Banks Overcharging Pension Plans?

Leo Kolivakis's picture

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SwingForce's picture

Go Pam Bondi! Maybe the new Florida Attorney General will dig deeper.

pdtrader's picture

I'm pretty sure the banks would've charged Jesus for the nails at his own crucifixion.

But no worries, I'm sure the authorities will prosecute them to the full limit of the law. What? There's no longer any laws against banking fraud? In that case, we're all screwed.

i.knoknot's picture

given that it's clearly been the norm (no laws for them) for a good while, we're no more screwed thatn we already were... we just know they're back their now...

i'm not sure if that helps or not...

cheers

RockyRacoon's picture

Expect a slap on the back of the hand fine and a statement of neither confirming nor denying the validity of the legal claims.   They'll "have to change the way they do business"?  Yeah, learn how to hide it better.  Moving along....

dark pools of soros's picture

gotta stop chargin dem feees!!!!

 

anyway.. the pensions have been getting ripped off royally since Enron put the heist in overdrive

topcallingtroll's picture

If they do that to pension funds i wonder about a smart lawyer starting a class action lawsuit against the big banks on behalf of credit card holders who travel. If sophisticated pension funds didnt notice it then millions of dumb travelers like me would never notice one percent. It would be easy to prove statistically. Take all the credit card foreign exchange transactions on a single day. Compare that population to all of the other.foreign exchange transactions with an analysis of variance (ANOVA). If there is blatant persistent overcharging it will be obvious and the amount of overcharge on average is the difference between the means so damages are already calculated. Some lawyer get going on this. It is bound to be 100 million dollars over over just the last five years.

Strike Back's picture

Is the information available publicly?

koot's picture

Fraud is big business in the big banks, after all they are partners with the biggest fraud in mans history, the Fed.

http://online.wsj.com/article/SB1000142405274870365210457612230099047909...

dick cheneys ghost's picture

you had me at "banks overcharging?"