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Bank of England Head Carney Says Market Rigging Bankers Should Go To Jail
One week ago we took delight in one particular headline in which Fed vice-chair Stanley Fischer was quoted as saying that bankers "should be punished for financial crimes."
We doubt we need to explain the virtually infinite circularity of irony contained in this quote, suffice to say that for the Fed to admit that the US judicial system is broken and that not a single banker has gone to prison following years of abuse, nearly a third of a trillion in legal settlements and charges by US commercial banks many of which have been now found to criminally manipulate markets (of which none more so than JPMorgan, whose CEO Jamie Dimon is now a billionaire as a result), and that the Fed has enabled and encouraged all of this with its policies, is... well, frankly we don't even have the right word for it.
Today, the irony goes a notch higher when another central banker, this time former Goldman partner and current Bank of England head, Mark Carney doubled down on Fischer's commentary.
Moments ago Carney said that prison sentences for market manipulating traders and bankers should be extended from 7 to 10 years. He added that so-called "rolling bad apples" or individuals who are fired from financial firms would no longer be able to move to another job without their new employer knowing about their history.
The punchline: "Carney said real markets were essential to guarantee prosperity."
"Not markets that collapse when there is a shock from abroad. Not markets where transactions occur in chat rooms. Not markets where no one appears accountable for anything," he said.
So... not markets which are artificially rigged by $22 trillion in central bank liquidity and which collapse every time the "threat" that any of this preciously liquidity may be taken away?
And as for cracking down on criminal market rigging banks, perhaps Mark Carney can start with Martin "The Hammer" Mallett, the former chief currencies dealer at the Bank of England, whose role in the FX rigging scandal was revealed early on and who was fired for "serious misconduct" just as promptly before too many questions emerged.
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.”
Not only that but as the WSJ reported, the BOE's Mallett "received emails that were part of an alleged campaign to rig benchmark interest rates, according to evidence presented in a London trial Wednesday."
Mallett's Bank ogf England email addres: hammer@bankofengland.co.uk (.com also works)
Because we know Mr. Carney is very sincere and quite serious with his gratuitous and wanton statement, he eagerly await for Scotland Yard to show up on Mr. Mallett's doorstep and to throw him in the prison cell next to Navinder Sarao.
As for bankers going to prison for 10 years instead of 7, let's start will less lofty ambitions: how about some banker, anywhere, and not one who was trading out of his mother's basement, going to prison for 10 minutes first.
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<---------actual insight into the damage they've done
<---------just PR
Does that include himself?
Absolutely.
The BoE is central as gold market maker along with the BIS for the LBMA rig.
The 200 milion gold oz per day LBMA digital trading scam to set the global gold price wouldn't be possible without the assistance of the regulators.
Mr. Fischer.. I’d settle for lying to Congress.
Which means Bernanke does time in the pen.
Audit the heads.
"...Market Rigging Bankers Should Go To Jail."
"Should" and "Will" are two distinct concepts...
Very true. Excellent points.
If commodities were allowed to trade on supply-and-demand principles only, then the world of fiat currencies would end very quickly.
But, of course, with bonds trading erratically, I suspect that central banks are starting to bump up against the mathematical limits of interest-rate rigging.
Free trade agreements must be discarded, too, though. The entire idea of creating a one-size-fits-all formula for countries with different industries, labor structures, and laws runs counter to logic and can only destroy the lives of everyday workers.
Trade agreements only benefit big corporations, not ordinary workers. These agreements also turn democracies into fascist corporate dictatorships.
I was just about to ask that myself, as he left Canada with its biggest debt to GDP AND a housing bubble. Well done, Mr Carney.
DavidC
I don't think that's it, but if he is in fact calling for his own execution...
oblige him!!!
Put my name down for the firing squad..
nice. thanks
modified limited hangouts are quickly becoming all the rage
someone wake me when a PROSECUTOR thinks market-rigging bankers should go to jail (and then doesn't get caught with an expensive prostitute, derailing future prosecutions)
Does he understand that he is asking for his own imprisonment? Is there a market that has not been rigged by the Central Banksters?
Prisoners dilemma gone wrong. Throwing associates under the bus before TSHTF. Classic chicken-shit behavior from an obviously scared and insecure chicken, banker style.
Rot in hell, Carnage.
"Oh, I didn't mean me! No. I'm one of the good bankers. See how I wanted touger punishments? 10 years instead of 7. Why, bankers will need to be 35 or 40 before they can start enjoying their ill-gotten billions. See how tough I am?"
Goldman Sachs
Carney spent thirteen years with Goldman Sachs in its London, Tokyo, New York and Toronto offices. His progressively more senior positions included co-head of sovereign risk; executive director, emerging debt capital markets; and managing director, investment banking. He worked on South Africa's post-apartheid venture into international bond markets, and was involved in Goldman's work with the 1998 Russian financial crisis.[4]
https://en.wikipedia.org/wiki/Mark_Carney
Somebody 'wants' to commit suicide here...
I would take him serious if the inclusion of "nailgun" had been involved...
Would there be any bankers left?
Start with Dimon, Immlet and Blankfien and the world would see a marked improvement in honesty!
The regulators were cool with it, because it was smart guys winning, they thought, until they noticed the consequences of it. They found out it was just people making a quick buck while placing the liability on the shoulders of others. Now the BOE and the Fed have big ass spreadsheets of IOUs where they used to have a vaults full of gold, and big ass derivatives books they can;t trade out of instead of assets. They got conned by the flim flam men of JPM, HSBC, Goldman and Citi.
give anyone the power to "create" (out of thin air) the earth's most popular monetary unit and they will "con" and control everyone and everything...
absolute power corrupts absolutely...
same as it ever was...
so thats 10 years for kuroda, draghi, yellen, bernanke, greenspan ...
Extend them to life. It Doesn't matter, none of them ever get convicted anyway.
Stole my thunder right there WB. Was going to say , 7-10 years , why not make it LIFE as it would sound progressive , even though they won't do a day.
Clever fellows are divvying up the BOOTY in the right corridors.WIN/WIN
How absurd.... These guys would not last a minute on the street... worst liar faces I have seen
LOL! Wake us when just one of Tim Geithner's "arsonists" is bankrupt and in prison!!!
Look folks, such "let the majority eat cake" monetary experiments have been tried before, the outcome will be no different this time around.
Cry me a river. This scumbag clown sounds just like Greenscam on his PR tour trying to convince everyone he was a good little Tribe boy.
Don't even give them the satisfaction of execution. Life in prison for all of them. Build a new joint out in Arizona so they can melt in a cell for eight months/year. Hurry up - have Yellen print some FRNs to build this place before the Fed goes under.
On another note, is Fischer part of the Israeli-American partnership that we hear so often about? Just asking..
AI & Human Conditions
Because the majority chooses to see spiritual, intellectual and physical poverty as normal, and adopts laws on the assumption, doesn’t mean that you have to follow blindly along, or break the law. If you do nothing more than one thing a day to move forward, you will have done far more than the majority, which is always devolving.
With the benefit of hindsight, how difficult do you suppose it would be to program a replacement for the Fed, arbitrarily distributing debt, along with its derivatives? Where do you suppose that would get you? Have you noticed that the critters running public, private and non-profit corporations, blaming each other for outcomes as if they are separate entities, are utterly incapable of work?
Interviewing the middle class derivatives and replacing them with dc computers is in no way a threat to labor, which gears up every day. Careful with whom you choose to engage in war. Many plumbers don’t make more than many engineers, in terms of wages to rent, by accident.
Funny, how many critters are standing in line for my income, but don’t want the job, and demand equal rights accordingly. As you can see, I have added several wrinkles, since the last time the professors couldn’t comprehend my code. The US dollar can only buy drugged up mercenaries, like any other communist regime.
The artificial borders of the drive-by Christian empire are disappearing accordingly. America, the proffered solution to European stagnation, is becoming more like Europe every day, falling into the hands of communism, again. Public education is an abject failure, but instill a fear of peer pressure in children right out of the womb, expecting a different result, that’ll work. Fear on.
You, as an individual, choose whether growth is economic or inflation, regardless of any convenient State apparition, employed as a scapegoat. The State has no jurisdiction over marriage, and to the extent the majority tries to enforce jurisdiction, it destroys itself. That’s History, of empire. Life is not a negotiation.
Obviously, the H1B1s can’t program their way out of a paper bag, and the planet has empire by the upper middle class neck, removing circulation from the extremities up. Open commercial lines of credit for small business, expressing confidence in future cash flows, or keep hiring housekeepers with SMART technology, expecting a different result.
Labor isn’t going to show up on Shark Tank or at the SBA, peddling toys for bipolar adults or infrastructure for artificial emotion, Bruce Jenner or no Bruce Jenner, Obamacare surveillance or no. Labor expects the majority to ride the brake, and eliminate its own regeneration, from birth. There is no such thing as security from insecurity, false choices.
AI? computers?
We could replace the central banks with gold coin as money and be done with it.
Dear Mark, It's all bullshit and you know it; your credibiity is below zero and quite frankly until a guy like Jamie or Lloyd ends up in the "Con College" your words are meaningless.
www.traderzoo.mobi
Fuck jail time for these Bank of England dildos who couldn't see financial crimes going on under their nose.
As for the perps, how about banning them from the industry instead of expecting their "history" to catch up or make a difference?
FOUR QUARTERS IS A GIVEN AFTER HANGING
Well if they're brown and they live in thier parents basement, then yes.
But, if they're Khazars or Khazar's dogs, then no.
Mark Carney is an industry head of the Great American Ponzi Empire, and this call for sanctions is mere deflection for the Corporatists that he consistently shills for. In brief, this horse-shit-rhetoric is designed to make people like Mark Carney look honest in comparison with his colleagues elsewhere in the industry. As a functional acting Chief Executive Officer/Governor, Carney is as culpable as his underlings, but light years richer due to position in the Corporatist Ponzi as head of the Bank of England.
Up yours, Carney, you CON artist propagandizer.
that's too rich
Agreed with the title let us start with central bankers.
Start by indicting 535 morons + ICiC for fraud, treason
"When it comes to be that the soothing light at the end of your tunnel, is just a freight train coming your way."
Corporations are people, get them into jail.
They will use the laws, to shut down their competition. No members of the "in crowd" will face prosecution.
Carney, Cameron, Harper and Abbott = An UnCommonWEALTH of Whores.
>>> Bank of England Head Carney Says Market Rigging Bankers Should Go To Jail
Obviously fake.
The head of the Bank of England would actually speak English "Market rigging bankers should go to gaol".
I agree with many who have posted before. All these CB cronies, along with some Billionaires, have just seen the glint on pitchforks from the torches. They fell the rough caress of the noose and the sharp kiss of the blade on their metaphorical necks and so are covering a lower part of their anatomy. How do you know they're lying? Their lips are moving.
How did a Goldman Employee from Canada...become the head of the BOE?
Much more simple question: how could he not be?
LOL
Carney is a former Governor of the Bank of CANADA and the shit-for-brains limey old school money bastards in England thought he was 'exceptional' because the CANADIAN Chartered Banks did not go all in on the American subprime home loans fiasco like TBTF did. The limey bastards thought he was 'gifted' for having the foresight to not go in with the American banksters and they collectively decided that he would be their best choice for Governor of the Bank of England. Little did they know that he was a principle architect in Goldman Sachs, and a crony Casino Capitalist/Socialist.
How about the bread line and incarceration for all the English DOPES in the FSA who couldn't find their asses with both hands?
I will know that he is not just spewing crap that sounds good when there is a warrant for Jon Corzine's arrest.
Dear Mr. Carney:
ummm.... sorry.. what "market"?
OK let's start with the biggest money earners - Jail Dimon and Blankfien first and work down the list. Let's see them all sweat. Carney, Greenspan and Bernanke should follow