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Thursday, July 19, 2012

Is There Something Seriously Wrong Here?

*JPMorganChase loses up to $9 Trillion of its stockholders money and the bank isn't sure how that happened.

*Capital One is forced to return $150 Million it stole from its card holders and pay the government $60 Million for the theft.

*Barclay's Bank, and up to seventeen other banks, fraudulently altered LIBOR rates and cost borrowers around the world unknown $Trillions.

*JPMorganChase used Enron-type tricks to game the energy markets and thus stole $Billions from Western electricity users.

*HSBC laundered $millions and $millions of Mexican drug cartel monies through their U.S. offices.

Standard Chartered, the British bank, has agreed to pay New York's top banking regulator $340 Million to settle claims that it laundered hundreds of millions of dollars in tainted money for Iran and lied to regulators.  (Updated August 15, 2012)
The list goes on, but this makes the point, and it all happened so far this year alone.

Do you know of any other industry where this kind of behavior is repeated regularly?

Auto industry?
Oil industry?

If you do, I sure would like to hear about it!!!

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