tag:blogger.com,1999:blog-4740849900073154554.post7065481367936722287..comments2023-08-25T17:30:36.937+05:30Comments on Business Musings: I agree with Elizabeth Warren !Rameshhttp://www.blogger.com/profile/11782192840421019943noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-4740849900073154554.post-81451153127497884162015-05-28T08:36:51.132+05:302015-05-28T08:36:51.132+05:30Unfortunately yes !!Unfortunately yes !!Rameshhttps://www.blogger.com/profile/11782192840421019943noreply@blogger.comtag:blogger.com,1999:blog-4740849900073154554.post-23555471290212976302015-05-27T09:52:58.639+05:302015-05-27T09:52:58.639+05:30adapavingala...appo bin laden vanthu naan thaanpa ...adapavingala...appo bin laden vanthu naan thaanpa gundu poten..arrest pannakoodathu venumna compensation tharenna avana vitruvangala?!!gilshttps://www.blogger.com/profile/03259194565523548553noreply@blogger.comtag:blogger.com,1999:blog-4740849900073154554.post-70830653567185541932015-05-26T20:17:11.608+05:302015-05-26T20:17:11.608+05:30It does feel that way, doesn't it. Increasingl...It does feel that way, doesn't it. Increasingly morals and values are deserting the business worldRameshhttps://www.blogger.com/profile/11782192840421019943noreply@blogger.comtag:blogger.com,1999:blog-4740849900073154554.post-33287853387567532102015-05-26T20:16:26.981+05:302015-05-26T20:16:26.981+05:30They normally never admit the guilt, bu this time ...They normally never admit the guilt, bu this time it looks like 5 of the six banks have admitted to wrong doing. Such an admission is part of the settlement and will only be made if the authorities agree to no prosecution. So They can't arrest anybody anymore.Rameshhttps://www.blogger.com/profile/11782192840421019943noreply@blogger.comtag:blogger.com,1999:blog-4740849900073154554.post-40177708354467505972015-05-26T20:14:46.834+05:302015-05-26T20:14:46.834+05:30Yes, its almost impossible to find a jury with the...Yes, its almost impossible to find a jury with the specialisation required. And yes, the US government is a big winner raking in all the fines.<br /><br />You can't compare what these banks did to China. Nations have an obligation to protect their currencies from violent ups and downs. They do this by intervening in forex markets and buying or selling their currencies to achieve the desired effect. Its an open , and in the case of China , a published peg. It may have macro economic considerations globally, and often to China's detriment, but it is not fraud. What these bankers did was fraudulently fudge benchmark rates and then profited from it, often at the expense of their own customers. Perhaps we'll cover this in a more detailed and full post when this topic comes up again in the news.Rameshhttps://www.blogger.com/profile/11782192840421019943noreply@blogger.comtag:blogger.com,1999:blog-4740849900073154554.post-74477020877542752052015-05-26T20:05:46.800+05:302015-05-26T20:05:46.800+05:30Oh yes; agree that we cannot be pigeonholed into o...Oh yes; agree that we cannot be pigeonholed into one party. A theme we have discussed before.<br /><br />Well corporations can be executed even in Delaware. In the case of banks, withdraw the banking license and they are dead. While you cannot throw a corporation into jail, the fraud was committed by bipeds. They can, and should, go to jail. Rameshhttps://www.blogger.com/profile/11782192840421019943noreply@blogger.comtag:blogger.com,1999:blog-4740849900073154554.post-91797809665558226192015-05-26T15:41:46.734+05:302015-05-26T15:41:46.734+05:30I read somewhere that after pleading guilty, the s...I read somewhere that after pleading guilty, the share price of some of these banks actually went up and others went down marginally. this means that the share holder who is paying the fine is ok with this - the share holder is ok for the bank to make money some way or the other. if you are not found, i can cash the money, if you are found guilty, well thats the risk and return model of business. OMG, dont know where the world of business is headed. sometimes, you feel better off to be in a left looney camp.Sandhya Sriramhttps://www.blogger.com/profile/11833463085841210502noreply@blogger.comtag:blogger.com,1999:blog-4740849900073154554.post-83300577401609148112015-05-26T12:47:08.863+05:302015-05-26T12:47:08.863+05:30does anyone read leave alone understand the terms ...does anyone read leave alone understand the terms and conditions paper? probably the judge who presides the case have to be a finanace wiz cum law genius of the century to deliver a convicting verdict. but i am surprised that if bank agrees for penalty they are allowed scott free!! the moment they agree for the fine, that very instant their guilt is proved and isnt it pretty easy to zero in on the handful of people who run the bank? they should dissolve the board, arrest all the members and hold them responsible. gilshttps://www.blogger.com/profile/03259194565523548553noreply@blogger.comtag:blogger.com,1999:blog-4740849900073154554.post-566076048880686552015-05-26T03:51:17.233+05:302015-05-26T03:51:17.233+05:30Four unrelated thoughts:
You forgot one aspect of...Four unrelated thoughts:<br /><br />You forgot one aspect of the difficulty in prosecuting banks - finding a jury who understands finance enough to understand the illegality of the actions.<br /><br />Don't US taxpayers benefit from the gargantuan fines? Doesn't the money go into the treasury? I know $5.6B is a pittance relative to the federal budget, but that covers a lot of Medicare payments.<br /><br />What is the difference between what these banks did and what China is constantly accused of doing? Is it because it is a government manipulating money vs a private company? If the answer to this is too long for a reply, feel free to skip.<br /><br />And a joke - No wonder bank fees are so high! Banks have to charge you $35 to use a real live human in order to pay these fines!<br />Anne in Salemnoreply@blogger.comtag:blogger.com,1999:blog-4740849900073154554.post-54727754432757672402015-05-25T22:14:58.727+05:302015-05-25T22:14:58.727+05:30No surprise to me at all.
No surprise because of a...No surprise to me at all.<br />No surprise because of a simple fact that no single party has "the" truth. We tend to align with a political party only because more often than not, a political party might reflect a lore more of our values. Thus, I might identify myself as a libertarian-Democrat, but not as a "moderate-Reublican" because there are plenty about the GOP that I hate way more than I do about the Democratic Party.<br /><br />On issues like the banking fraud, which have global implications and is not a mere domestic issue, the two major parties have been behaving like the Tweedledum/Tweedledee that they tend to be. Which is why only the two extreme wings of the two major parties meet on this issue, as do rational center-right publications like the Economist.<br /><br />You note that not a single banker went to jail. Because ... well, suddenly we find out that corporations are not people and you cannot throw a corporation in jail!!! I tell ya, I will believe that a corporation is a person the day a corporation is executed in Texas, or sent to prison in Delaware ;)Sriram Khéhttps://www.blogger.com/profile/06724218458246880137noreply@blogger.com