Is there anything banks havn't missold?

lvader

John1993 wrote: »

Just about all of what you wrote was idiocy, and rubbish, but just the above will serve as an example.

We ALL have money laundering training. In my bank it's four times per year. Each time it is hammered home that we have to be a diligent as we possibly can be to stamp it out.

The penalties are clearly explained, and we understand that we'll lose our job if we are careless in following the regulations, as well as facing imprisonment.

The idea of us systematicallly setting out to facilitate laundering is just ludicrous. The fines and penalties for just failing to be zealous enough in looking for it, let alone actively carrying it out are huge. HSBC was fined over a billion pounds recently, just for its checks not quite being robust enough.

I agree and disagree at the same time, staff are very well trained and have been for many years. The problem hasn't been with people but with systems not being intelligent enough to pick stuff up, that is what is being address over the last few years.

cepheus

Quote:
Originally Posted by cepheus
I don't believe the posters on here are not aware that the City was, and still is, major a global laundering centre, and largely immune to legal investigations.

Just about all of what you wrote was idiocy, and rubbish, but just the above will serve as an example.

In which case I suggest your bank quickly get it's lawyers into action to sue these reporters. You would think this guy would understand what he is talking about. Perhaps you're not far enough up the food chain to see what really goes on? I'm not taking about Bob the builder here, but the big boys.

How London became the money-laundering capital of the world
July 15th, 2012 Rowan Bosworth-Davies
Financial Crime Expert Consultant London, United Kingdom, Financial Services

London is the global capital of money-laundering August 9th, 2012 | by Tom Costello

Russian Money Laundering in London - A Modern Morality Tale April 30, 2013

cepheus

A list of crimes for the Bank apologists to read

You Won’t Believe What They’ve Done …

Here are just some of the improprieties by big banks over the last century (you’ll see that many shenanigans are continuing today):

• Laundering money for terrorists (the HSBC employee who blew the whistle on the banks’ money laundering for terrorists and drug cartels says that the giant bank is still laundering money, saying: “The public needs to know that money is still being funneled through HSBC to directly buy guns and bullets to kill our soldiers …. Banks financing … terrorists affects every single American.” He also said: “It is disgusting that our banks are STILL financing terror on 9/11 2013“. And see this)

• Funding the Nazis

• Financing illegal arms deals, and funding the manufacture of cluster bombs (and see this and this) and other arms which are banned in most of the world

• Launching a coup against the President of the United States

• Handling money for rogue military operations

• Laundering money for drug cartels. See this, this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis). A whistleblower said: “America is losing the drug war because our banks are [still] financing the cartels“, and “Banks financing drug cartels … affects every single American“. And see this.)

• Engaging in !!!!!-style big-rigging fraud against local governments. See this, this and this

• Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and here

• Manipulating aluminum and copper prices

• Manipulating gold prices … on a daily basis

• Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts

• Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)

• Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car

• Cheating homeowners by gaming laws meant to protect people from unfair foreclosure

• Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing

• Manipulating the hundred trillion dollar derivatives market

• Engaging in insider trading of the most important financial information

• Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this

• Engaging in unlawful “frontrunning” to manipulate markets. See this, this, this, this, this and this

• Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this

• Manipulating corporate bonds through derivatives schemes

• Otherwise manipulating markets. And see this

• Participating in various Ponzi schemes. See this, this and this

• Charging veterans unlawful mortgage fees

• Helping the richest to illegally hide assets

• Cooking their books (and see this)

• Bribing and bullying ratings agencies to inflate ratings on their risky investments

• Violently cracking down on peaceful protesters

Thrugelmir

Why pick on banks? Banks after all are run by people. People are the real problem.

Letting a financial journalist loose with a £600 billion budget for 13 years wasn't very clever either.

cepheus

Thrugelmir wrote: »

Why pick on banks? Banks after all are run by people. People are the real problem.

Letting a financial journalist loose with a £600 billion budget for 13 years wasn't very clever either.

I am blaming the people who run the banks, who do you think I'm blaming, the buildings? Neither can I believe anyone would say such a thing, or thank them for saying it, unless they had substantial interests in this industry.

gadgetmind

Sorry, but you lost the argument at the point you mentioned the Nazis.

We'd like to make an exception, but it's the law.

http://en.wikipedia.org/wiki/Goodwins_law

Thrugelmir

cepheus wrote: »

I am blaming the people who run the banks, who do you think I'm blaming, the buildings? Neither can I believe anyone would say such a thing, or thank them for saying it, unless they had substantial interests in this industry. It proves how biased and unless this forum has become in the context of a consumer board.

You may as well say the SS were not to blame for murdering the Jews, it was only run by people. Or that letting the NVKD loose on the Russian peasants wasn't a good idea so that makes the SS behaviour all right. That's the quality of your argument.

Why not do the decent thing?

I appear to touched a nerve. As your comments are totally off piste and irrelevant to the topic. Dredging up history from years gone by serves no purpose. You appear to have no substance to your argument.

Everybody has more than one hat. On one side consumers. On the other we are representatives in some form. As we can all influence within a sphere however small. The direction of travel of this country.

Ark_Welder

gadgetmind wrote: »

Sorry, but you lost the argument at the point you mentioned the Nazis.

We'd like to make an exception, but it's the law.

http://en.wikipedia.org/wiki/Goodwins_law

Don't mention the law...

grey_gym_sock

gadgetmind wrote: »

Sorry, but you lost the argument at the point you mentioned the Nazis.

i call: misapplication of godwin's law! no comparison of anybody else with the nazis was made. this law is supposed to discourage making facile comparisons with the nazis, not a ban on using a word. ("he said 'jehovah'!")

i agree with thrug's comment that ppl are the real problem. there's not much else you can say about such a long "shopping list" of everything bad you can find to say about banks (even it is mostly accurate).

ColdIron

All I said was that piece of halibut was good enough for Jehovah