FINES: Increasing the Costs Of Doing Fraudulent Business

1Beware bankers-what-now
The regulated abuse continues with the costly help of the institutional protection racket. ~Ron

Following the earlier fines for Libor fixing, the European Commission has also fined another cartel.

Four banks – Royal Bank of Scotland and JP Morgan (both again) as well as UBS and Credit Suisse – were found to have operated a cartel on bid-ask spreads of Swiss franc interest rate derivatives.

The commission has imposed total fines on the banks of €32.35m, but again RBS received immunity from fines for revealing the cartel’s existence. UBS will pay €12.65m, JP Morgan €10.53m and Credit Suisse €9.17m. Commission vice-president in charge of competition policy, Joaquín Almunia, said:

Unlike in previous cartels we found in the financial sector, this one did not involve any collusion on a benchmark. Rather, the four banks agreed on an element of the price of certain financial derivatives. This way, the banks involved could flout the market at their competitors’ expense.


Royal Bank of Scotland and JP Morgan have been found guilty by the European Commission of operating a cartel to rig the Swiss franc Libor interest rate.

The offences took place between March 2008 and July 2009, with the banks trying to distort the normal pricing arrangements.

RBS was let off a fine because it revealed the existence of the cartel to the commission, while JP Morgan has to stump up €61.6m, reduced for co-operating with the investigation. Commission vice-president in charge of competition policy, Joaquín Almunia, said:

This is the third case where the Commission finds a cartel related to the manipulation of a financial benchmark, in which major banks colluded instead of competing with each other. Our economy needs a healthy, transparent, well-functioning financial sector. This is why antitrust rules in this sector must be strictly enforced.

Full commission statement

Antitrust: Commission settles RBS-JPMorgan cartel in derivatives based on Swiss franc LIBOR; imposes € 61.6 million fine on JPMorgan

European Commission – IP/14/1189   21/10/2014

Other available languages: FR DE

Click to access press-release_IP-14-1189_en.pdf




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5 comments on “FINES: Increasing the Costs Of Doing Fraudulent Business
  1. RonMamita says:

    Geologist considers Peak Gold

    financial journalist Lars Schall talked with exploration geologist and mining entrepreneur Dr. Keith Barron, who is a scientist and explains in no uncertain terms what is going on in the mining industry, the false accounting relative to the cost of exploration, what happened when gold went up to 1,900 USD, why gold versus USD simply must go to at least 5,000, why ‘gold above ground’, if anything, is overstated, and why the Swiss Gold Initiative is indeed very important and not just for the Swiss People, as well as his view on silver.

    By Lars Schall

    The following podcast interview was originally conducted for and published by Matterhorn Asset Managememt in Zurich, Switzerland here:
    THE MATTERHORN INTERVIEW – October 2014: Keith Barron PhD

    “I believe we’ve seen Peak Gold”

    Keith Barron is an exploration geologist with 30 years experience in the mining sector.
    He has consulted on all the continents except for Antarctica, searching for such commodities as gold, silver, diamonds, uranium, copper, platinum, and industrial minerals. He holds a Ph.D. in Geology from the University of Western Ontario and a BSc. (Hons) in Geology from the University of Toronto.
    In 2001 he privately co-founded Ecuador gold explorer Aurelian Resources Inc., which was listed on the TSX-V in 2003 and made the colossal Fruta del Norte gold discovery in 2006. The company was bought by Kinross Gold in 2008 for $1.2 billion.
    He is the founder and a Director of Guyana uranium explorer U3O8 Corp.
    At the PDAC convention in March 2008 he was awarded the Thayer Lindsley International Discovery Award for his role in the discovery of the Fruta del Norte gold deposit and he was also jointly named the Northern Miner’s Mining Man of the Year 2008.
    Dr. Barron continues his activities through Aurania Resources Ltd. in the search for worldwide gold, silver and uranium mining and exploration opportunities.


  2. RonMamita says:

    Institutional Plans are evident

    I consider a value exchange system emerging as a multiplicity…

    1. Certainly the manipulation of markets will continue till the day it fails (social unrest, people stop supporting the fraudulent system; it need not be a deadly pitchfork revolution)… Institutions control armed forces and they are willing to kill and coerce to keep their control.

    2. Wealthy people love gold. They will find a way to value it…
    They also require police/military to protect wealth, and enforce agreements, thus they establishment will be privately funded until the pitchforks arrive.

    3. The alternative, a determined minority see the root: value exchange and “money is an agreement”. This enlightened segment see an abundance model and service to others, to have diverse, resilient, and prosperous communities. Local currencies, organic food, permaculture farms, community farms and other innovative, open source technologies are pursuits identified. They nurture, value, and share the living experience.

    Thus, the possibility is for a turbulent time ahead as people who believe in authority and centralization of power will clash with independent and personal sovereignty freedom movements…
    Some trends are already developing:

    • Independence/Secession political movements
    • Common/natural law grassroots
    • Gold/Silver exchanges springing up, and more gold vaults
    • Military/contractors activities escalating
    • Lost trust and lost support for the institutional markets, elite policy makers, and their propaganda media.
    • DIY/Maker Fairs and other innovative open source activities.
    • P2P exchanges, P2P networks, outernet, internet, 3D printing technologies…

    “If a nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be.” – Thomas Jefferson


  3. RonMamita says:

    Quantitative Easing is Hyper-inflating The Currency Supply

    Neither the USFed nor their Wall Street partners ever refer to QE’s capital destruction effect, because it contradicts their stimulus argument and false message.
    Theirs is pure propaganda in keeping with the urgent directive to save the banks that are too big to fail.
    These are the financial crime centers of America. -PhD. Jim Willie

    The pattern of central bank covering the debt is clear. The lesson is that central banks can apply paper patches to the failed banks, and buy more time, then repeat the process on the next failed bank event. No limit to their bank patches seems to be in force. The banker cabal can continue endlessly since their patches are based on paper solutions, fiat paper money spew, and they control the paper output. They are the masters of the House of Paper.
    The paper mache solutions can continue in a seemingly endless manner, but not in the Gold market.
    The intervention and suppression in the Gold market is finite. It requires Gold bullion, the physical ingot bars, in order to execute the perpetuated interference and alteration to this financial niche market.
    The manipulation is finite, and it is coming to an end.
    When the Shanghai shock comes, all the Paper Gold structures will fall, all the FOREX derivatives will collapse, all the control rooms will go into panic mode.
    Hidden was the biggest and most important to date, done in September 2008. The bailout was of Goldman Sachs, but made to look like a Lehman failure and AIG nationalization.

    Under the USGovt aegis, the venerable GSax was given 100 cents per dollar on derivative payouts, was redeemed in full on mortgage assets, and generally was placed first in line for all window functions. It was the most clever bank bailout in history. The source of the derivative payouts was the usual funny money, where all trails lead to the USFed in its money creation. The good people of the United States talk about the favored 1% Elite, but they really have no idea who the bankers are, what they do, devices they use, controls they exert, or influence they peddle. If only they knew how Goldman and Citibank write Congressional legislation and tap markets for illicit tolls and skims. Their huge penalties and fines for criminal behavior are incorporated into their business models. Crime has a relatively small but growing part in its cost of doing business.

    Royal Bank of Scotland was another giant bailout following a failure, or near failure. The UKGovt took a 81% stake in the failed financial institution, not quite buying lock stock and barrel in its many wrecked business segments. The bailout was worth 46 billion British Pounds, completed in 2008 and 2009. It is all gone, all squandered, good (phony) money after bad. The good people of Britain have complained about horrendous treatment by the bank ever since. The RBS bank remains predatory, but protected by the government.


  4. RonMamita says:

    Europe Demands Banks Hand Over Their Lunch Money Following Swiss Franc Libor Rigging

    …And don’t do it again!

    Having confirmed that RBS, UBS, JPMorgan,,and Credit Suisse operated a cartell to manipulate bid-ask spreads of Swiss Franc libor, the European Commission has unleashed unmerciless vengeance on these law-breaking institutions:
    [here comes the weak slap]
    JPMorgan fined EUR 72.2 Million, UBS fined EUR 12.7 Million, Credit Suisse fined EUR 9.17 Million, & RBS Nothing (for whistle-blowing).

    The commission found that these four entities ‘influenced’ interest rate derivatives prices between March 2008 and July 2009 – probably the most volatile and price-sensitive period of American financial history.. and they get fined “an hour’s pay?”

    Nothing ever changes…


  5. RonMamita says:

    U.S. Government SECRETLY Preventing a Stock Market Collapse!

    Posted 23 Oct 2014
    U.S. Stocks Surge; Nasdaq Up 2.4%
    All the Markets Need Is $200 Billion a Quarter From the Central Bankers
    the Plunge Protection Team. Or call it the President’s Working Group on Financial Markets, the official name given to the group when it was formed by President Ronald Reagan after the market turbulence of 1989.
    Executive Order 12631–Working Group on Financial Markets
    Doomsday Book
    McDonald’s Profit Down 30% On Sales Slump
    Coca-Cola Profit Declines 14%, Future Growth Plan Fails To Impress



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