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[–] organicgangbang 1 points 65 points (+66|-1) ago  (edited ago)

Can't wait to hear some government official tell us that they don't have the manpower and resources to go after these scumbags.

"We had no idea that activities of this kind were taking place in the financial industry and we will be investigating."

This shit isn't going to end until a mob of angry peasants string these bankers up from a lamppost in the middle of Times Square.

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[–] dualplains 0 points 42 points (+42|-0) ago 

This shit isn't going to end until a mob of angry peasants string these bankers up from a lamppost in the middle of Times Square.

And the judges and the lawmakers. Who do you think keeps the regulators hamstrung?

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[–] 626974636f696e 0 points 7 points (+7|-0) ago 

The judges and lawmakers allow this to happen again when their slap on the wrist still leaves Citi with a ton of profit?

[–] [deleted] 0 points 0 points (+0|-0) ago 

[Deleted]

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[–] JJEivl 3 points -3 points (+0|-3) ago 

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[–] Chalupacabra 1 points 6 points (+7|-1) ago 

I know some folks who do such work... to be honest they are pretty overwhelmed. They are heavily outnumbered and they have the burden of proof. It's like trying to bail out the Titanic with a bucket.

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[–] carnetarian 0 points 20 points (+20|-0) ago 

Oh, I know, how about we take 1% of the budget we spend on the failed war on drugs every year, and give it to these guys who are trying to prevent actual crimes instead?

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[–] whynotanon1 0 points 6 points (+6|-0) ago 

The problem is government prosecutors almost always lay down a very favorable plea bargin for the company that will allow them to pay a minor fine, and avoid an admission of wrong doing. Nobody is holding bankers feet to fire and going after them.

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[–] MichaelTen 0 points 2 points (+2|-0) ago 

if that is the case, maybe it is because billionaires and mega corps do not pay their fair share of taxes.

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[–] organicgangbang 0 points 1 points (+1|-0) ago 

No need to pay your fair share of taxes when you pay more than your fair share of contributions to politicians.

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[–] iamrage 0 points 2 points (+2|-0) ago 

Thought you guys had already learned from the $700 billion bailout that these bankers can walk all over you all without any consequences.

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[–] organicgangbang 0 points 1 points (+1|-0) ago 

What I learned from the $700 billion bailout was that bankers are as close to gods as you can get on Earth. When you're handling all of the money and assets of the worlds richest and most powerful people, you have an amount of leverage that is for all practical purposes, limitless. There isn't a single individual or entity on this planet that is immune from the reach of the financial industry.

[–] [deleted] 1 points 35 points (+36|-1) ago 

[Deleted]

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[–] plumsound 0 points 1 points (+1|-0) ago 

Is this a Guthrie reference? Have my upvote anyway

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[–] m4tthew 5 points -2 points (+3|-5) ago 

Fuck that, a gun would be much more useful.

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[–] blastingwhitenoise 0 points 16 points (+16|-0) ago 

It's what we'll eventually use on them.

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[–] Subtenko 0 points 3 points (+3|-0) ago 

There are pens that are guns tho :O paradox!

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[–] Zavec 0 points 0 points (+0|-0) ago 

Evidently that isn't the case, given the fact that this doesn't seem to be that rare.

[–] [deleted] 1 points 21 points (+22|-1) ago 

[Deleted]

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[–] thepeoplescheese 0 points 11 points (+11|-0) ago 

Too bad they are the ones that are donating to politics the most, and the politicians will protect them for as long as they can. This is why we need to limit and end lobbying and huge campaign donations.

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[–] wrongway 0 points 1 points (+1|-0) ago  (edited ago)

I am amazed the public doesn't wake up to this and start electing people who will actually stop this corruption. I thought Obama was supposed to put an end to all this Wall Street cronyism but people still defend him on this issue. Companies will continue to abuse when the profits dwarf the fines, the fines are just a cost of doing business. Who else can keep proceeds of criminal activity? The fine should be 3X the profit made and jail for those responsible.

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[–] knightwarrior41 0 points 1 points (+1|-0) ago 

not gonna happen anytime soon

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[–] Fuckery 0 points 2 points (+2|-0) ago 

I still don't understand how something can be a person if I can't kill it.

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[–] dontnation 2 points 13 points (+15|-2) ago 

This is what no one seems to talk about regarding regulation but is pretty apparent when working in any industry, but especially banking. Decisions are constantly made about the cost or lost profit of following a regulation versus the likelihood and actual cost of getting caught.

But no no no, we need less regulation so businesses can be free to create jobs and build a brighter tomorrow...

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[–] AKnightAlone 0 points 4 points (+4|-0) ago 

There's no such thing as a free lunch... Or market.

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[–] Bing11 0 points 1 points (+1|-0) ago 

You're not making an argument that we need more regulations, but rather that the current penalties are insufficient (which I agree: those people who were screwed over should be entitled 1:1 returns, not 0.06:1).

This video exemplifies it perfectly: https://www.youtube.com/watch?v=VdyKAIhLdNs

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[–] dontnation 0 points 1 points (+1|-0) ago  (edited ago)

Yeah, I didn't mean more regulation in number (though re-enacting glass-steagall would be good too), I mean more regulation in enforcement. More regulators and auditors, and more teeth in regulatory penalties.

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[–] Mr_Sir 1 points 9 points (+10|-1) ago 

Yeah, it's a business expense. The Board is most likely approving their annual budget with an expense line item to prepare for such fines.

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[–] etzefeck 0 points 8 points (+8|-0) ago 

And unfortunately, fraud and other crimes will continue to be profitable for the 1%. I think we need a system like Switzerland's where the penalty is tailored to the criminal - meaning dish out a punishment that they will actually hurt from. In Switzerland if you get a speeding ticket, the fine is tailored to your income - a cashier will pay about 30 franks where as a millionaire will pay about 10,000 franks. It makes the millionaire feel the fine just as equally. That said, this bank should have been fined in the billions - total should have been more than they profited.

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[–] HowieCameUnglued 0 points 4 points (+4|-0) ago 

They didn't even need to be fined. All that needed to happen was for the government not to give them taxpayer money in the 2008 bailout. Citigroup would be out of business.

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[–] Kamandi 0 points 7 points (+7|-0) ago 

$180m is chicken fee. Many companies spend that on advertising.

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[–] gatordontplaythatsht 0 points 7 points (+7|-0) ago 

Citigroup are some evil mother fuckers

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