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5 Billion in fines against 5 of the worlds largest banks for Currency Rate fixing.


Belesarius

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US Regulators, the DoJ, and British Regulators have levels a total of over 5 billion in fines against 4 banks for currency rate fixing.

 

http://www.thestar.com/business/2015/05/20/four-banks-fined-25-billion-for-rigging-global-currency-markets.html

 

Largest Anti-trust fines ever given.

 

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5 billion, between four banks.. I'm sure they are looking contrite on the camera, while laughing as they sign the campaign checks. They'll just buy themselves some "more honest" politicians next time.

 

 

All this is going to do is drive up the service fees to their customers.  Unless people are put in jail and sanctioned from ever being involved in the business ever again,  the banks never lose out in situations like this.

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Wonder who he pissed off/did not cut into the deal, cause I'm pretty damned sure there are a whole shitpot of other lobbyists and congresscritters doing the exact same thing.

 

Betting he stepped on someone's toes.

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im also sure that they will serve a very short comfortable prison sentence isntead of the lifetime of forced labor they deserve 

Sadly, prison labor is one of those things that's kind of slipped to the wayside in the 'states.

 

With few exception, much above basic maintenance for the grounds itself is out of the question. With so many of them being privatized or quasi privatized, I'm guessing they don't want to work their guests too hard lest they lose their housing contract.

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Privatized prisons tend to be hellholes, and stuck in with an incestuous relationship with local law enforcement since such prisons are not completely private - like most institutions in the US, it's usually subsidized by public funding, thus they need maximum participation for maximum profit and to keep the sweet free money flowing.

 

Something like prisons should not be a money making endeavor, and if anything is to be gained from imprisoning people it should be a public good. Instead they just act as recruitment centers for gangs as citizens get thrown in on minor charges.

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Recidivism should not be equivalent to customer retention.

 

Also I'm pretty sure that in a lot of prisons they use their prisoners for labor, that's a long not-so-proud tradition in this country, and I'm pretty sure they've still got prisoners taking in cotton harvests in some places, and I know of at least once golf course using prisoners for maintenance.

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