Brussels readies billions in rate-setting fines – FT.com

This is a MUST READ article from the FT. Check it out!

Brussels readies billions in rate-setting fines – FT.com.

The European Commission will gain much-needed popularity in challenging the big banks with massive fines for illegal behavior. However, for me that’s still not enough. Brussels must go after the directors in these major banks in the courts and, if appropriate, the guilty should go to jail. Only when greedy bankers rub shoulders with common criminals in jail will justice be properly served; of course, they should also be subject to personal fines appropriate to their wealth, so there is a proper deterrent in future..

Banks spend a fortune on regulation, yet still make enormous profits whilst small businesses and consumers are penalized with high costs for the banks’ services. For me, this is a cartel or oligopoly and should be challenged aggressively by Brussels.

Let me turn this to an open question:

Do you think that the European Commission will go after the major banks sufficiently aggressively?

Brussels

Brussels (Photo credit: williamsdb)

Any thoughts?

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2 responses

  1. Pingback: Opinion: Brussels readies billions in rate-setting fines ex FT.com – John Gelmini « Dr Alf's Blog

  2. Dr Alf is correct, the banks are not only an oligopoly but fall under the ownership of a tiny group of families.

    Thus, if one looks at who controls Lloyds, TSB, HBOS, Santander, RBS, Goldman Sachs, Barclays and Five Arrows Asset Management, we see that along with other financial institutions, they come under the Inter Alpha Banking Group and ultimately the Rothschild dynasty.

    HSBC originally founded by the Scottish Taipans, the Matthiesons, who were the drug barons of Queen Victoria’s day are also owned by one family.

    These families, and 19 others, control more than 95% of the wealth in each European nation, plus an even larger amount that is held offshore in one of many different tax havens.

    They, through their various organisations, like the Bilderberg Group, the Club of Rome, the Club of Budapest and the Alimentarius Commission control Europe and the UK.

    Thus the UK is a Rockefeller country, Germany and Sweden are Rothschild countries and Italy and the Vatican are run by the Black Nobility and the Black Pope (currently Adolpho Nicholas).

    The Knights of Malta under Matthew Festing are also globally important and act as a state within a state.

    Essentially then, our Prime Ministers and Presidents within Europe are chosen well in advance of us seeing them let alone voting for them so Governments do not control bankers, electors do not control Government policy and Governments in Europe are told what to do by bankers and those behind them.
    Until this changes there is no chance whatsoever of politicians “going after bankers” and if they did the banking public would be made to pay as has already happened in America when the US authorities fined HSBC $1 billion USD for laundering the proceeds of Mexican drug barons.

    HSBC reduced its taxable profits by $1 billion USD plus the court costs, fines and a further charge for management time and business disruption.

    The costs of new procedures and more transparent Governance also figure into the equation and with costlier arrangement fees for all loans all the money will be recovered and the costs passed on to HSBC’s customer base.

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