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RBS Goes Medieval, Dares To Suspend Bonuses Of 18 FX-Rigging Traders
Ouch! 80% government-owned Royal Bank of Scotland is daring to go there... In the wake of a comprehensive review of more than 50 current and former traders who worked at the bank (and a $634 million fine), Bloomberg reports that RBS is suspending the bonuses of 18 FX traders. “We are undertaking a robust and thorough review into the actions of the traders that caused this wrongdoing and the management that oversaw it,” Jon Pain, RBS’s head of conduct and regulatory affairs, said, adding "no further bonus payments will be made or unvested bonus awards released to those in scope of the review until it has concluded."
Royal Bank of Scotland suspended bonuses of 18 traders as part of a review of its foreign-exchange business in the wake of a $634 million fine.
The bank is reviewing the conduct of more than 50 current and former traders who worked at the investment bank, it said in a statement today. Six employees face disciplinary action, with three of them suspended pending investigations.
A former RBS trader was arrested on Dec. 19 in relation to the U.K. Serious Fraud Office’s investigation into currency rigging, according to a person with knowledge of the situation, who asked not to be identified because the details are private.
“We are undertaking a robust and thorough review into the actions of the traders that caused this wrongdoing and the management that oversaw it,” Jon Pain, RBS’s head of conduct and regulatory affairs, said in the statement. “No further bonus payments will be made or unvested bonus awards released to those in scope of the review until it has concluded.”
The SFO confirmed it had last week arrested a man in Billericay, a town in Essex, east of London. The agency declined to comment on his identity or employment.
...
RBS said that given the “complex” nature of the investigations, it will provide a further update when the review is complete, probably in the first quarter.
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But how is an FX trader supposed to earn a dishonest living? And isn't it a basic human right that FX traders deserve multi-million dollar bonuses? Rigging, schmigging...
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Merry NEW YEAR ~ bitchez! [Beef Jerky time]
That's like being banned from the company holiday party for 1 year. Where's the compliance dept.?
What does it matter what's done if there's no enforcement of Regs? "OOhhh, I don't get my holiday Per diem this year so I'll have to be MOAR sneaky next year".
http://y2u.be/VI6tBwVjyOY
Tyler, this troll needs an enema. I haven't stumbled across one comment that's had any relevance to the "thread subject" other than to ad hominem other posters and contributers and disrupt the comment section.
Jeff the Retread, A legend in it's own mind.
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WTF??
This guy goes down threads, finds a comment he likes and copies it, posting it higher up on the thread, thus front-running it - and thus sucking up votes the original owner deserved?
Has HFT now infected the forums too??
Pretty much.
Pffft- those 18 guys bonuses are half the UK GDP next year- they'll release the money pronto.....
No bonuses = no hookers and blow = negative Brit GDP contraction. You are spot on chum.
Won't someone think of the $1000 an hour whores?
WHERE IN THE HELL IS RBS GETTING MONEY FOR BONUSES????
They've been LOSING money for how long?
Oh wait... these guys were rigging markets? BWAHAAAAA... Want to bet that THEIR ill gotten gins are being used to pay the bonuses for EVERYONE ELSE
This reads a bit like a press release that police departments make after one of their brave heroes shoots some unsuspecting person in the head for funzies.
This will be followed by "....investigation was concluded" and "....no fault was found because they followed standard department policies".
And of course we all know that as long as standard policies were followed, well then, who are we to blame them?
NO! not the bonuses. how cruel and inhumane.
They may all get nail guns for bonuses this year. Money is tight for bonuses so this $59 Hitachi is a bargain nail gun. Good for framing in house building and for getting rid of pesky snoopy banksters who might leak information.
http://www.amazon.com/Hitachi-NT50AE2-18-Gauge-8-Inch-2-Inch/dp/B000H399...
Douchery
my best friend's half-sister makes $77 every hour on the computer . She has been laid off for 5 months but last month her pay check was $14292 just working on the computer for a few hours. read... www.works3.com
Key term ..."until it has concluded."
Gotta be careful or that might catch on and then who knows what the market would do.....
how exactly do you rig a currency market? unless you are in collusion with the central bank
Shhhhh.... Yellen might hear you.....
at least they didn't take away the hookers and blow
Give me a break... That's like being banned from the company holiday party for 1 year. Where's the compliance dept.?
What does it matter what's done if there's no enforcement of Regs? "OOhhh, I don't get my holiday Per diem this year so I'll have to be MOAR sneaky next year".
Jon Pain?
Is this just made up crap to fuck us off?
FX traders will serve justice? Of course they will.
Fucking idiots.
;-)
They should go dark ages and stop FX trading all together.
Then require 20% down on a mortgage and hold it for the life of the loan.
With 49% of merikans living paycheck-to-paycheck, I doubt we'll see the prudent 20% down thingy ever again and certainly not in my lifetime. The 21st Century is the 'buy anything, zero down & never pay back' century.
People are so used to not saving [for that fat 0.01% yield] or simply are not abel to save. The other half are not even working so it's moot to them and they are on welfare programs of some sort.
I see the Section 8 thingy expanded in the days ahead. Even my old place in a [formerly] great neighborhood was bought by some investment group that has zero interest in the local community so they rented it out to some Section 8'ers who now sit on the front porch sipping vodka or beer until 4-5am playing rap. You can imagine what happened to the house values there now. There's two more just like that there now. I moved just in time before thevalue dropped 30% .
[PS: I am not the nut job who down voted you.]
FX Traders are more shady than the equity options desk.....cough cough Knight back in the late '90's.........sorry, but you both are sons o bitchez !
Fuck their bonuses, they have been getting more than their fair share for quite a while.
+1 - BUT 1) Stop FX all together, ouch that would hurt, I'd have to find another way to make easy money, still I'm for that.
2) I have a VA (0%) mortgage but I'd put down 20%, etc. if everyone else had to also. I heard 3% FHA is coming back ... ugh.
USD update
http://www.globaldeflationnews.com/u-s-dollar-indexelliott-wave-update-f...
Gold
http://www.globaldeflationnews.com/gold-elliott-wave-update-for-week-end...
10yr UST (yield)
http://www.globaldeflationnews.com/10-year-u-s-treasury-index-yieldellio...
What is the merry go round that has become the US Treasury and its incestuos relationship with Wall Street caused another top investment banker to receive USD 20m plus in bonus.....what will anyone do?
When blue eyed caucasian (as only caucasians can move into the US Govt, never seen a black or a brown guy been able to accomplish it yet!) bankers lose their jobs, they move to US Govt and still make the millions....(officially that is). Not being racist but talking truth the way it is!
$20 million bonus draws fire in Treasury nomination"Let the 2015 Banker Suicide Games begin!"
Strange how the UK are taking a stand while the US has watered down Dodd Frank and Volcker. Bail-ins might work in a small Cypriot bank but the Wall St banks will go down next time.
If it saves JUST ONE banker... you HAVE to do it.
your scumbag ass can still work here but you won't be getting a bonus this year. egad.
I predict a large rise in "encripted" F/X, LIBOR, PM, CDS, commodities, Bond, Equities, ect... chatrooms next year.
It's painfully obvious that the only way to win in such "one sided" central bank manipulated casinos, is to CHEAT until caught.
Happy New Year Buzz. ;-)
Thanks Yen! Happy New Year to you too. 2015 is going to be easy money! (again)
Notice that they are only suspending them
That's right; until this all blows over.
Then they'll get their bonuses and their jobs back.
Only problem is...
...the real manipulation is not being done by a handful of individual traders. It's SYSTEMIC.
End the leverage, credit counterfeiting, fiat currencies, rehypothecation of other people's collateral and central banking and Bob's Your Uncle.
Only a nominal number would have to be publicly hanged on a street-lamp and the rest would smarten up very quickly.
This article should be posted to every bankster.
http://www.globalpost.com/dispatch/news/regions/asia-pacific/vietnam/140...
Vietnam is sentencing corrupt bankers to death, by firing squad
No, this needs to be posted everywhere, on every site on the webz, and codified into law in every country. Here is your "democratic" solution to the plague that infects the world; WE the people impose the penalty of death to the mobeychangers that enslave through debt, fraud, collusion and corruption.
And who exactly suffers the most from their "dastardly" actions? Why, of course, the strippers and hookers who are within a 5 mile radius of RBS HQ.
www.traderzoo.mobi
Shit just got real, yo! I'm just trying to figure out how to merge the RBS trading floor with the Chicago McDonalds from yesterday. I have an image of those chairs coming down on the FX trader's heads. What a pretty picture.
The kiwi boss doing a fantastic job, RBS will be one of the only honest banks to come.
Well done, get rid of the scum cheaters.
Just drown the fuckers instead.
And we're supposed to believe this?
They'll get their bonuses, back-paid, as soon as this all blows over.
Call me cynical, but I've seen and heard all this before.
We should be suspending bankers from bridges, not bonuses.
Bankers get bonuses.....and we get a wage?
So for fx corruption it is an empty christmas stocking, whereas in China or Vietnam its a bullet to the back of the head.