illegality?
Think we all could move on if the banks would at least act embarrassed and say they are sorry for admittedly rigging the financial system against the American people.
Y'all are truly sorry, aren't you?
You're front-paged globally in the Financial Times as crooks not credit unions... won't you just please apologize to us for your "unfortunate" behavior? Pretty please?
They only say "sorry" when they are caught. Fortune is reporting Goldman and some other "big boinks" are being accused of manipulating commodity markets and bilking consumers according to a Senate probe. No news here it happens all the time. What really sets them apart is that they collude with each other to cheat and swindle consumers all the time. I like the Chinese they have good ideas!!!
Dennis,
I must disagree! I haven't heard any bank CEO apologize for these misdeeds, whether it's because the individual bank erred or because the honest bankers are tired of being shamed and disgraced by their peers.
Keith, come to think of it, haven't heard the ABA publicly oppose this shaming on behalf of its members who do abide by the law. Are you fer it or agin it?
Or is there nothing to apologize for in ABA's opinion?
And has any former corporate credit union ceo, cu association official, corporate director or NCUA apologized for their errors and the money it cost credit union members to get them out of the crisis?
Leggett and Blaine both from NC? What is in the water?
Believe the credit union corporate fiasco leans more toward the comical than the criminal...
foolish - yes! felon - no!
dumb - yes! deceptive - no!
clueless - yes! corrupt - no!
naive - yes! nefarious - no!
sorry - yes! sorry - no!
Very fine line Jim. I wonder how many would have got off at trial using your words.
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