Practically every one of the large U.S. and European investment banks have been involved in a number of criminal, illegal and immoral activities since the 2007-08 crash. Its safe to bet that officials catch only a fraction of the illegal activities that go on. Here are a few of my favorites: Bank of America: In a lengthy investigation, Rolling Stone magazine exposed the limitless criminal conspiracies the Bank of America has been involved in, and says they are guilty of systematically ripping off virtually everyone they do business with. HSBC Bank: HSBC agreed to pay a record $1.92-billion penalty in connection with a money-laundering scheme that included accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries. Goldman Sachs: A New York jury found former Goldman Sachs trader Fabrice Tourre liable for fraud in a complex mortgage deal that cost investors $1-billion. He was accused of misleading investors about investments linked to subprime mortgages that he knew would fail. He was also described by the regulator as the face of Wall Street greed. JPMorgan Chase: Americas largest bank, JPMorgan Chase, admitted to being involved in a number of criminal activities. In various court cases and investigations, the bank either admitted to or did not defend itself against a number of grave charges. Included were money laundering for drug cartels, violations of sanctions against Cuba and Iran, violations related to the Vatican Bank scandal, the fraudulent sale of unregistered securities, etc.
Posted on: Sat, 02 Nov 2013 05:38:10 +0000
Trending Topics
Recently Viewed Topics
© 2015