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Bank of England Fires Chief FX Dealer Participating In Currency-Rigging Scandal

Tyler Durden's picture




 

Early in 2014, when the FX rigging scandal was still news, one of the most disturbing developments to emerge was that none other than the venerable Bank of England itself had been engaged in collusion with various manipulating parties, explicitly those participating in "The Bandits Club", "Cartel" and other chatrooms, as described in "Bank Of England Encouraged Currency Manipulation By Banks." As Bloomberg reported at the time:

Bank of England officials told currency traders it wasn’t improper to share impending customer orders with counterparts at other firms, a practice at the heart of a widening probe into alleged market manipulation, according to a person who has seen notes turned over to regulators.

 

Traders representing some of the world’s biggest banks told officials at the meeting that they shared information about aggregate orders before currency benchmarks were set, three people with knowledge of the discussion said. The officials said there wasn’t a policy on such communications and that banks should make their own rules, according to the people. The notes could drag the U.K. central bank into another market-rigging scandal two years after it was criticized by lawmakers for failing to act on warnings that Libor was vulnerable to abuse.

Of course, the Bank of England promptly denied everything and pulled the Hogan's Heroes defense: "It knew nothing", and yet something stank.

The BOE is probing allegations officials condoned practices at the heart of a widening rigging scandal involving traders at the world’s largest banks. It said today the investigation has found no evidence to date its employees were involved in collusion.... The suspended individual, who wasn’t named, is being investigated and “no decision has been taken on disciplinary action.”

...

At a July 4, 2006, meeting led by BOE chief dealer Martin Mallett, attendees discussed “evidence of attempts to move the market around popular fixing times by players that had no particular interest in that fix,” according to the minutes. “It was noted that ‘fixing business’ generally was becoming increasingly fraught due to this behavior.”

...

In a May 2008 meeting of the subgroup, a “large majority” of those present expressed “concern about the lack of transparency among some methodologies and the impacts in managing order flow and pricing liquidity at times of concentrated benchmarked interest such as the 4 p.m. London fix.”

...

At that discussion “it was suggested that using a snapshot of the market may be problematic” and “could be subject to manipulation,” according to the minutes.

...

“This extensive review of documents, e-mails and other records has to date found no evidence that Bank of England staff colluded in any way in manipulating the foreign exchange market or in sharing confidential client information,” the central bank said in today’s statement. “The Bank of England does not condone any form of market manipulation in any context whatsoever.”

Today, as widely reported previously, 5 banks settled with regulators such as US CFTC, UK's CFA and Swiss Sifma, for a total amount of $3.3 billion ($1.4 billion to the CFTC, $1.75 billion to the CFA). The banks were:

  • HSBC Holdings PLC
  • Royal Bank of Scotland Group PLC
  • UBS AG
  • Citigroup Inc.
  • J.P. Morgan Chase & Co.

Hilariously, as a result of "cooperating" the 5 banks received a 30% discount on their British settlement. Because when it comes to admitting one's crime there is apparently a pre-Thanksgiving blue light special.

Oddly enough, none of the other usual suspect banks, such as Goldman, Credit Suisse or Deutsche, all of whom also fired legacy FX traders and dealers, were once again completely forgotten, because clearly one can't disturb the two banks that pull the strings in the US, Goldman, and in Europe, Deutsche.

However, one less than critical bank stood out: as Bloomberg reports, Barclays dropped out due to issues with New York regulators, according to a person with knowledge of the matter. “After discussions with other regulators and authorities, we have concluded that it’s in the interests of the company to seek a more general coordinated settlement,” the London-based bank said in an e-mailed statement today.

By missing the full reduction on offer from U.K. regulators, Barclays may have to add to the 500 million pounds it set aside in the third quarter to settle currency probes, Sandy Chen, an analyst at Cenkos Securities Plc with a sell rating on the stock, said by e-mail.

“If you settle outside of stage one, which is the earliest stage, which is what this is, you get a 30 percent discount,” McDermott said at a press conference in London today. “If you settle outside of stage one you get a 20 percent or 10 percent discount.”

The New York Times reported Barclays’s perceived complications with the U.S. state’s regulator earlier. Barclays was concerned about civil liabilities and the potential of having its New York banking license revoked, the Times said.

Which means that the bank that consumed what was left of Lehman may be Lehmaned itself and soon be barred from operating in the world's financial capital, something which all of its revenue-strapped competitors will be delighted by.

But back to the Bank of England, which it turns out, lied about its involvement in FX rigging. According to Bloomberg, alongside the FX settlement announcement, the Bank of England fired its chief currency dealer - the abovementioned Martin Mallett - a day before he was faulted in an independent investigation for failing to alert his superiors that traders were sharing information about client orders.

Martin Mallett was dismissed by the Bank of England yesterday for “serious misconduct relating to failure to adhere to the Bank’s internal policies,” according to a statement by the central bank today.

 

Mallett, who worked at the bank for almost 30 years, had concerns from as early as November 2012 that conversations between traders right before benchmarks were set could lead to the rigging of those rates, according a report today by Anthony Grabiner, who was commissioned by the central bank to look into what its officials knew about practices under investigation around the world. Mallett was “uncomfortable” with the traders’ practices, yet he didn’t escalate these concerns, Grabiner said.

 

“We’re disappointed because we hold ourselves to the highest standards -- we have an outstanding markets division,” BOE Governor Mark Carney said at a briefing in London today. “What Lord Grabiner found was that our chief dealer was aware of circumstances in the market that could facilitate or lead to improper behavior by market participants.”

And then just to keep the ball rolling, the BOE lied again!

Mallett “was not acting in bad faith,” according to the Grabiner report. He wasn’t “involved in any unlawful or improper behavior, nor aware of specific instances of such behavior,” it said.

Reuters adds, that the dismissal was unrelated to an ongoing foreign exchange scandal  "This information related to the Bank's internal policies, not to FX,” a BoE spokeswoman said on Wednesday. So... the Bank's internal policies on FX rigging?

Of course, Mallett's fate was sealed long ago when it became clear we was the man most directly implicated with rigging at the BofE. This is what the Times wrote in March:

Obscure prodigy poised to become centre of attention

 

Martin Mallett is not well-known outside the arcane circles of foreign exchange traders, but, along with the senior Bank of England officials Paul Fisher and Andrew Bailey, the public are likely to hear a lot about him in the coming months.

 

The Bank released 180 pages of minutes yesterday taken from meetings of a committee of senior currency traders that Mr Mallett chaired.

 

It was at one of the committee’s meetings in 2012 that Bank officials allegedly condoned the practice of sharing inside information before trading on the markets.

But back to the reason for Mallett's termination: we don't get it: was he fired for not rigging the market then according to the BOE's joke of an explanation?

Actually, scratch that: we do - Mallett's only crime was being exposed in the papers, and with that highlighting that the biggest ringleader when it comes to rigging markets is none other than the central bank itself. Which may have shocked someone in 2009 but now that even the CME openly admits foreign banks are among the biggest traders of the E-Mini, hardly anyone will notice.

And now we look forward to the next batch of revelations - the gold rigging scandal, and its prompt settlement for a few thousand dollars - and finding out how many central banks will fire personnel for not rigging that particular market.

 

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Wed, 11/12/2014 - 08:28 | 5439623 LULZBank
LULZBank's picture

No jail?

Wed, 11/12/2014 - 08:39 | 5439640 doomandbloom
Wed, 11/12/2014 - 08:47 | 5439647 GetZeeGold
GetZeeGold's picture

 

 

I would have nail-gunned the SOB....but that's just me.

Wed, 11/12/2014 - 08:55 | 5439668 Arius
Arius's picture

poor guy ... he has just been carrying orders ... yeah well, c'est la vie

Wed, 11/12/2014 - 08:57 | 5439687 Silky Johnson
Silky Johnson's picture

Every fucking day a new crook. Can't we just round these fuckers up and execute them wholesale?

Wed, 11/12/2014 - 09:08 | 5439709 GetZeeGold
GetZeeGold's picture

 

 

We have some.....but no one seems to be learning from it.

 

Maybe we should stop reporting them as suicides.

Wed, 11/12/2014 - 09:14 | 5439726 cossack55
cossack55's picture

Every time I see a BOA story the scenes from inside the bank in Mary Poppins springs forth.  They do all look like they are capable of floating.

Wed, 11/12/2014 - 10:07 | 5439897 BurningFuld
BurningFuld's picture

Steal $20 and you go to jail. They are not dumb enough to steal small amounts of money.

Wed, 11/12/2014 - 10:26 | 5439947 Son of Loki
Son of Loki's picture

He'll walk into a Bank Reuglation job with the gubmint for a few years until the dust settles ... then waltz back thru the swinging corp-gubmint doors back into the financial industry.

 

It's almost "paradoxical!"

Wed, 11/12/2014 - 10:01 | 5439866 JRobby
JRobby's picture

Drawn and Quartered

Wed, 11/12/2014 - 10:28 | 5439948 SMG
SMG's picture

Even if you got all the current crooks, new crooks would rise to the top and take over.   The system they use to steal and control must be destroyed, only then will there be change for the better.

Wed, 11/12/2014 - 09:00 | 5439692 Government need...
Government needs you to pay taxes's picture

Just like all the Nazi bastards at the Nuremberg trials.  I prey these fuckers meet a similar justice, or at least a group as competent as the Mossad stalks them to the ends of the earth.

Wed, 11/12/2014 - 09:21 | 5439747 Arius
Arius's picture

funny  ... what about if he was carrying their orders ... ever thought about that?

Wed, 11/12/2014 - 08:55 | 5439672 winchester
winchester's picture

no jail ?

 

for this type of humans, be in prison is just returning to normal civilian state/condition. ( ie: no control )

 

Wed, 11/12/2014 - 08:56 | 5439677 Save_America1st
Save_America1st's picture

so these banks steal money, right?  Like hundreds of billions of dollars, right?  Then they're fined billions of dollars after the fact.

 

Q:  Who gets all those billions of dollars that they pay back in fines? 

I know I haven't received any big fat check in the mail from any regulator or bank for their admitted criminal FX, LIBOR, mortgage, or precious metals market rigging which costs me dearly every fucking day.

Wed, 11/12/2014 - 09:13 | 5439722 maneco
maneco's picture

Probably the Bank of England!

Wed, 11/12/2014 - 11:11 | 5440128 Pairadimes
Pairadimes's picture

It goes to the government treasury, who then deposits it in the Bank of England, who then uses it to finance currency-rigging.

Wed, 11/12/2014 - 10:53 | 5440059 Intoxicologist
Intoxicologist's picture

I'd have used a mallet, just for shits and giggles.

Wed, 11/12/2014 - 10:31 | 5439958 ThirteenthFloor
ThirteenthFloor's picture

"It's like handing out speeding tickets at the Indianapolis 500"

Wed, 11/12/2014 - 08:41 | 5439642 paint it red ca...
paint it red call it hell's picture

No suicide?

Wed, 11/12/2014 - 08:44 | 5439645 new game
new game's picture

fox guarding the hen house, ha, this fucker is just a sacrificial lamb. back to the program plez.

Wed, 11/12/2014 - 08:55 | 5439674 winchester
winchester's picture

.

Wed, 11/12/2014 - 09:13 | 5439725 LULZBank
LULZBank's picture

+1

Couldn't have said it better myself.

Wed, 11/12/2014 - 09:25 | 5439752 new game
new game's picture

thanx, as you articulate your thoughts quite well...

Wed, 11/12/2014 - 09:34 | 5439784 pods
pods's picture

"Blood, lamb's blood painted door, I shall pass."

They have to get it from somewhere, why not this guy.

pods

Wed, 11/12/2014 - 08:46 | 5439651 SilverIsKing
SilverIsKing's picture

Please be patient. The headline has to read, "Ex-Bank of England Exec Commits Suicide."

Step one complete.

Wed, 11/12/2014 - 08:51 | 5439658 LULZBank
LULZBank's picture

Hope he doesn't convert to Islam just before that otherwise it can get explosive.

Wed, 11/12/2014 - 08:54 | 5439666 Save_America1st
Save_America1st's picture

He received a suicide "discount" for being the first to go quietly.  The next guy who tries to whistleblow will get the full nail-gun treatment

Wed, 11/12/2014 - 09:15 | 5439727 Which is worse ...
Which is worse - bankers or terrorists's picture

"But, but....how are we supposed to make money if we can't rig the market!"

/sarc

Wed, 11/12/2014 - 10:42 | 5440010 Groundhog Day
Groundhog Day's picture

This morning on Bloomberg radio someone suggested that bankers need to go to jail for change, and the retard who hosts the cut him off and insisted thats not the solution.  Who would have thunk

 

Wed, 11/12/2014 - 10:59 | 5440078 A Nanny Moose
A Nanny Moose's picture

Whoah! Let's not get carried away. That would imply the existence of the Rule of Fucking Law.

Do I need to apply my sarcasm flag here?

Wed, 11/12/2014 - 08:31 | 5439627 timeless21
timeless21's picture

Maybe he helped to 'provide liquidity' so he's a good guy then.

Wed, 11/12/2014 - 08:34 | 5439631 JustObserving
JustObserving's picture

Sacrificial lamb to appease the public.  The corruption goes to the top.

Corruption is another name for Central Banking today.

Wed, 11/12/2014 - 08:33 | 5439636 LULZBank
LULZBank's picture

When it gets that high up, its not corruption anymore.

Something to do with thin air, and bankers being able to create money out of it.

Wed, 11/12/2014 - 08:43 | 5439644 Cognitive Dissonance
Cognitive Dissonance's picture

The CB's have the blessing of the state, thus it is not illegal. Case closed. Essentially they are the state.

Wed, 11/12/2014 - 08:54 | 5439664 new game
new game's picture

soooo, hmmm, what next, tolerate? seems as though the power of the printer prevails beyond ability of the majority to effectivly change. closed loop of power. ignorance is becoming the only option to live a best life once this knowledge is burned into the brain...

Wed, 11/12/2014 - 09:04 | 5439699 LULZBank
LULZBank's picture

Well you cannot change anything unless you have enough money to hire enough mercenaries with uniforms to enforce it.

Or you have a tribe that will stick with you but they have essentially destroyed the family. You are lucky if just your wife and kids can look after you. Hanging out with cousins and shit is so backward.. so tribal...

Wed, 11/12/2014 - 09:31 | 5439772 new game
new game's picture

beyond frustration, like discussing something with wife when she goes silent and give me the look. key to this thought is i am right and she is wrong. moar one explains the moar the other gets pissed. ok, ok, in the case of these overlords, we are right and are getting the ignore treatment as we are outside their jurisdiction of fascism. plain and simple-violence is the ONLY  way to penetrate this structure. moar anger plez, then we are heading to the only way to change their control...

Wed, 11/12/2014 - 09:16 | 5439736 Which is worse ...
Which is worse - bankers or terrorists's picture

"Case closed. Essentially they are the state."

I'm not sure why they call it the Deep State when it is right on the surface. 

Wed, 11/12/2014 - 09:24 | 5439751 LULZBank
LULZBank's picture

Misdirection.

They always come up with interesting terms when you try to point out the obvious truth.

Wed, 11/12/2014 - 10:00 | 5439857 Cacete de Ouro
Cacete de Ouro's picture

"When it gets that high up, its not corruption anymore."

When it goes that high up (to the Governor of the Bank of England), they call it 'National Security'.

Wed, 11/12/2014 - 11:26 | 5440185 KickIce
KickIce's picture

Exactly, until we get the head there is no change.  There are certain lizards that are able to lose their tails to throw off predators and can later regenerate the tail when the danger has passed.

Wed, 11/12/2014 - 08:34 | 5439634 Spartan
Spartan's picture

On UBS : RTRS - SWISS REGULATOR FINMA SAYS IT FOUND CLEAR ATTEMPTS TO MANIPULATE  PRECIOUS METALS BENCHMARKS DURING UBS PROBE

 

That was on Reuters in the morning.

Wed, 11/12/2014 - 08:39 | 5439641 paint it red ca...
paint it red call it hell's picture

Wonder where they found a financial microscope powerful enough to reveal that little nugget?

Wed, 11/12/2014 - 10:05 | 5439884 JRobby
JRobby's picture

Yea, that's news

Wed, 11/12/2014 - 08:39 | 5439638 Cognitive Dissonance
Cognitive Dissonance's picture

If you read the fine print the BoE says what this guy did was not illegal, but not good, and that NO BoE official was involved in this sordid affair. In other words the BoE's hands are clean.

Wed, 11/12/2014 - 08:46 | 5439648 StychoKiller
StychoKiller's picture

Right, and there's always only ONE termite!

Wed, 11/12/2014 - 08:47 | 5439652 Cognitive Dissonance
Cognitive Dissonance's picture

Well.....that's a relief since I live in a log cabin. ;-)

Wed, 11/12/2014 - 09:17 | 5439734 cossack55
cossack55's picture

Hurry. Switch to concrete logs.

Wed, 11/12/2014 - 09:41 | 5439803 jmcadg
jmcadg's picture

I do believe Mark Carney is on his way to change his name by deed poll to Pontius Pilate.

Wed, 11/12/2014 - 08:48 | 5439655 shovelhead
shovelhead's picture

"Mallet, old chum, you're one of us, but the papers...well, it just won't do.

See my friend in Switzerland, have a vacation with the family, and I'm sure he'll take very good care of you."

Wed, 11/12/2014 - 08:58 | 5439685 Government need...
Government needs you to pay taxes's picture

Dont forget to have a look @ all the Nazi currency, when you reach the bottom of the lake.

Wed, 11/12/2014 - 08:49 | 5439657 gwar5
gwar5's picture

BBC reported the bank fines were total of about 3.5 Billion. That's bullshit! Nobody is going to jail! The fines are paid by the shareholders and public.

 

We want Jail! When do we want it? Now! Jail! Jail! Jail!

 

 

Wed, 11/12/2014 - 08:54 | 5439669 LULZBank
LULZBank's picture

How many went to jail for abducting people from their homes and making them work on the farms?

Wed, 11/12/2014 - 09:06 | 5439703 Atomizer
Atomizer's picture

Save the taxpayers cost of jail expense, use a DHS hollow point bullet. Call it ROI.

 

Wed, 11/12/2014 - 08:51 | 5439660 buzzsaw99
buzzsaw99's picture

nothing is illegal anymore

Wed, 11/12/2014 - 08:55 | 5439670 Government need...
Government needs you to pay taxes's picture

Keep saying that as you break an EPA 'law' by say, burning some natural debris in your back yard.

Wed, 11/12/2014 - 08:58 | 5439683 LULZBank
LULZBank's picture

Or collecting rain water or feeding a hungry...

Wed, 11/12/2014 - 09:50 | 5439834 GetZeeGold
GetZeeGold's picture

 

 

nothing is illegal anymore

 

Unless you're Martha Stewart....that's the last person I've seen prosecuted.

Wed, 11/12/2014 - 10:34 | 5439971 pods
pods's picture

Have they sentenced Roger Clemens yet?

pods

Wed, 11/12/2014 - 10:46 | 5440016 GetZeeGold
GetZeeGold's picture

 

 

They're trying to unwind the lawyers to see who wins......it could be a while.

Wed, 11/12/2014 - 08:54 | 5439673 LULZBank
LULZBank's picture

Not really.

Everything would be illegal if you would try them :)

Wed, 11/12/2014 - 09:17 | 5439735 buzzsaw99
buzzsaw99's picture

nothing is illegal (for "them") anymore

Wed, 11/12/2014 - 09:19 | 5439739 cossack55
cossack55's picture

Brings to mind the statement of Mr. Thompson in Atlas Shrugged about making everything illegal to control the people.

Wed, 11/12/2014 - 09:21 | 5439748 Ban KKiller
Ban KKiller's picture

Except independence for the serfs.....

Wed, 11/12/2014 - 08:54 | 5439665 FreeNewEnergy
FreeNewEnergy's picture

In better times, this maggot would be found, chased through the streets of London, beaten, gagged and strung up from the nearest lamppost.

Today, he gets to retire to the Caymans or some other topical retreat.

The stench is getting strong and close to the top of the chain. I await the day that central bankers are forced to flee for their very lives. The Dimons and Blankfiens are mere pawns, doing the bidding (no pun intended) of their masters.

The massive fines being parlayed against the major banks uncovers the desperation of governments, who need the money to finance their own felonious activities in lieu of lower tax income from the usual source. This is the sum of all fears, the result of defunding the middle class and all savers. Money must come from somewhere, so where better than to turn on their own masters, the banks, and even central banks.

With any luck, the MIC will dispose of the disease that is central banking and the serfs (us) can enjoy the fruits of their labors. Once again, FEUDALISM FOR THE WIN!

Wed, 11/12/2014 - 08:55 | 5439678 LULZBank
LULZBank's picture

 

In better times, this maggot would be found, chased through the streets of London, beaten, gagged and strung up from the nearest lamppost.

 

Please do remind us of those times.

Wed, 11/12/2014 - 09:19 | 5439742 FreeNewEnergy
FreeNewEnergy's picture

LULZBank, point taken. Those "better times" likely exist in my mind only, but perhaps we can write some new history.

Wishful thinking, I am aware, but we need to remain positive, and I am positive that the idea of chasing bankers trough urban streets, beating and hanging them does have a nice feel to it.

For now, we have to rely on nail guns, snow plows and tall buildings to provide accidental deaths.

Hey, maybe TPTB are doing our work for us. If that isn't "god's work" I don't know what is.

Wed, 11/12/2014 - 09:30 | 5439771 LULZBank
LULZBank's picture

Blaming bankers is like blaming Satan for all our ills and actions.

We have all been asleep and negligent and irresponsible. Bankers and politicians did not force us into anything, we have all walked this path with our own free will. (Speaking in collective terms, not individual).

Our first mistake was accepting the banker fiat in exchange for our goods and services and our second mistake was taking on debt/mortgage to buy things we could not afford.

Now it will go full circle and come to the logical conclusion which might be as you say, chasing the bankers down the streets or it will fade away from our collective memories as we get busy trying to survive.

At the end of the day, an individual is responsible for his/her actions, nothign more nothing less and try to make amends where one was wrong.

Wed, 11/12/2014 - 08:56 | 5439680 Government need...
Government needs you to pay taxes's picture

Bankers lining up on the Broad Street gibbet.  Perhaps a mobile gibbet is in order.  First Goldman Sachs, then JT Marlin, then . . . 

Wed, 11/12/2014 - 09:39 | 5439789 Atomizer
Atomizer's picture

Well said. The pandemic planning group knows that Mr. Fear lurking under your bed no longer works. 

We either take out these falsified terrorist in Langley or they will continue to mastermind new scary bed stories. 

It all comes back to the US banking system that is insolvent. We have major issues about how the United States of America presents itself to the Global Community. 

Fuck off Bank of International Settlements. The only bullshit motivation of finding blame is you looking into the mirror. This crux of shear cocky pox comes your way. Welcome it, get fucking beat down and your family endangered. 

Not a threat by me, gentle warning of central planning policies you signed off on. Don't think any army will protect you from the uproar. 

 

Wed, 11/12/2014 - 08:54 | 5439667 Government need...
Government needs you to pay taxes's picture

If it is lucrative, the activity will ALWAYS go all the way to the top of a profit-driven organization.

Wed, 11/12/2014 - 08:55 | 5439675 Atomizer
Atomizer's picture

Bravo. Now, begin unraveling the systematic fraud that occurred in FX scandal. Start taking down the silent teammates. 

Wed, 11/12/2014 - 08:57 | 5439679 WTFRLY
WTFRLY's picture

Over 3 million refugees have fled Syria, 10 million others displaced as new peace plan proposed
http://wtfrly.com/2014/11/12/over-3-million-refugees-fled-syria-10-milli...

Wed, 11/12/2014 - 09:47 | 5439831 venturen
venturen's picture

can we assume they will all be sending Obama Christmas cards as he is  directly responsible for this!

Wed, 11/12/2014 - 10:34 | 5439967 GetZeeGold
GetZeeGold's picture

 

 

Obama has a dream where he's standing in sun drenched robe with Pan American children throwing little pickles at him.

Wed, 11/12/2014 - 08:59 | 5439688 Seasmoke
Seasmoke's picture

ISIS going on Gold Standard. Is not going to like this.

Wed, 11/12/2014 - 09:01 | 5439694 Pumpkin
Pumpkin's picture

Getting caught was not in the contract.

Wed, 11/12/2014 - 09:03 | 5439695 SickDollar
SickDollar's picture

Boy oh boy ,guys like that ususally dont live long to tell thier stories, specially after they were cut from the top of the chain

Now he has a reason to commit suicide  (at least thats is what they r going to sell us, dead men dont talk)

Wed, 11/12/2014 - 09:09 | 5439712 Notsobadwlad
Notsobadwlad's picture

My guess is that will only happen if he appears to be a threat to tell the truth.

Wed, 11/12/2014 - 09:06 | 5439701 Son of Captain Nemo
Son of Captain Nemo's picture

How does one translate "Jolly Good show" in Hebrew?...

Wed, 11/12/2014 - 09:11 | 5439707 Sudden Debt
Sudden Debt's picture

Kristallnacht

Wed, 11/12/2014 - 09:17 | 5439737 TeamDepends
TeamDepends's picture

budumpshh!!

Wed, 11/12/2014 - 09:07 | 5439702 Sudden Debt
Sudden Debt's picture

And why don't they throw his boss in jail?

Wed, 11/12/2014 - 09:07 | 5439704 SoDamnMad
SoDamnMad's picture

Yes, tell me again JUST who gets the fine monies.

No jail, peanuts in fines and probably

Back in business tomorrow doing the same thing WITH A TWIST.

Wed, 11/12/2014 - 09:07 | 5439705 Notsobadwlad
Notsobadwlad's picture

Most likely he was a whistleblower who brought the activity to the attention of his superiors who were in fact actually supervising the illegal activity.

Then he either did not document and effectively protect that documentation or was given a deal to leave and keep quiet ... probably both.

Wed, 11/12/2014 - 09:09 | 5439713 Calculus99
Calculus99's picture

Bankers = Mini mob

Govt. = Big Mob

Mini mob making good money shaking down its 'customers'.

Big mob finds out and so shakes down the mini mob for its cut. 

Everyone gets paid at the top, trebles all around etc.

That's basically how things work these days isn't it?

Wed, 11/12/2014 - 09:11 | 5439718 yogibear
yogibear's picture

"nothing is illegal anymore"

Even murder is allowed.

Eric Holder's Just-Us department said in public he was wasn't going to prosecute.

The firms get to deduct this from their taxes as the normal cost of doing business.

Wed, 11/12/2014 - 12:34 | 5439720 falak pema
falak pema's picture

Ven ze smell in the banksta kitchen gets to be like stale cabage and festering garbage, ve are truly in ze vorrrrld of garbage in-garbage out City smells.

Auf wiedersein mein FX wanker.

That the once hallowed-- now harrowed by bankstas--corridors of Whitehall and Whitechapel be the places where cooking n fixing is like a roman orgy is something that should be worrisome for Cameron's coterie of scions used to the playing fields of Eton.

Whaaaat? He is wicked, cocked and locked, crooked leg before wicket?

And he got caught at it! Thats just not Cricket nor is it a Croquet Mallet, more a casino Martingale.

Wed, 11/12/2014 - 09:15 | 5439733 CHX
CHX's picture

Mind the nail-gun Marty...

Wed, 11/12/2014 - 09:17 | 5439738 ekm1
ekm1's picture

Obliteration under way.

Even Bank of England is not being spared. 

 

It is obvious to me that the WORLD has given precise threats of walking out of the system if the plundering from the banks continues.

 

TRIPLE LEHMAN

Wed, 11/12/2014 - 09:30 | 5439762 LawsofPhysics
LawsofPhysics's picture

Bullshit.  One schmuck at Bank of England is nothing compared to the theft that has occured and is ongoing.

Wed, 11/12/2014 - 09:46 | 5439811 ekm1
ekm1's picture

World is quitting. There is no other option.

Even politicians no longer have any gain to help out an insolvent lobby.

Wed, 11/12/2014 - 09:19 | 5439741 jmcadg
jmcadg's picture

Just the patsy.

What about Paul Fisher and Andrew Bailey. What about Merv the swerve? What about Carney the cunt?

CRIMINALS ONE AND ALL.

Wed, 11/12/2014 - 09:20 | 5439743 wstrub
wstrub's picture

How do I sign on to the lawsuit???????

Wed, 11/12/2014 - 09:25 | 5439756 NoWayJose
NoWayJose's picture

What I find amazing in today's world is that the IRS can find out if you left off a $500 gain from a stock trade, yet no regulators seem to be able to find out who dumps $5 billion in gold futures into an illiquid market at 2:30 in the morning! Or rather, the truth is slowly coming out that the regulators know exactly who is ramping up USDJPY and other big trades - and either fail to take any action or are in on it themselves!

Wed, 11/12/2014 - 09:28 | 5439759 orangegeek
orangegeek's picture

Just wondering when Mark Carney is going to jump.

 

Jump for the gherkin Mark - make history!!!

Wed, 11/12/2014 - 09:34 | 5439782 LULZBank
LULZBank's picture

Carney is a soulless and shameless asshole, he would never do that. Thats why he got that job, his ability to spout bullshit shamelessly, day in and day out.

Wed, 11/12/2014 - 09:27 | 5439761 LawsofPhysics
LawsofPhysics's picture

Unless the headlines start reading "Bank of England executes chief FX trader...", nothing changes...

 

Golden fucking parachutes are not what I consider real fucking consequences.

Wed, 11/12/2014 - 09:33 | 5439781 GetZeeGold
GetZeeGold's picture

 

 

OK....plan B it is.....no parachutes.

 

I'm a little fuzzy here......do they get to live?

Wed, 11/12/2014 - 10:03 | 5439877 e_goldstein
e_goldstein's picture

That depends on the altitude from which they "jump." 

Wed, 11/12/2014 - 09:40 | 5439796 f16hoser
f16hoser's picture

Scrificial "Fall Guy!"

Real criminals to recieve millions in bonuses.

Wed, 11/12/2014 - 09:45 | 5439812 css1971
css1971's picture

Disciplinary action? WTF?

What about prison time?

Wed, 11/12/2014 - 10:26 | 5439942 madcows
madcows's picture

what about a public hanging?

Wed, 11/12/2014 - 09:46 | 5439822 venturen
venturen's picture

One Hour Later....Hired by a HedgeFund(owned by Goldman) and given 10 Million Pound Salary! 

Wed, 11/12/2014 - 09:46 | 5439823 maneco
maneco's picture

Counterfeiting used to be an act of treason! Nowadays all Central Banks are at it. http://en.wikipedia.org/wiki/Treason_Act_1351

Wed, 11/12/2014 - 10:07 | 5439872 Q-Q-Q
Q-Q-Q's picture

Q: Who gets all those billions of dollars that they pay back in fines?

A: All fines for UK financial misconduct were collected and the proceeds distributed amongst the major banks, yes you read that correctly! This rule has just been changed and all proceeds now go direct to the treasury......who in turn loan it to the banks at 0% interest.

Wed, 11/12/2014 - 10:23 | 5439936 D-Fens
D-Fens's picture

They are still sacrificing the little fish.

The Matrix functions well.

Wed, 11/12/2014 - 10:23 | 5439937 D-Fens
D-Fens's picture

They are still sacrificing the little fish. The Matrix functions well.

Wed, 11/12/2014 - 10:30 | 5439953 22winmag
22winmag's picture

I'm sure they will end up paying a few cents on the dollar (or GBP) for their crimes.

Wed, 11/12/2014 - 10:31 | 5439954 vyeung
vyeung's picture

hey get me a minion. lets hang him out to dry to take the blame. hehehe, the sheep will then thnk its a isolated case and let us off and we can continue our BS to the public. kekeke.

Wed, 11/12/2014 - 10:37 | 5439991 q99x2
q99x2's picture

Jump Bankster Jump

Wed, 11/12/2014 - 10:40 | 5440004 Farmer Joe in B...
Farmer Joe in Brooklyn's picture

Can anyone suggest good place to buy gold coins..?? 

From what I've read, the South African Krugerrand seems like the best way to go.  Just looking for a reputable dealer with a reasonable mark-up.

Sold a condo and looking to finally dip into the gold market (along with buying puts on the XLF)....

Any help or insight appreciated....!!

Wed, 11/12/2014 - 10:53 | 5440053 Jameson18
Wed, 11/12/2014 - 11:18 | 5440151 Farmer Joe in B...
Farmer Joe in Brooklyn's picture

Thanks....

Wed, 11/12/2014 - 10:44 | 5440017 madcows
madcows's picture

<Bankers fix any and all markets

<Bankers only get a slap on the wrist.

 

which inspires less faith in the integrity of the "System".

Wed, 11/12/2014 - 11:01 | 5440081 Yen Cross
Yen Cross's picture

  Cable doesn't like that news... It looks like it's about to put in a new low for 2014.

Wed, 11/12/2014 - 11:33 | 5440213 JenkinsLane
JenkinsLane's picture

Pay to play baby, pay to play.

Wed, 11/12/2014 - 13:32 | 5440761 Fuku Ben
Fuku Ben's picture

What the hell is it with the blurry fake photos and fake names?

Just grainy enough to make out the features that it could be a golum

Mallet was hammered for the rigging scandal and in the end he took the hit

Thu, 11/13/2014 - 08:26 | 5443416 JenniferS
JenniferS's picture

A lot of people seem happy that banks are fined and feel that justice is done. But is it really so? Who will at least pay these fines? Those who perpetuated these offences? Of course not. Ultimately these fines will be paid by the average citizen. It is their pension funds who as many are shareholders of these banks will ultimately pay through reduced dividends and and the average customer who will see interest rates in his or her loans short term and fees for services increase.

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