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Common
11-16-2017, 08:16 AM
They never go to prison NEVER

Wall Street banks secretly shared client information in online chat rooms in order to rig auctions for the $14 trillion US Treasurys market, according to an explosive lawsuit filed in Manhattan federal court on Wednesday.
The move wrongly fattened the banks’ profits and picked profits from clients, the suit claims.
The new accusations, leveled by several pension funds and wealthy individual investors, are contained in an expanded class-action suit originally filed in July 2015 — and include an unusual twist: Some of the evidence came from confidential informants and one of the banks sued in the earlier action.
That bank is now cooperating with the plaintiffs in the massive civil action, and is providing an in-depth look into how Wall Street allegedly conspired to rig Treasury bond trades.
The revised lawsuit expands on details on how the banks conspired to set Treasury bond prices — like moves to manipulate the price of the bonds higher on days when there was a lot of demand, and vice versa, court papers claim.
The banks worked their scam for years until The Post first reported in June 2015 of the existence of a government investigation into the alleged actions, the updated lawsuit claims.
The funds, representing retirees and public workers, also claim the banks conspired to rig the secondary Treasury markets beginning in the 1990s through tightly controlled electronic platforms that inhibited more competitive trading — a new allegation that wasn’t in the original suit but mirrors similar complaints filed against banks in other markets, like stock loans.
The amended suit tightens its focus on a select number of banks, naming Goldman Sachs, Morgan Stanley, the Royal Bank of Scotland, BNP Paribas, and UBS, among others, as the firms behind the rigging, which they allege occurred from Jan. 1, 2007 to mid-2015.
Last year, the judge presiding over the class-action suit had questioned whether the claims were strong enough to proceed.
The funds continue to allege the banks mined their own customers’ bids for Treasury bonds to get a bigger share of the auction, and sell the bonds for more profit.
Probes on the auction practices are being conducted by the Justice Department, the Securities and Exchange Commission and other federal, state and overseas regulators, sources said. No regulator has accused any bank of wrongdoing.

https://nypost.com/2017/11/16/wall-st-bankers-secretly-used-chat-rooms-to-rig-treasury-bond-trades-suit/

Kacper
11-16-2017, 08:19 AM
They never go to prison NEVER


As long as the Clintons and Obamas can get paid six figures to prattle on at their lunches, they never will go to prison.

Common
11-16-2017, 08:30 AM
I dont think they have anything to do with wall street bankers swindling the public

Crepitus
11-16-2017, 08:34 AM
They never go to prison NEVER

Wall Street banks secretly shared client information in online chat rooms in order to rig auctions for the $14 trillion US Treasurys market, according to an explosive lawsuit filed in Manhattan federal court on Wednesday.
The move wrongly fattened the banks’ profits and picked profits from clients, the suit claims.
The new accusations, leveled by several pension funds and wealthy individual investors, are contained in an expanded class-action suit originally filed in July 2015 — and include an unusual twist: Some of the evidence came from confidential informants and one of the banks sued in the earlier action.
That bank is now cooperating with the plaintiffs in the massive civil action, and is providing an in-depth look into how Wall Street allegedly conspired to rig Treasury bond trades.
The revised lawsuit expands on details on how the banks conspired to set Treasury bond prices — like moves to manipulate the price of the bonds higher on days when there was a lot of demand, and vice versa, court papers claim.
The banks worked their scam for years until The Post first reported in June 2015 of the existence of a government investigation into the alleged actions, the updated lawsuit claims.
The funds, representing retirees and public workers, also claim the banks conspired to rig the secondary Treasury markets beginning in the 1990s through tightly controlled electronic platforms that inhibited more competitive trading — a new allegation that wasn’t in the original suit but mirrors similar complaints filed against banks in other markets, like stock loans.
The amended suit tightens its focus on a select number of banks, naming Goldman Sachs, Morgan Stanley, the Royal Bank of Scotland, BNP Paribas, and UBS, among others, as the firms behind the rigging, which they allege occurred from Jan. 1, 2007 to mid-2015.
Last year, the judge presiding over the class-action suit had questioned whether the claims were strong enough to proceed.
The funds continue to allege the banks mined their own customers’ bids for Treasury bonds to get a bigger share of the auction, and sell the bonds for more profit.
Probes on the auction practices are being conducted by the Justice Department, the Securities and Exchange Commission and other federal, state and overseas regulators, sources said. No regulator has accused any bank of wrongdoing.

https://nypost.com/2017/11/16/wall-st-bankers-secretly-used-chat-rooms-to-rig-treasury-bond-trades-suit/

We, as a people, need to INSIST that perpetrators of these crimes face the same penalties average Joes would. Maybe require them to use a public defender? I don't know but something has to be done.

Crepitus
11-16-2017, 08:35 AM
As long as the Clintons and Obamas can get paid six figures to prattle on at their lunches, they never will go to prison.

All ex-presidents get huge speaking fees.

Common
11-16-2017, 08:50 AM
We, as a people, need to INSIST that perpetrators of these crimes face the same penalties average Joes would. Maybe require them to use a public defender? I don't know but something has to be done.
I doubt anything will ever be done, they have been getting away these kind of criminal acts my entire life from time to time.

Crepitus
11-16-2017, 08:59 AM
I doubt anything will ever be done, they have been getting away these kind of criminal acts my entire life from time to time.

Here is one arena where I would support mandatory minimum sentencing.

Green Arrow
11-16-2017, 09:15 AM
I doubt anything will ever be done, they have been getting away these kind of criminal acts my entire life from time to time.

That’s not likely to change any time soon, as long as the foxes are guarding the henhouse.

Kacper
11-16-2017, 01:10 PM
All ex-presidents get huge speaking fees.

Hillary isn't an ex-President.

leekohler2
11-16-2017, 01:36 PM
I doubt anything will ever be done, they have been getting away these kind of criminal acts my entire life from time to time.

They have the best friend they could ever want in the WH right now. You're right, not a damn thing will happen to them.

Captdon
11-16-2017, 04:13 PM
They have the best friend they could ever want in the WH right now. You're right, not a damn thing will happen to them.

Talk about lying. This article relates to action taken while Obamass was in the White House.

Green Arrow
11-16-2017, 05:28 PM
Talk about lying. This article relates to action taken while Obamass was in the White House.

The current president’s Secretary of the Treasury is a former Wall Street banker.

Grokmaster
11-16-2017, 05:31 PM
They have the best friend they could ever want in the WH right now. You're right, not a damn thing will happen to them.

Hardly. Pres.Trump is not "tight" with Wall St. at all ,which is why they OVERWHELMINGLY supported Clinton, who is their bitch.

Grokmaster
11-16-2017, 05:31 PM
What these guys deserve:


21080

Crepitus
11-16-2017, 07:28 PM
Hillary isn't an ex-President.

Except first ladies and ex sec state does as well.

Kacper
11-16-2017, 07:39 PM
Except first ladies and ex sec state does as well.

The democratic party is the only best option to check Wall Street. When its leaders, presidential or otherwise, are living in mansions paid for my Wall Street, their party isn't going to ever do anything substantive. It is a failure of the opposition to actually oppose anything.