Barclays and BNP Paribas being faux spanked by regulators


This is what passes for justice in America now. More fines for banksters but no criminal indictments of the people responsible. Federal and state regulators are essentially running a protection racket. They pretend to enforce the law by imposing fines. Banks pretend they will change. However, criminality at big banks won’t end until there are painful personal consequences like prison and asset forfeiture imposed upon those those involved. For this to happen regulators would actually have to do their jobs.

The State of New York is suing Barclays for promising institutional investors best possible prices in their dark pool but then maximizing their own profits to the detriment of traders. Big banks are leaving the dark pool so it appears, once again that overwhelming greed and dishonesty has backfired into the face of yet another bankster.

BNP Paribas, parent of Bank of the West,will plead guilty to criminal charges, pay a $8.8 billion fine, and be banned from dollar-clearing operations for upwards of a year for transferring money for Sudan, Cuba, Iran, and other countries.

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