There is clearly only one set of laws and they are for the poor, steal a loaf of bread to feed your family and go to jail, head up a bank steal billions and maybe lose your job and go join a hedge fund! There is no Justice for these criminals and there never will be unless WE ALL STAND UP AND DEMAND JUSTICE
According to USB head the libor scandal was not the fault of Chief Executives at various banks but the fault of them employing mercenaries and then allowing them to act like terrorists in the pursuit of illegal profits.
This libor scandal goes right to the top of every major banking organisation in the world. It was widely reported prior to 2007 in alternative media and dismissed. Even the Bank of England and the US Fed were warning the banks so how these CEO’s say they new or suspected nothing? Again the MSM is just hiding the truth from an angry population that is now suffering austerity because of these bankers greed and fraud.
There is not one CEO that can claim he new nothing, they are not payed millions of dollars to know nothing, ignorance can not be used as a defense for what is criminal negligence.
The bankers clearly see these fines as part of doing business they have no respect for the law or common decency.
Take RBS stance, sources have told Reuters that RBS is confident the position of its Chief Executive Stephen Hester is not in danger and John Hourican, head of RBS’s investment bank and Peter Nielsen, head of markets at the part-nationalized British bank, could be asked to quit. Could be no decision has been made!
RBS is expected to face fines greater than the $450 million paid by rival Barclays over rigging of Libor. Lets consider the Barclays farse and the punishment for Bob Diamond team of corporate crooks? Barclays’ three most senior executives, including Chief Executive Bob Diamond, were forced to leave the bank following its settlement last June. No fines, no admission of guilt, no prosecution, no nothing.
Thats not much of a disincentive to prevent banking fraud!
UBS was fined a record $1.5 billion last month for manipulating Libor interest rates, the latest in a string of debacles – including a $2.3 billion rogue-trading loss and a tax avoidance row with the United States – that have rocked Switzerland’s largest lender
Rohner said he was shocked and ashamed when he read about the rigging, but said during his period as CEO he was trying to save the bank from collapse and was unaware of the misconduct. He denied his leadership had been negligent. Again he gets to keep his job no fines no Jail!
http://www.reuters.com/article/2013/01/10/us-ubs-libor-inquiry-idUSBRE9090BH20130110 4 months ago