Monday, May 25, 2015

When All Is Said And Done...


  
"Banks Pay $5.6 Billion To Settle U.S. Probe" [May 21, 2015]

"Five global banks agreed to pay more than $5 billion in combined penalties and plead guilty to criminal charges to resolve a long-running U.S. investigation into whether traders colluded to move foreign-currency rates for their own financial benefit."

"The settlements largely close the book on the latest industry-wide investigation, one of a steady stream of probes into mortgage misdeeds, manipulative trading behavior and tax evasion.  The biggest global banks have paid more than $60 billion in penalties over the past two years to resolve allegations of wrong doing."

"The size and scope of the resolutions reflect authorities' attempts to crackdown on what they called "breathtaking" misconduct, with some of the largest fines levied to date by the Justice Department for antitrust violations."


"These unprecedented figures appropriately reflect the conspiracy's breathtaking flagrancy, its systemic reach and its significant impact," Attorney General Loretta Lynch said."

So, what did Frank Keating the President/CEO of the American Bankers' Association (ABA) have to say about his colleagues' "breathtaking flagrancy" and guilty pleas to criminal activity? 'Bout all I could find was Frank Keating saying this: 


Huh??
"Its Time For Credit Unions To Stop Abusing The Tax Code." (in Roll Call)

Guess that makes one thing pretty obvious, when all is said and done...



Hey, they have to steal
to pay their taxes!

... clearly nothing embarrasses Frank Keating any longer and apparently nothing much shames him either.

Perhaps [given the current importance of "name changing" at trade associations],  Mr. Keating should change the ABA to the American Bars Association, since "behind which" is where he may now be meeting with the admitted felons he so unashamedly and so unapologetically leads and represents.

2 comments:

Anonymous said...

What is amazing about this story is that the blame for the wrongdoing is placed on the "banks". Does this mean the brick and mortar buildings made the decisions that caused these fines? Will they be torn down and sent to the jail yard of rubble? And what about the "people" who were in those buildings running the show? Will they be rewarded with bonuses like Jamie always is? I guess this is similar to the credit union crisis where the "corporates" took the blame and the CEO's walked away to the golf course or other credit union related jobs. When all is said and done, nothing ever changes.

Anonymous said...

Does the name Keating seems to be synonymous with inappropriate financial dealings?