Bankers - good or bad? Discuss

pqrdef

Citigroup have settled a "civil fraud" case for $285m, without admitting or denying liability.

(What's this "civil fraud"? Shouldn't fraud be a crime?)

This isn't the case involving 3 British banks, although of course Citigroup is in that as well.

In this case, they marketed a $1bn CDO to 15 investors without telling anybody that, based on their inside knowledge of the product, they were taking a short position on it.

It defaulted 15 months later. Citigroup made $160m in fees and trading profits.

bendix

Reptiles. Well, to be more precise, lizards.

Ask smeagold . . he has proof.

Generali

Fraud is covered by both criminal and civil law. Citibank have agreed to settle a civil case to make the criminal one go away, such are the workings of the US justice system.

My opinion is that anyone shown to have committed fraud should face the appropriate criminal sanction. My bet is they won't. These guys know where the bodies are buried which means that they will be allowed to live out their days in luxury and peace.

The question is, what are you going to do about it? Moaning on the Internet isn't going to send anyone to prison. Nor is camping next to St Pauls for that matter.

If you string a few of them up you might make them think again. The Government isn't going to do that for you of course.

As to whether we're humans or reptiles? Put it this way, when was the last time you saw one of us bankers in a room with a crocodile? Coincidence? You decide.

deary65

Generali wrote: »

Fraud is covered by both criminal and civil law. Citibank have agreed to settle a civil case to make the criminal one go away, such are the workings of the US justice system.

My opinion is that anyone shown to have committed fraud should face the appropriate criminal sanction. My bet is they won't. These guys know where the bodies are buried which means that they will be allowed to live out their days in luxury and peace.

The question is, what are you going to do about it? Moaning on the Internet isn't going to send anyone to prison. Nor is camping next to St Pauls for that matter.

If you string a few of them up you might make them think again. The Government isn't going to do that for you of course.

As to whether we're humans or reptiles? Put it this way, when was the last time you saw one of us bankers in a room with a crocodile? Coincidence? You decide.

Good post! Have you watched 'The money masters' great video, full of historic interest n banking.

http://www.youtube.com/watch?v=JXt1cayx0hs

atush

There are a whole lot of different types of 'bankers'. There are some that are humans, and some that are reptilian. But don't act like bank workers and branch people are the same as investment bankers. And even all investment bankers aren't cut from the same cloth. There are those that trade derivatives, and those who help real companies(that make real things and give real people jobs) float on the market to raise capital and grow.

Try working in a world w/o banks. Can't be done these days. Not int he west anyway, might work in the deepest jungle or desert.

The_White_Horse

lefties, morons or idiots - discuss

angrypirate

The_White_Horse wrote: »

lefties, morons or idiots - discuss

Moronic idiots. Case closed. Next discussion?

Hoopie1

The_White_Horse wrote: »

lefties, morons or idiots - discuss

Dullards that bleat on about the same thing all the time even though they have nothing to do with the topic in hand - should they be stabbed in the throat once or twice?

Generali

atush wrote: »

There are a whole lot of different types of 'bankers'. There are some that are humans, and some that are reptilian. But don't act like bank workers and branch people are the same as investment bankers. And even all investment bankers aren't cut from the same cloth. There are those that trade derivatives, and those who help real companies(that make real things and give real people jobs) float on the market to raise capital and grow.

Try working in a world w/o banks. Can't be done these days. Not int he west anyway, might work in the deepest jungle or desert.

The most important thing that banks do, and this covers Investment Banks as well as retail banks, is they facilitate trade.

If you want to buy a load of T-Shirts from China or a few dozen cases of wine from Bordeaux then you need to find the money to cover the period of time between buying the goods and selling them.

As I see it you can do this one of two ways: you can save up and pay for it yourself or you can borrow some excess cash from someone. Borrowing it directly is risky for the lender (the borrower might go bust) and hard to find for the borrower so a bank acts as a middle-man, taking a slice.

It is hard to emphasise how much better all our lives are made by trade. By that I don't just mean international trade but the ability to work for money and then use that money to buy the output of other people. Imagine having to build your own house, make your own clothes using yarn you made and wove yourself, grow all your own food and drink (Yorkshire Tea grown in the Dales anyone?), make your own medicines etc..

Banks have swollen to become bloated institutions and there are many employees and senior managers that IMO have committed criminal fraud. They should face trial for that and if found guilty face an appropriate sanction. I've seen a fair bit of what goes on in banks and I don't trust a single member of the financial services industry at all with my money. Unfortunately I have to at the moment to some extent.

chewmylegoff

a more interesting question is "would banks be better run if they were run by pet lizards instead of bankers".

Ilya_Ilyich

atush wrote: »

There are a whole lot of different types of 'bankers'. There are some that are humans, and some that are reptilian. But don't act like bank workers and branch people are the same as investment bankers. And even all investment bankers aren't cut from the same cloth. There are those that trade derivatives, and those who help real companies(that make real things and give real people jobs) float on the market to raise capital and grow.

They are all traitors, sacrificing humanity at the altar of Capital.