 |
| Libor scandal |
Big Banks has defrauded everyone from investors and insurers to homeowners and the unemployed. They keep committing bigger crime, but they get away with small fine. Government says Bank are Too big to fail and so they have to be bailed but they can't be jailed and then banks keep committing more fraud. 2012 can be considered worst year for bank in terms of fine paid by big banks. I am surprised that big banks are only fined for the cheat committed which affects tens's of thousand of people.
 |
| Barclays libor scandal |
A cheat is a cheat in any dictionary and one of this cheat case is "$800 trillion Libor scandal", which affected millions of people. The most ridiculous part is that Barclay (NYSE: BCS) was fined only 450 million for such act.
Below are the list of fines paid by the big bank just in the month of July:
1. Capital One Financialv(NYSE: COF) agreed to pay $210 million to resolve charges by U.S. banking regulators that its call-center representatives misled consumers into paying for extra credit card products.
2. A record £290 million ($450 million) fine for fixing rates at which banks lend to each other has been levied on Barclays bank (NYSE: BCS) in the UK by U.S. and U.K. authorities.
3. Wells Fargo Bank (NYSE: WFC) will pay at least $175 million to settle accusations that it discriminated against African-American and Hispanic borrowers in violation of fair-lending laws, the Justice Department announced Thursday.
4. Goldman Sachs (NYSE:GS) also reached a class settlement with investors who claimed losses on securities backed by risky mortgage loans — costing them a total of $698 million. This is just the most recent of many similar settlements, such as a $315 million deal by Bank of America‘s (NYSE:BAC) Merrill Lynch and a $125 million agreement with Wells Fargo (NYSE:WFC).
5.Following a yearlong U.S. Senate investigation, allegations have been made against HSBC Holdings (NYSE:HBC), Britain’s largest bank, for money-laundering, terrorist funding and tax evasion — activities that included more than $30 billion in suspect transactions linked to sanctioned companies in Iran, North Korea and Burma. The bank has been fined $1 billion by the U.S., and Head of Compliance David Bagley also has stepped down in wake of the controversy.
6. Lloyds Banking Group (NYSE:LYG) of England also could have to pay out more than $1.5 billion for its part, while Deutsche Bank (NYSE:DB) struck an agreement to provide evidence about the manipulation in exchange for a lighter fine, which is expected to be around $1 billion.
7. Bank of America Corp has agreed to pay $375 million to settle a case brought by bond insurer Syncora Guarantee over toxic mortgage-backed securities at the center of the 2008 financial crisis.
8. Visa, MasterCard and major banks agreed to pay retailers at least $6 billion to settle a long-running lawsuit that alleged the card issuers conspired to fix the fees that stores pay to accept credit cards.
9. The nation's fifth-largest bank has allowed more than 150 foreclosed homes in Los Angeles to fall into disrepair, making US Bank "one of the largest slumlords" in the city. The fines could be over 100 million.
I would like to see people behind the bars for committing fraud and even bigger fines imposed on the bank so that in future, they don't commit such crimes. But, the question is whom to complain and who will regulate this bank, when "Central bankers are the biggest manipulator in this market".
