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Four Banks Found Guilty of Fraud


By bgamall4   Follow   Wed, 19 Dec 2012, 2:29am PST   524 views   12 comments
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http://finance.yahoo.com/news/four-banks-found-guilty-fraud-164107833.html Heads up if you are invested in these nasty banks.

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Peter P   Wed, 19 Dec 2012, 2:33am PST   Share   Quote   Permalink   Like   Dislike     Comment 1

Yeah those Italians also found scientists guilty for not predicting an earthquake.

Be glad that we have a common law system.

bgamall4   Wed, 19 Dec 2012, 2:37am PST   Share   Quote   Permalink   Like   Dislike     Comment 2

Peter P says

Yeah those Italians also found scientists guilty for not predicting an earthquake.

Be glad that we have a common law system.

You again show you aren't quite up to snuff when you discuss these matters my friend. In fact, the scientist were convicted for telling everyone not to worry about the earthquakes in the face of data that showed otherwise. Look it up.

Are you a bankster AND a libertarian, Peter? Double bad.

Peter P   Wed, 19 Dec 2012, 2:41am PST   Share   Quote   Permalink   Like   Dislike     Comment 3

Anyone who trusts imperfect models on things like earthqakes and climate change should have known better.

It is like someone who gambles with a "system."

bgamall4   Wed, 19 Dec 2012, 2:53am PST   Share   Quote   Permalink   Like   Dislike     Comment 4

Peter P says

Anyone who trusts imperfect models on things like earthqakes and climate change should have known better.

Apparently, Peter, it is against the law to state what amounted to a lie, a fraud, that there was nothing to worry about.

Just because people should have known earthquake predictions are pretty far out and difficult, does not make their lying, in the face of data that showed otherwise, ok.

Had they said nothing, they would not have been prosecuted.

Peter P   Wed, 19 Dec 2012, 2:56am PST   Share   Quote   Permalink   Like   Dislike     Comment 5

It is not illegal to make a statement that turns out to be false. It is not even a crime to lie in most circumstances.

Data would always point to the truth but only in hindsight.

bgamall4   Wed, 19 Dec 2012, 3:07am PST   Share   Quote   Permalink   Like   Dislike     Comment 6

Peter P says

It is not illegal to make a statement that turns out to be false. It is not even a crime to lie in most circumstances.

Data would always point to the truth but only in hindsight.

You are assuming you understand the law and the reasoning behind the judgement against the. But I don't think you do. Apparently they were charged with the task of warning people. If they didn't know they could have said so. They decided to state there was no danger.

bgamall4   Wed, 19 Dec 2012, 3:08am PST   Share   Quote   Permalink   Like   Dislike     Comment 7

And Peter, you still didn't tell me if you are a bankster as well as being a libertarian, which you have admitted to being.

Peter P   Wed, 19 Dec 2012, 3:09am PST   Share   Quote   Permalink   Like   Dislike     Comment 8

I wish I were a banker. But no.

bgamall4   Wed, 19 Dec 2012, 3:14am PST   Share   Quote   Permalink   Like   Dislike     Comment 9

Hey Peter, did you know that the Bernanke backstop gives a government guarantee to private banks that want to take over the business of the GSE's? JPM, and the other TBTF banks including Wells Fargo want this business, but with PERMANENT guarantees.

lostand confused   Wed, 19 Dec 2012, 3:16am PST   Share   Quote   Permalink   Like   Dislike     Comment 10

Oh this is in Italy. For a moment there, I thought a bank was found guilty of something in the good ole USA!

Peter P   Wed, 19 Dec 2012, 3:18am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 11

bgamall4 says

Hey Peter, did you know that the Bernanke backstop gives a government guarantee to private banks that want to take over the business of the GSE's? JPM, and the other TBTF banks including Wells Fargo want this business, but with PERMANENT guarantees.

More reasons to want to be banks. :-(

Sucks for us.

bgamall4   Wed, 19 Dec 2012, 3:25am PST   Share   Quote   Permalink   Like   Dislike     Comment 12

lostand confused says

Oh this is in Italy. For a moment there, I thought a bank was found guilty of something in the good ole USA!

We can hope this will one day extend to American cities who were screwed by these derivatives. As it is, Oakland is considering walking away from interest derivatives, which were just as crappy as the mortgage backed derivatives.

It is all a scam by the bankers upon the world, and upon you so that they get money for government that should be going to the police that protect you.

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