Gold has Soooo much pent up demand after 4 year cyclical bear amongst the crowd like me who can see the global fiat ponzu scheme crumbling.. And been patiently waiting for the cracks to form..
no brainer here.. It's had a nice run near term might take a step back soon..
no brainer here.. It's had a nice run near term might take a step back soon..
Yeah most likely.. But only guy who might actually make an attempt to throw bankster in jail so worth a shot lol .. At this point nothing to lose.. I'm for the guy with highest chance of shaking the status quo regardless of with direction it might go..
What would throwing banksters in jail really do? Yeah it is a feel good policy but cracking the whip on financial fraud is putting the cart before the horse.
It just gives the gov't and public a convenient scapegoat. Hey, look you aren't the problem, Lloyd Blankfein is!
Bankster fraud has very little to do with why we are where we are.
It just gives the gov't and public a convenient scapegoat. Hey, look you aren't the problem, Lloyd Blankfein is!
Bankster fraud has very little to do with why we are where we are.
Banksters know they can do whatever they want and get off Scott free it sets an example.. It puts the thougt in the back of
peoples heads might I get thrown in jail for doing this.. It creates restraint.. No restraint in lending financial engineering is why we are where we are.. Fed only gives them the ability to do it via artifically low rates..
take food quality for instance recently a guy was jailed for knowingly shipping tainted product with salmonella first ever prosecution of executive over food quality.., you can be sure as shit all food companies are now taking a closer look at food safety.. As they now know if they do something blatantly bad they might get tossed in jail for it..
peoples heads might I get thrown in jail for doing this.. It creates restraint.. No restraint in lending financial engineering is why we are where we are.. Fed only gives them the ability to do it via artifically low rates..
take food quality for instance recently a guy was jailed for knowingly shipping tainted product with salmonella first ever prosecution of executive over food quality.., you can be sure as shit all food companies are now taking a closer look at food safety.. As they now know if they do something blatantly bad they might get tossed in jail for it..
I don't think it is an awful idea. I'm just saying there are bigger problems with financial markets, wall st, economy, etc
I don't mind throwing anyone in jail who commits fraud or shows negligence but when talking about financial industry it does create a convenient scapegoat for the gov't and population who have been just as much the problem.
I don't mind throwing anyone in jail who commits fraud or shows negligence but when talking about financial industry it does create a convenient scapegoat for the gov't and population who have been just as much the problem.
Iceland, Where Bankers Actually Go To Jail For Committing White-Collar Crimes
Yeah totally forgot about Iceland as being a prime example of it in action...
look ok up some docs or stories about icelands response to crises and recovery pat.. Shows it in action..
and yes I know it's a lot simpler to pull off the smaller the scale..
look ok up some docs or stories about icelands response to crises and recovery pat.. Shows it in action..
and yes I know it's a lot simpler to pull off the smaller the scale..
Law dont create restraint when they aren't enforced and policed by people who came from same industry.. Response to last crises a complete joke and engineered to protect the status quo.. Nothing changed.. Banks just got even more too big to fail..
only jail time will stop these guys and putting thoughts in back of their head
banking used to be a boring ass job.. And it should be.. Making responsible loans..
What it's become is a complete joke... full of sociopaths willing to trample on anybody for a buck .. No clue how people that work at investment banks sleep at night... and they know at the end of the day they bought and paid for the politicians so no repurcussioms for their actions..
A man in central Reykjavik urinates on pictures of bankers who left Iceland after the 2008 financial crash
What do you want people to go to jail for?
Mortgage fraud? insider trading? These offenses carry pretty serious punishment. I'd definitely like to see insider trading/frontrunning cracked down on more.
Being a sociopath that hawks bad investments to other people looking to make a quick buck I just don't think really qualifies. You have confidence con-men in all industries. That's a part of life.
I always thought that people like Madoff and the Wolf of Wall St guy were idiots, people gave them credit for being these genius con-men. You can get rich conning people on Wall St without breaking the law, if you had to do time then you couldn't be that smart.
[h=1]jailed 26 bankers, why won't we?[/h][COLOR=rgba(0, 0, 0, 0.65098)]
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There are many reasons to admire Iceland, but here is another one: it has just sentenced five senior bankers and one prominent investor to prison for crimes relating to the economic meltdown in 2008. And with these two separate rulings made last month in the Supreme Court and Reykjavik district court, the nation that gambled so heavily on the markets and lost so disastrously in the consequent crash has sent 26 financiers to jail for combined sentences of 74 years.
The authorities pursued bank bosses, chief executives, civil servants and corporate raiders for crimes ranging from insider trading to fraud, money laundering, misleading markets, breach of duties and lying to the authorities. Others still await trial after this fishing nation with fewer people than Sunderland stupidly tried to take on the world’s financial titans.
Meanwhile the economy that collapsed so spectacularly has rebounded after letting banks go bust, imposing capital controls and protecting its own citizens over all other losers.Not all the convicted bankers ended up behind bars. But this determination to hold people to account for actions that caused intense financial misery contrasts strongly with Britain, most of the rest of Europe and the United States. Yes, fines totalling £150bn have been imposed on the 20 biggest banks for transgressions such as market manipulation, money-laundering and mis-selling mortgages. Yet these costs fall on shareholders and, by hampering the banks’ ability to lend, the wider community - while the perpetrators carry on collecting their obscene bonuses.
No wonder electorates struggling with austerity feel angry. As we await the latest inquiry into the Iraq War, we should not forget Britain never bothered holding a proper inquiry into the financial meltdown that still heavily impacts on public finances. There was the muted Vickers commission into banks, while next week sees the release of a major report into events at HBOS that led to a £20.5bn taxpayer bailout. Yet although the downturn was the most dramatic financial event for decades, we have not seen anything similar to the deep investigations and reforms unleashed in the United States.
The HBOS report is expected to answer why more of its bankers were not investigated by the Financial Services Authority. The only enforcement action it took was against the head of corporate lending, fined £500,000 and banned from the financial services industry for overzealous promotion of aggressive expansion. And one director lost his knighthood - just like Fred Goodwin, the shamed head of Royal Bank of Scotland. But the loss of these titles hardly compares with the prison sentences being handed out in Reykjavik.
In New York, a couple of minor British bankers have just been convicted of manipulating inter-bank lending rates. In London, the massive HSBC is playing political games over whether to move its headquarters to another country to stave off regulatory pressures.
This is the bank, remember, fined £1.2bn after a US investigation found it was laundering money for gangsters and rogue nations, then discovered to be helping wealthy clients evade tax in dozens of countries. Its former boss became a government minister and then chairman of the British Museum; his non-domiciled successor keeps saying mistakes are all in the past as he seeks looser controls.
Last week chancellor George Osborne said he understood public fury towards the sector. He talked tough, comparing rogue bankers who rip off ordinary people with shoplifters who go to prison, but claimed laws were not in place during the crash to allow regulators and lawmakers to pursue criminal charges against wrongdoers. ‘Some criminal charges have been brought, but not as many as would have been the case if the laws were better.’
New laws to make prosecution of bankers easier are welcome, with offences for reckless misconduct and rigging markets. Only time will tell if these prove effective. But just a few months ago the chancellor indicated he wanted an end to ‘banker bashing’, then days later the aggressive head of the City’s watchdog was ousted after saying he would ‘shoot first’ and ask questions later. Nor should we forget Barclay’s chief executive telling MPs ‘the time for remorse is over;’ the following year, he was forced to quit over the Libor scandal.
Restraining bad behaviour in the City of London boils down to attitudes; there were, after all, fraud and dishonesty laws that could have been used if the desire was there. In Iceland Olafur Hauksson, a former police officer from a fishing village, was put in charge of more than 100 investigators with a mission to bring financial miscreants to book. ‘Why should we have a part of our society that is not being policed or without responsibility,’ he asked. ‘It is dangerous that someone is too big to investigate. It gives a sense there is a safe haven.’
Hauksson was right - and this is even more true in Britain. We have one million people in financial services; it is our biggest exporter and a crucial chunk of our economy. So it is in the national interest to see this sector well-run, well-regulated and widely-trusted by the public. And those who support free markets, such as the Conservatives, should be the ones fighting hardest to root out the crooks, crony capitalists, pirates and tax dodgers that do such damage to the cause. This is why Iceland was right to jail bankers - and Britain wrong to merely slap a few wrists and strip away a couple of knighthoods.
There are many reasons to admire Iceland, but here is another one: it has just sentenced five senior bankers and one prominent investor to prison for crimes relating to the economic meltdown in 2008. And with these two separate rulings made last month in the Supreme Court and Reykjavik district court, the nation that gambled so heavily on the markets and lost so disastrously in the consequent crash has sent 26 financiers to jail for combined sentences of 74 years.
The authorities pursued bank bosses, chief executives, civil servants and corporate raiders for crimes ranging from insider trading to fraud, money laundering, misleading markets, breach of duties and lying to the authorities. Others still await trial after this fishing nation with fewer people than Sunderland stupidly tried to take on the world’s financial titans.
Meanwhile the economy that collapsed so spectacularly has rebounded after letting banks go bust, imposing capital controls and protecting its own citizens over all other losers.Not all the convicted bankers ended up behind bars. But this determination to hold people to account for actions that caused intense financial misery contrasts strongly with Britain, most of the rest of Europe and the United States. Yes, fines totalling £150bn have been imposed on the 20 biggest banks for transgressions such as market manipulation, money-laundering and mis-selling mortgages. Yet these costs fall on shareholders and, by hampering the banks’ ability to lend, the wider community - while the perpetrators carry on collecting their obscene bonuses.
No wonder electorates struggling with austerity feel angry. As we await the latest inquiry into the Iraq War, we should not forget Britain never bothered holding a proper inquiry into the financial meltdown that still heavily impacts on public finances. There was the muted Vickers commission into banks, while next week sees the release of a major report into events at HBOS that led to a £20.5bn taxpayer bailout. Yet although the downturn was the most dramatic financial event for decades, we have not seen anything similar to the deep investigations and reforms unleashed in the United States.
The HBOS report is expected to answer why more of its bankers were not investigated by the Financial Services Authority. The only enforcement action it took was against the head of corporate lending, fined £500,000 and banned from the financial services industry for overzealous promotion of aggressive expansion. And one director lost his knighthood - just like Fred Goodwin, the shamed head of Royal Bank of Scotland. But the loss of these titles hardly compares with the prison sentences being handed out in Reykjavik.
In New York, a couple of minor British bankers have just been convicted of manipulating inter-bank lending rates. In London, the massive HSBC is playing political games over whether to move its headquarters to another country to stave off regulatory pressures.
This is the bank, remember, fined £1.2bn after a US investigation found it was laundering money for gangsters and rogue nations, then discovered to be helping wealthy clients evade tax in dozens of countries. Its former boss became a government minister and then chairman of the British Museum; his non-domiciled successor keeps saying mistakes are all in the past as he seeks looser controls.
Last week chancellor George Osborne said he understood public fury towards the sector. He talked tough, comparing rogue bankers who rip off ordinary people with shoplifters who go to prison, but claimed laws were not in place during the crash to allow regulators and lawmakers to pursue criminal charges against wrongdoers. ‘Some criminal charges have been brought, but not as many as would have been the case if the laws were better.’
New laws to make prosecution of bankers easier are welcome, with offences for reckless misconduct and rigging markets. Only time will tell if these prove effective. But just a few months ago the chancellor indicated he wanted an end to ‘banker bashing’, then days later the aggressive head of the City’s watchdog was ousted after saying he would ‘shoot first’ and ask questions later. Nor should we forget Barclay’s chief executive telling MPs ‘the time for remorse is over;’ the following year, he was forced to quit over the Libor scandal.
Restraining bad behaviour in the City of London boils down to attitudes; there were, after all, fraud and dishonesty laws that could have been used if the desire was there. In Iceland Olafur Hauksson, a former police officer from a fishing village, was put in charge of more than 100 investigators with a mission to bring financial miscreants to book. ‘Why should we have a part of our society that is not being policed or without responsibility,’ he asked. ‘It is dangerous that someone is too big to investigate. It gives a sense there is a safe haven.’
Hauksson was right - and this is even more true in Britain. We have one million people in financial services; it is our biggest exporter and a crucial chunk of our economy. So it is in the national interest to see this sector well-run, well-regulated and widely-trusted by the public. And those who support free markets, such as the Conservatives, should be the ones fighting hardest to root out the crooks, crony capitalists, pirates and tax dodgers that do such damage to the cause. This is why Iceland was right to jail bankers - and Britain wrong to merely slap a few wrists and strip away a couple of knighthoods.
BP oil spill...People should go to jail for negligence. That is cut and dry. Paying a fine and having 30% less $ but still being filthy rich isn't as much of a deterrent as flatout having your freedom taken from you. The situation in Flint someone got to pay for. The water is fucked up. I haven't followed it much but someone has to do time for that. I'd rather put people in jail for stuff like that.
Just people being idiots with money is tough to penalize though. Do you go after the VC market? Tons of completely garbage investments are sold in the tech world. Look at the 90s bubble. Tons of people on Wall St or at big banks just sell nothing but garbage, they're just glorified con men but they're not really breaking the law. Markets towards the end of bull cycles often get completely ridiculous, but that stuff also does create a lot of great companies and ideas.
The credit rating agencies missing the entire thing, is that incompetence or negligence or corruption? I just think sometimes you walk a fine line.
Just people being idiots with money is tough to penalize though. Do you go after the VC market? Tons of completely garbage investments are sold in the tech world. Look at the 90s bubble. Tons of people on Wall St or at big banks just sell nothing but garbage, they're just glorified con men but they're not really breaking the law. Markets towards the end of bull cycles often get completely ridiculous, but that stuff also does create a lot of great companies and ideas.
The credit rating agencies missing the entire thing, is that incompetence or negligence or corruption? I just think sometimes you walk a fine line.
It really doesn't matter who and yes it's hard to apply fairly ..
planting seeds in financial employees thought patterns that yes my actions may get me tossed in jail will help immensely to decrease financial fraud.. Maybe I'm wrong..
"regulations" and such hasn't worked one bit..
this is all dreaming shit anyway.. Political system is bought by them... Legalized gangsters that can do what they want.. They write their own rules and enforce it how they please..
planting seeds in financial employees thought patterns that yes my actions may get me tossed in jail will help immensely to decrease financial fraud.. Maybe I'm wrong..
"regulations" and such hasn't worked one bit..
this is all dreaming shit anyway.. Political system is bought by them... Legalized gangsters that can do what they want.. They write their own rules and enforce it how they please..
When you have elected officials like this, who really needs white collar criminals to steal money from people?
Speaking Thursday in the second day of her semiannual testimony to Congress, the U.S. central bank chief also said conditions this year caught Fed officials off guard. Markets have been tumbling as oil prices plunge, with traders now pricing in the chance that the Fed's next move could be a rate cut rather than hike.
"We have been quite surprised by movements in oil prices. I think in part they reflect supply influences, but demand may also play a role,"Yellen said. "The strong dollar is partly something we anticipated, because the U.S. economy has been performing more strongly and many foreign economies and we have divergences in the stance of monetary policy that influences capital flows in the dollar."
Speaking Thursday in the second day of her semiannual testimony to Congress, the U.S. central bank chief also said conditions this year caught Fed officials off guard. Markets have been tumbling as oil prices plunge, with traders now pricing in the chance that the Fed's next move could be a rate cut rather than hike.
"We have been quite surprised by movements in oil prices. I think in part they reflect supply influences, but demand may also play a role,"Yellen said. "The strong dollar is partly something we anticipated, because the U.S. economy has been performing more strongly and many foreign economies and we have divergences in the stance of monetary policy that influences capital flows in the dollar."
Ben handed her a mess and she just regurgitates what her minions tell her to say.. Nothing she can do at this point.. The system is broke.. Digging deeper with NIRp only delays the inevitable pain and creates more long term problems..
she was pretty shaky yesterday.. Heated exchange with one guy you can find over on zerohedge..
ben shaking his head him shame.. He could handle the heat well...
she was pretty shaky yesterday.. Heated exchange with one guy you can find over on zerohedge..
ben shaking his head him shame.. He could handle the heat well...
