Record Fines for banks

[snooky]

http://www.bbc.co.uk/news/business-32817114

This may be a silly question - who gets the £5.7bn?
If the RBS is involved does that mean WE (Joe Blow et al) pay this unknown(?) recipient mega-dosh for the banks' unlawful dealings?
Whipping boys are still with us it would appear..... ouch! ouch!

[Keith_M]

http://www.bbc.co.uk/news/business-32817114

This may be a silly question - who gets the £5.7m?
If the RBS is involved does that mean WE (Joe Blow et al) pay this unknown(?) recipient mega-dosh for the banks' unlawful dealings?
Whipping boys are still with us it would appear..... ouch! ouch!


I presumed the money goes to the US Government.

What I want to know is, how come none of them are getting Jail Sentences?

[Hibrandenburg]

I presumed the money goes to the US Government.

What I want to know is, how come none of them are getting Jail Sentences?

:agree: It just goes to show who really rules the world (except for the People's Islandic Republic).

[Kato]

I presumed the money goes to the US Government.

What I want to know is, how come none of them are getting Jail Sentences?

C'mon man, we know for a fact fining them works. They won't do that again now they've been fined. How could you possibly think of jailing a banker for stealing money? It's different with Johnny Friedroll, if he steals jail is expected but a bank worker? Would never work.

[RyeSloan]

I presumed the money goes to the US Government. What I want to know is, how come none of them are getting Jail Sentences?

It's a good question..while I often think it's hard to punish individuals for institutional crimes in this case there is clear evidence that links the market manipulation to the individual (as compared to the institution). It's correct the banks should be fined for failing to monitor or control their staff but from what I have read the worst that has happened to the actual traders involved is that they have been fired.

[snooky]

I see the RBS is closing quite a few more banks in Scotland.
Here's a wee question for us all. Answers to Fred Goodwin's latest clone.
Would you rather RBS closed banks or give the top guys huge bonuses?

Re. collective nouns, it's a wunch of bankers right enough.

[Jack]

I presumed the money goes to the US Government.

What I want to know is, how come none of them are getting Jail Sentences?

The suggestion in the Independent is that the fines go to the US and UK regulators.

www.independent.co.uk/news/business/news/if-you-aint-cheatin-you-aint-trying-four-global-banks-plead-guilty-to-felony-charges-of-fixing-the-price-of-dollar-and-euros-10264395.html?utm_content=buffer23889&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

[Speedy]

I see the RBS is closing quite a few more banks in Scotland.
Here's a wee question for us all. Answers to Fred Goodwin's latest clone.
Would you rather RBS closed banks or give the top guys huge bonuses?

Re. collective nouns, it's a wunch of bankers right enough.

They're not mutually exclusive.

[RyeSloan]

I see the RBS is closing quite a few more banks in Scotland. Here's a wee question for us all. Answers to Fred Goodwin's latest clone. Would you rather RBS closed banks or give the top guys huge bonuses? Re. collective nouns, it's a wunch of bankers right enough.

Bank branches are being used less and less yet their fixed cost remains...'huge bonuses' have nothing really to do with the dynamics of branch usage and the costs to the banks of supporting a bricks and mortar presence.

[snooky]

I still would rather have my local bank than stuff the pockets of bloodsucking incompetents.

BTW, apologies to any decent top bankers out there - if any. :wink:

A pound is a pound in anybody's money - well at least it is in my book.

[johnbc70]

I still would rather have my local bank than stuff the pockets of bloodsucking incompetents.

BTW, apologies to any decent top bankers out there - if any. :wink:

A pound is a pound in anybody's money - well at least it is in my book.

If everything was only as black and white as you make it out to be. I would have thought with RBS you want them to make a profit and return the money back to taxpayers asap. They won't do that by keeping open expensive branches that people are using less and less. Its not a choice of close branch X and pay banker Y more.

Who knows maybe the money saved will be reinvested into more digital and online capability, meaning millions benefit rather than a handful of people who may be regular users of the closing branches.

[snooky]

If everything was only as black and white as you make it out to be. I would have thought with RBS you want them to make a profit and return the money back to taxpayers asap. They won't do that by keeping open expensive branches that people are using less and less. Its not a choice of close branch X and pay banker Y more.

Who knows maybe the money saved will be reinvested into more digital and online capability, meaning millions benefit rather than a handful of people who may be regular users of the closing branches.

I take your point, John and you are probably right on the button.
My own personal view - if I can be totally selfish - is that not every part of everything in this world has to be run at a profit.
Being an old codger of tradition, I much prefer talking to a friendly teller who knows my face rather than a cold, lifeless webpage.
My gripe is that as long as these Ivorytowerians are paying themselves big fat bonuses they cannot justify to me their cost-cutting exercises at grass root level.