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Source: WSJ

Category: Legal, Regulation

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6 Responses to “Banks to Be Hit With Rate Fines”

  1. Frilton Miedman says:

    Thief robs home of $10K worth of cash & merchandise, judge orders thief to pay victim $500 in restitution.

    • willid3 says:

      you mean they are asked to pay that much? seems like the customary and usual restitution is closer to $50.

    • pjschgo says:

      But they are not required to admit any wrongdoing.

    • zot23 says:

      Ah, but here’s the rub: if the thief doesn’t have that $500 he is still just as bankrupted as had he been fined $10k. Banks haven’t used their windfall to shore up defenses, they’ve been spreading it out in bonuses and such like drunken sailors.

      The even bigger problem for banks is if they are fined for rate fixing, they can be sued by anyone who entrusted them with ANY contract based on that fraudulent rate (or worse, the buyer can extend a middle finger and just … walk away from the contract.) This wouldn’t shake the pillars of the financial industry, it would obliterate the foundations with a bunker buster nuke.

      Interesting times.

  2. victor says:

    Normal cost of doing business…