1. Same story, different day...........year ie more of the same fiat floods the world
    Dismiss Notice
  2. There are no markets
    Dismiss Notice
  3. Week of 6/24/2017 Closing prices & Chg Over Last Wk---- Gold $1256.40 Silver $16.64 Oil $43.01 USD $96.94
  4. "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"
    Dismiss Notice

Fed fines Deutsche Bank $156.6 million for forex violations

Discussion in 'Central Banking & Fed Reserve' started by Pyramid, Apr 20, 2017.



  1. Pyramid

    Pyramid Gold Member Gold Chaser Site Supporter

    Joined:
    Mar 31, 2010
    Messages:
    1,544
    Likes Received:
    1,440
    Trophy Points:
    113
    Location:
    The 57th State
    Fed fines Deutsche Bank $156.6 million for forex violations

    By Patrick Rucker and Karen Freifeld | WASHINGTON/NEW YORK
    The U.S. Federal Reserve on Thursday fined Deutsche Bank AG (DBKGn.DE) $156.6 million for violating foreign exchange rules and running afoul of the Volcker Rule.

    The German bank failed to detect and halt its traders from using chat rooms to communicate with competitors, the Fed said in a statement.

    Central bank officials are "requiring the firm to cooperate in any investigation of the individuals involved in the conduct underlying the FX enforcement," according to the statement.

    In a statement, the bank said, "we are pleased to resolve these civil enforcement matters with the Federal Reserve."

    The Fed also said it found gaps in Deutsche Bank compliance with the Volcker Rule, which prohibits government-protected banks from engaging in proprietary trading.

    The foreign exchange violations were discovered during a four-year-old review of dealings at the bank, the Fed said in a consent order reached with Deutsche Bank.

    The bank agreed to improve its oversight of foreign exchange trades as part of the agreement with the Fed.

    Deutsche still faces a probe by New York’s Department of Financial Services into whether its automated trading platform was programed to manipulate foreign exchange rates, a person familiar with the matter said on Thursday.

    The New York regulator has been investigating whether the bank used algorithms on trading platforms to front-run or otherwise take advantage of clients.

    Renee Calabro, a spokeswoman for Deutsche, declined to comment on the status of the New York probe.

    Deutsche was not sanctioned in earlier global probes of foreign exchange manipulation. It was among a handful of banks that settled with Brazil's antitrust watchdog Cade in December.

    But the U.S. Department of Justice, UK's Financial Conduct Authority and the Commodity Futures Trading Commission all declined to bring actions against Deutsche, while other banks were hammered for failing to stop traders on the spot market from trying to rig foreign exchange rates.

    Seven banks have paid authorities in the United States and Europe a total of more than $10 billion, and some pleaded guilty to criminal charges.


    Transcripts of traders communicating in online chat rooms that led to earlier settlements show them working together to move rates, which are used daily by everyone from investment houses to tourists buying foreign currencies on vacation.

    (Reporting By Patrick Rucker in Washington and Karen Freifeld in New York; editing by Jonathan Oatis and David Gregorio)

    http://www.reuters.com/article/us-deutsche-bank-fed-forex-idUSKBN17M2MK
     
  2. michael59

    michael59 heads up-butts down Platinum Bling

    Joined:
    Apr 1, 2014
    Messages:
    6,060
    Likes Received:
    2,625
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    20 years logging
    Location:
    on the low side of corporate Oregon


    that is where I lost it, oh that is right the fed is a private bank and douch is gumbeyment.

    so big question...how does a corporation get a criminal charge and does it hurt, does it ... oh hell with it...
     
  3. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

    Joined:
    May 31, 2015
    Messages:
    14,077
    Likes Received:
    13,887
    Trophy Points:
    113
    Occupation:
    Oxygen Breather
    Location:
    Somewhere out there!
    $156.6M...it's not like it's real money or anything
     
    Goldhedge likes this.
  4. michael59

    michael59 heads up-butts down Platinum Bling

    Joined:
    Apr 1, 2014
    Messages:
    6,060
    Likes Received:
    2,625
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    20 years logging
    Location:
    on the low side of corporate Oregon
    Not Found
    The requested URL was not found on this server.

    Additionally, a 404 Not Found error was encountered while trying to use an ErrorDocument to handle the request.

    so, what is being traded and fought over is the above? Just when I thought it was safe I find out there never was a problem, cool.
     
  5. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

    Joined:
    May 31, 2015
    Messages:
    14,077
    Likes Received:
    13,887
    Trophy Points:
    113
    Occupation:
    Oxygen Breather
    Location:
    Somewhere out there!
    Works for me Mike
     
  6. solarion

    solarion Gold Member Gold Chaser

    Joined:
    Nov 25, 2013
    Messages:
    3,315
    Likes Received:
    5,000
    Trophy Points:
    113
    lol Yeah the banks plead guilty. No, ya know, actual people did anything wrong...just their corporate facades. Must have been rogue trading platform software rewriting its own code.

    Like the LIBOR clusterfuq the banksters always skate with a slap on the wrist, a huge bonus check, and a yacht upgrade. Meanwhile we toss peasants in prison for years for possession of a GD dried leaf. Unreal.
     
  7. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

    Joined:
    May 31, 2015
    Messages:
    14,077
    Likes Received:
    13,887
    Trophy Points:
    113
    Occupation:
    Oxygen Breather
    Location:
    Somewhere out there!
    Nobody ever goes to jail
     
  8. michael59

    michael59 heads up-butts down Platinum Bling

    Joined:
    Apr 1, 2014
    Messages:
    6,060
    Likes Received:
    2,625
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    20 years logging
    Location:
    on the low side of corporate Oregon
    That error notification was from a totally dead link. I was being ironic and fussing over the fact that this dutche bank sold to three American banks derivatives worth ...3T, I think so they can afford this 156.6M.

    I don't understand the charges though. They used chat rooms to inside trade and there by manipulated currency? Is this not what they do in board rooms all across the world? I just don't see a big difference between what happens over hear as apposed to there. Sure you are not to use deposited money to trade with but it aint the money of those that deposited it anymore as it is in the possession of the bank.

    I suppose the fundamental aspect is that this is theft but this liquid resource is not in a safety deposit box to kept away from the bank. All I know is that the money they are fined they have to pay but they pay it to who they are told to pay it to, so it never comes home. Maybe if they had to pay principal and interest back to where the money came from along with serving food in a prison might be appropriate.
     
  9. Bottom Feeder

    Bottom Feeder Hypophthalmichthys molitrix Gold Chaser Site Supporter

    Joined:
    Mar 31, 2010
    Messages:
    1,198
    Likes Received:
    1,482
    Trophy Points:
    113
    Location:
    Seattle
    Lets see if I got this right; the FED (a private corporation) sues the douche bank for 156 mil, douche bank charges it to it's customers (not remove it from the executive's bonuses) and it goes to who? The FED director's bonuses, right? What about those people the douche bank screwed that money out of? People like my wife who lost thousands trying to win big with forex. We get shit - can't even deduct it from our taxes.

    The FED don't lose, the douche bank don't lose, but the little peoples eat it.

    BF
     
    michael59 likes this.
  10. southfork

    southfork Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    13,292
    Likes Received:
    10,723
    Trophy Points:
    113
    The fed that manipulated the dollar down and the price of metals , at what point in time to others just say fk you to the fed, who the hell gave them authority to police the world when theyre the most corrupt entity around
     

Share This Page