Banking giants accused by Australia of running ‘criminal cartel’
Banking giants accused by Australia of running ‘criminal cartel’
Published time: 1 Jun, 2018 10:34Australia’s consumer watchdog has announced that financial institutions ANZ, Deutsche Bank and Citigroup as well as several individuals will be prosecuted for an alleged criminal cartel arrangement.
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He added: “It will be alleged that ANZ and the individuals were knowingly concerned in some or all of the conduct.” ANZ, one of Australia's so-called “big four” banks, said the charges related to a placement of 80.8 million shares. The shares were offered to the institutional investors at a discounted rate of $30.95 per share.
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The deal was fully underwritten by three big global investment banks (Deutsche Bank, Citigroup and JP Morgan) as part of a bid by ANZ to raise capital to meet regulatory requirements.
They face maximum penalties of ten percent of annual turnover, or three times the benefit gained from criminal cartel behavior. The suspected individuals could face up to ten years in prison if found guilty.
https://www.rt.com/business/428434-banking-giants-criminal-probe/
If it isn’t gambling on bad paper it’s just outright greed and fraud.
The crash is coming. This time I don’t think it will go so well for the elite criminal class. I don’t think there will be bonuses being given to them after the fall.
Comments
They need to be broken up into a million small banks.
Then we need to bring back all the regulations Clinton helped them to eliminate.
"Religion is what keeps the poor from murdering the rich."--Napoleon
Don't break up banks. Outcompete them.
We need the IRS to open an account for every citizen and every business. The only way to make a payment to the Federal Government is via that account. The only way to receive a payment from the Feds is via that account.
Pay T-bill rates on balances (only a problem if the Feds quit borrowing money). Support direct deposit, bill pay, in-person services (like retail businesses exchanging cash) at every Post Office, ATM cards, debit cards. No lending, other than to Uncle Sam.
Eliminate every government bank insurance program. The ONLY safe place to put your money is in your IRS account. Everything else is an investment with varying degrees of risk and reward.
Lending and investment institutions can sell paper on the markets to raise cash, instead of using retail banking services to attract cheap money.
Reinstate the Depression era regulations, and update them for the 21st century. Charge enough fees (including fees on transaction over $100,000) to pay an ample number of regulators and investigators. Audit EVERYTHING. Maybe even nationalize the securities exchanges, so the only way to trade stocks and bonds is through the Feds, and fraud is a criminal felony for humans not merely a trivial fine for financial organized crime syndicates.
While we're at it, there is no legitimate role for private sector insurance of any kind. Offer insurance with coverage and rates that the private sector can't compete with, and if that isn't enough tax the shit out of them until it is.
"The greatest shortcoming of the human race is our inability to understand the exponential function." -- Albert Bartlett
"A species that is hurtling toward extinction has no business promoting slow incremental change." -- Caitlin Johnstone
Deutsche Bank, not Michael Cohen, May Be Donald Trump’s Biggest
Problem ... like a Maxine Waters attack, haha! I didn't include all the links from Wall Street on Parade, go there for the goods.
MAGA