EU Charges 3 Banks With Market Fixing

[OneCrazyDiamond]

Source: abcnews (AP)

European Union regulators on Tuesday charged banks JPMorgan, HSBC and Credit Agricole with colluding to manipulate the price of financial products linked to interest rates.

The European Commission's move is the first step in a legal dispute that can cost the banks dearly. The Commission's top competition regulator, Joaquin Almunia, said the banks will now have a chance to respond to the preliminary findings. If the Commission ultimately concludes they have broken the law, it can impose a fine of up to 10 percent of their annual revenue.

In December 2013, the Commission levied fines totaling 1.04 billion euros ($1.42 billion) on Barclays, Deutsche Bank, RBS and Societe Generale as part of the same case, which covers financial derivatives linked to a benchmark interest rate called Euribor in the period 2005-2008.

Read more: http://abcnews.go.com/International/wireStory/eu-accuses-banks-market-fixing-23790159

[L0oniX]

1. Not surprised about sociopath Chase and HBSC<--- built on drug money

So when is this fucked up country going to go after the banksters here? NEVER! ...cause they own it.

[OneCrazyDiamond]

4. They can't.

The system is setup so our consumption feeds them. The more we feed the more they are fed. We are kinda like a cow.

[AndyTiedye]

2. Too Big to Fail = Too Big to Jail

[JackRiddler]

3. Decapitations or it doesn't count.

Yes, I mean it figuratively.

The EU or the countries must remove top management and prosecute the perpetrators under strong laws (fraud, conspiracy, money laundering, racketeering, terrorist finance, etc.) rather than banking violations. Institutional fines without personal accountability change nothing -- in fact, they are an invitation to commit more crime. All they do is add a small expense (in terms of the overall revenue) to the crime. The SEC or the EU come in and take their cut, which even if it's billions is a mere fraction of the swag. More importantly, what the hell do the perps care if their institutions burn to the ground. All they care about is that they got millions and sometimes tens and hundreds of millions in bonuses. These are sociopaths with a sociopathatic ideology and value system backing them up. If someone can make 30 million burning a city down, and is guaranteed not to get prosecuted but allowed to keep his personal rewards, then he is considered a LOSER if he fails to burn the city down. That's what these people are. Fuck them!