Today the Justice Department announced that it was levying fines against some of the world's major banks for rigging the foreign-exchange markets. The fines announced totaled $2.8 billion. Yes, I know that's a lot of money, but the reality is it's just the cost of doing business for these banks.
If the Justice Department really wants to get serious on this issue I think they should put some of these bankers in jail, that's what they fear the most - not the money fines. Jail time is the answer to stamping out the illegal activity and white collar crime.
Meanwhile, Citigroup Inc. (NYSE:C), a stock I discussed last week as a buy, is practically unchanged for the day and remains higher for the week. The fines levied by the Justice Department against the banks were like water off a duck's back.
In today's video, I'm going to be looking at all the major markets including the three major indices. I will also be looking at gold, crude oil and the euro and time permitting, one or two stocks.
Tell us what you think, do you think that these bankers should go to jail or was the fine large enough to satisfy everyone?
Have a great day treating everyone.
Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
gimme a break! Obama and his cohorts are no different than before! in fact I think they're worse! there charlatans and the media is pushing their agenda because the executives are married to the administrations staff. NBC ABC CBS all of them! Russia never had it so good! I hate liberal socialist communists!
Glubby,
I think some of those bankers should've gone to jail. You are correct on your other points it's a pretty insidious nepotism world between the media and the White House.
Adam
They should be fined, put in jail and made to pay back those they have swindled. Plus they should never be allowed near a bank again if they ever get out of jail. It would be a nice little exercise for them to go figure out who the people were that they swindled so they can be reimbursed. I'm sure they don't know and could care less.
Gary,
I totally agree with your viewpoint.
Adam
this government sure seems to sue a lot. Id sure like to know where all that money goes.
This is not good for anyone but the banks. They destroyed our economy and the world economy and didn't see one day of jail for it. TBTF got bailed out with taxpayer money. The fines are pocket change. Penalties should sting (maybe a few mnths profits?) plus jail time.
Marsha,
You're right on the money with your point of view. Too bad the Justice Department doesn't seem to view this case like everyone everybody else. I guess they are concerned about those financial political contributions in the future.
Adam
Well...since morality was "unpegged" from the 10 Commandments way back in '63, there's no longer any unchangeable foundation for right and wrong anymore. It's just whatever anyone wants to believe. You know...what's right for me might not be right for you and if that's what you like then do it that way and who's to say you are "wrong" (GASP...) after all "don't judge me" and I do whatever makes me feel good and whatever suits my convenience according to my "lifestyle" and we all know "In Money We Trust" so it's really all about...me. So if you don't like it, you can just get the heck out cuz it's my way or the highway.
Hmm...sounds like the last gasping breath of a society imploding on itself... Just in case it's not obvious from my satire...I'm going with the 10 Commandments, not the 10 suggestions. This politicalamity we have is soon going to find itself face to face with Truth very soon.
Chris,
With you 100%.
I am so tired of excuses, no discipline and political correctness in America today were nobody takes responsability for anything. Baltimore is the latest example - if someone calls me a racist because that is the politically right thing to do they would be wrong and it would prove my point at the same time.
Adam
I didn't give those mfrs the time of day. I refuse to watch any of it. the media in cahoots with the administration egg them on stoke the fires. all in the name of racism? that's the pot calling the kettle black and everybody knows it! George Soros a heavy contributor to the Obama campaigns buses in all those people to destroy what others have built up. they're disgusting. I'm ashamed to call them Americans!