Australian Politics Forum - Banks Guilty Currency Rigging But Too Big To Gaol

ImSpartacus2 Gold Member Offline Australian Politics Posts: 6913	Banks Guilty Currency Rigging But Too Big To Gaol May 22^nd, 2015 at 1:17pm Five Big Banks Plead Guilty to Rigging Currency Markets and No One Goes to Jail
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Swagman Gold Member Offline Beware of cheap imitations...... Posts: 15095 Illawarra NSW Gender:	Re: Banks Guilty Currency Rigging But Too Big To Gaol Reply #1 - May 22^nd, 2015 at 3:41pm Is that akin to labour cartels (unions) rigging the price of labour?
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ImSpartacus2

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Re: Banks Guilty Currency Rigging But Too Big To Gaol
Reply #2 - May 22^nd, 2015 at 6:52pm

Swagman wrote on May 22^nd, 2015 at 3:41pm:

Is that akin to labour cartels (unions) rigging the price of labour?

What a pathetic apologist for wealth you are. Even if unions bargaining for wages was harmful and/or illegal which it's not (and what the banks did was illegal) there is no comparison with the scale of harm caused by these bankers. These are the people that set off the GFC which had catastrophic global effects resulting in the destruction of over 20 million jobs worldwide just in 2009, numerous people went bankrupt, lost their businesses and homes and innumerable other consequences that we are still living with today and are unlikely to see the end of for some time to come and you post that stupid sycophantic reply.

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Ex Dame Pansi Gold Member Offline Australian Politics Posts: 24168	Re: Banks Guilty Currency Rigging But Too Big To Gaol Reply #3 - May 23^rd, 2015 at 7:14am Remember the GFC and one poor bastard that took the fall for the lot of those fat pigs that almost took the global economy down? They got rewarded with bail outs to do it all again. The banks and the multinational corporations are too big to face justice. BOTR!!!!
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longweekend58 Gold Member Offline Australian Politics Posts: 45675 Gender:	Re: Banks Guilty Currency Rigging But Too Big To Gaol Reply #4 - May 23^rd, 2015 at 12:32pm blah blah blah... more 'hate the rich' guff from the usual suspects. get a job.
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ImSpartacus2 Gold Member Offline Australian Politics Posts: 6913	Re: Banks Guilty Currency Rigging But Too Big To Gaol Reply #5 - May 23^rd, 2015 at 1:02pm longweekend58 wrote on May 23^rd, 2015 at 12:32pm: blah blah blah... more 'hate the rich' guff from the usual suspects. get a job. That's funny, the business welfare recipient accusing others of not having a real job, whilst n the process of defending the banks.
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freediver Gold Member Offline www.ozpolitic.com Posts: 47460 At my desk.	Re: Banks Guilty Currency Rigging But Too Big To Gaol Reply #6 - May 23^rd, 2015 at 1:21pm So what exactly did these people do? Every time you exchange money you affect the exchange rate. The whole point of reserve banks is to adjust the value of money.
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Swagman

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Re: Banks Guilty Currency Rigging But Too Big To Gaol
Reply #7 - May 23^rd, 2015 at 1:22pm

ImSpartacus2 wrote on May 22^nd, 2015 at 6:52pm:

Swagman wrote on May 22^nd, 2015 at 3:41pm:

Is that akin to labour cartels (unions) rigging the price of labour?

What a pathetic apologist for wealth you are. Even if unions bargaining for wages was harmful and/or illegal which it's not (and what the banks did was illegal) there is no comparison with the scale of harm caused by these bankers. These are the people that set off the GFC which had catastrophic global effects resulting in the destruction of over 20 million jobs worldwide just in 2009, numerous people went bankrupt, lost their businesses and homes and innumerable other consequences that we are still living with today and are unlikely to see the end of for some time to come and you post that stupid sycophantic reply.

It's an example of the anti-competitive advantage that unions have over business.

Anti-competitive behaviour should indeed be illegal.

Yet anti-competitive behaviour by labour cartels to artificially fix the price of their product (labour) is perfectly 'legal' but anti-competitive behaviour by Banks or Businesses to artificially fix the price of their product is illegal.

Ok for socialist labour cartels to defraud the labour market with collusion but its criminal for capitalist corporates cartels to repeat the act?

You are being massively hypocritical Sparty with your holier than thou righteous indignation of uncompetitive behaviour....... Huh

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Dnarever

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Re: Banks Guilty Currency Rigging But Too Big To Gaol
Reply #8 - May 23^rd, 2015 at 1:27pm

longweekend58 wrote on May 23^rd, 2015 at 12:32pm:

blah blah blah... more 'hate the rich' guff from the usual suspects.

get a job.

Why is it hating the rich to expect that they will act within the law ?

These banks have been caught and plead guilty to manipulating financial markets and exchange rates in collusion with the other banks and it is profitable for them to keep doing it and pay the fines.

They get together and choose which currencies they will drive down and which they will trade up, they know today what rate everyone is going to bid tomorrow.

This isn't about hating the rich, it is about stopping rich banks from robbing us all.

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Dnarever

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Re: Banks Guilty Currency Rigging But Too Big To Gaol
Reply #9 - May 23^rd, 2015 at 1:29pm

Swagman wrote on May 23^rd, 2015 at 1:22pm:

ImSpartacus2 wrote on May 22^nd, 2015 at 6:52pm:

Swagman wrote on May 22^nd, 2015 at 3:41pm:

Is that akin to labour cartels (unions) rigging the price of labour?

What a pathetic apologist for wealth you are. Even if unions bargaining for wages was harmful and/or illegal which it's not (and what the banks did was illegal) there is no comparison with the scale of harm caused by these bankers. These are the people that set off the GFC which had catastrophic global effects resulting in the destruction of over 20 million jobs worldwide just in 2009, numerous people went bankrupt, lost their businesses and homes and innumerable other consequences that we are still living with today and are unlikely to see the end of for some time to come and you post that stupid sycophantic reply.

It's an example of the anti-competitive advantage that unions have over business.

Anti-competitive behaviour should indeed be illegal.

Yet anti-competitive behaviour by labour cartels to artificially fix the price of their product (labour) is perfectly 'legal' but anti-competitive behaviour by Banks or Businesses to artificially fix the price of their product is illegal.

Ok for socialist labour cartels to defraud the labour market with collusion but its criminal for capitalist corporates cartels to repeat the act?

You are being massively hypocritical Sparty with your holier than thou righteous indignation of uncompetitive behaviour....... Huh

It's an example of the anti-competitive advantage that unions have over business.

Unions have a disadvantage when dealing with business it is just that an employees by themselves have a much greater disadvantage.

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Swagman

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Re: Banks Guilty Currency Rigging But Too Big To Gaol
Reply #10 - May 23^rd, 2015 at 1:43pm

Dnarever wrote on May 23^rd, 2015 at 1:29pm:

Unions have a disadvantage when dealing with business it is just that an employees by themselves have a much greater disadvantage.

So? It's still hypocritical for one to take up a righteous argument against anti-competitive collusive behaviour by business cartels whilst totally supporting its use by Labour cartels...

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ImSpartacus2

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Re: Banks Guilty Currency Rigging But Too Big To Gaol
Reply #11 - May 23^rd, 2015 at 4:25pm

Swagman wrote on May 23^rd, 2015 at 1:43pm:

Dnarever wrote on May 23^rd, 2015 at 1:29pm:

Unions have a disadvantage when dealing with business it is just that an employees by themselves have a much greater disadvantage.

So? It's still hypocritical for one to take up a righteous argument against anti-competitive collusive behaviour by business cartels whilst totally supporting its use by Labour cartels...

Its what you and your mates like to call creating a level playing field. Workers (*like you - your a worker I think you told us before) have a natural disadvantage when when bargaining on their own with the boss but when they collectively bargain that disadvantage is "partly" redressed. See your problem with this line of argument is that history has shown time and time again that before unions and collective bargaining employers maintained wages at critically low levels that where indisputably inhuman (indeed since union membership has fallen since the 80s we are heading in that direction again). Collective bargaining is therefore good for society as a whole. On the other hand history has shown time and time again that monopolies, cartels and other reprehensible collusive anti competitive behaviour were vicious unfair and laws to protect the society from them were necessary and good for society as a whole. That's why there are sensible laws to stop collusive business behaviour and no laws to stop collective bargaining. There endith the history lesson. That's OK I'll charge you next time.

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innocentbystander.

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Re: Banks Guilty Currency Rigging But Too Big To Gaol
Reply #12 - May 23^rd, 2015 at 4:32pm

Any fines imposed will just be passed on to the banks customers, in effect they are fining the customers, but they don't care, the only way you can stop their shenanigans is by locking some of them up but that will never happen as the govt and banks are partners in crime, together they are the biggest criminals we will ever have to deal with in our lives.

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longweekend58

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Re: Banks Guilty Currency Rigging But Too Big To Gaol
Reply #13 - May 23^rd, 2015 at 6:00pm

Dnarever wrote on May 23^rd, 2015 at 1:27pm:

longweekend58 wrote on May 23^rd, 2015 at 12:32pm:

blah blah blah... more 'hate the rich' guff from the usual suspects.

get a job.

Why is it hating the rich to expect that they will act within the law ?

These banks have been caught and plead guilty to manipulating financial markets and exchange rates in collusion with the other banks and it is profitable for them to keep doing it and pay the fines.

They get together and choose which currencies they will drive down and which they will trade up, they know today what rate everyone is going to bid tomorrow.

This isn't about hating the rich, it is about stopping rich banks from robbing us all.

Im not defending them, DNA. I am just sick of the endless whinge abotu banks and companies and anyone daring to have a job that is better than putting bikes together. so many people on here are just SO pathetic and so small-minded.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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longweekend58

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Re: Banks Guilty Currency Rigging But Too Big To Gaol
Reply #14 - May 23^rd, 2015 at 6:08pm

innocentbystander. wrote on May 23^rd, 2015 at 4:32pm:

Any fines imposed will just be passed on to the banks customers, in effect they are fining the customers, but they don't care, the only way you can stop their shenanigans is by locking some of them up but that will never happen as the govt and banks are partners in crime, together they are the biggest criminals we will ever have to deal with in our lives.

I would still like to know the details of these supposed offences. Just as most people in the real word understand (and none on here!) criminal offences have a SCALE of severity. SOme context would be helpful although it would probably water down the faux-angst

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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