The Banks are at it again

Discussion in 'Wall St. News' started by nitro, Jul 25, 2015.

  1. nitro

    nitro

    "
    Twenty-two financial companies that have served as primary dealers of U.S. Treasury securities were sued in federal court on Thursday, in what was described as the first nationwide class action alleging a conspiracy to manipulate Treasury auctions that harmed both investors and borrowers.

    The State-Boston Retirement System, the pension fund for Boston public employees, accused Bank of America's Merrill Lynch unit,Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC,JPMorgan Chase, UBS, and 14 other defendants of illegally trying to profit on the sale of Treasury bills, notes and bonds at investors' expense..."

    http://www.cnbc.com/2015/07/24/lawsuit-accuses-22-banks-of-manipulating-us-treasury-auctions.html
     
  2. xandman

    xandman

    As if liquidity issues weren't enough. How does this all fit in the evolution of a market that is finding a bottom?
     
  3. nitro

    nitro

     
  4. nitro

    nitro

  5. i960

    i960

    Until the government not only fines to remove all profit (+additional damages) AND starts CRIMINALLY prosecuting these entities we'll see this again and again and again. The banks know they can get away with almost anything at this point. Thieve a shit load of illicit profits then pay a fine that represents a fraction of it, provide preselected fall guys, and serve no jail time or otherwise.

    Great deal for the banks.
     
  6. In my opinion, the financial industry (which I know and love) is corrupt beyond fixing. This may seem immoral but honestly I would just find ways to make money in the market and get your half instead of trying to fix it. The financial industries being corrupt is just a branch of corruption that runs this entire world.
     
    k p likes this.
  7. nitro

    nitro

    Confessions of an overseas banker

    "One of the criticisms I've heard of the "bankers behaving badly" cliché is that it doesn't apply to the majority of bankers; it's just a few bad apples and they typically work in emerging markets.

    Well, as someone who's worked in New York, London, and Hong Kong, and done countless deals with every bank on Wall Street, I can tell you this is not true. The deviance is pervasive..."


    http://www.cnbc.com/2015/08/12/conf...r-commentary.html?trknav=homestack:topnews:16
     
  8. nitro

    nitro

  9. nitro

    nitro