Deutsche Bank gets off with $2.5 billion fine and no jail time for largest criminal fraud in history
On April 22, the Department of Justice announced that Deutsche Bank had agreed to pay $2.5 billion for their role in the Libor fraud scandal. The manipulation of Libor rates is the largest criminal fraud in the history of finance, and had affected interest rates for billions of loans and credit transactions over the past 10 year period.
And as is par for the course in today’s oligarchical system, no indictments or jail time will be submitted against personnel within Deutsche Bank, or the myriad of other institutions culpable in the fraud.
Benjamin M. Lawsky, Superintendent of Financial Services, announced today that Deutsche Bank will pay $2.5 billion, terminate and ban individual employees who engaged in misconduct, and install an independent monitor for New York Banking Law violations in connection with the manipulation of the benchmark interest rates, including the London Interbank Offered Bank (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”) and Euroyen Tokyo Interbank Offered Rate (“TIBOR”) (collectively, “IBOR”).
The overall $2.5 billion penalty Deutsche Bank will pay includes $600 million to the New York State Department of Financial Services (NYDFS), $800 million to the Commodities Futures Trading Commission (CFTC), $775 million to the U.S. Department of Justice (DOJ), and 227 million GBP (approximately $340 million) to the United Kingdom’s Financial Conduct Authority (FCA).
Superintendent Lawsky said: “Deutsche Bank employees engaged in a widespread effort to manipulate benchmark interest rates for financial gain. While a number of the employees involved in misconduct have already left the bank, those that remain are being terminated or banned from the New York banking system. We must remember that markets do not just manipulate themselves: It takes deliberate wrongdoing by individuals.” – DFS.NY.Gov
As noted above in the New York Department of Financial Services’s (DFS) press release, manipulation occurred through the actions of people, not by machines or bad processes, which makes the crime a willful act, and would be subject to criminal charges and indictments if America lived in an era where we actually jailed financial criminals.
Libor rates represent the interest that banks use when transferring money back and forth among themselves, which is then used to fund business loans, credit cards, mortgages, and even student loans to the public. Thus a rise in the libor rate would mean extra money a borrower has to pay over the life of a loan or credit transaction, with that additional interest funneling up to the banks in the amount of hundreds of billions, if not trillions of dollars in ill-gotten gains.
Deutsche Bank is just one of many institutions involved in the rigging of the Libor Rate, although they along with J.P. Morgan Chase are two the biggest. And with a simple fine of $2.5 billion being assessed to the German bank yesterday, it gives no incentive for them not to continue to de-fraud the system since the rewards far outweigh the risk should they get ever get caught.
HERE IS A LIST OF EVERY SINGLE TIME OBAMA COMMITTED AN IMPEACHABLE OFFENSE THAT DEMS & MEDIA COVERED UP
“Impeach!” It’s been more than eight years since Democrats uttered that word – long enough for anyone to wonder if it was still in their vocabulary, considering the deafening silence through the dozens of serious scandals during President Obama’s administration – but now that President Trump is the man in the White House, it’s back with a vengeance.
Democrats everywhere are wildly slinging the “I” word, hoping to nail Trump for high crimes and misdemeanors after the New York Times claimed a memo written by former FBI Director James Comey said the president urged him to end the federal investigation into former national security adviser Michael Flynn.
Some members of Congress are getting in on the action. They include Reps. Maxine Water, D-Calif., and Al Green, D-Texas. Even a Republican, Rep. Justin Amash, claimed Wednesday there are grounds to impeach President Trump. House Oversign Committee Chair Rep. Jason Chaffetz, R-Utah, asked for the alleged Comey memo and other documents. Chaffetz tweeted that he is prepared to subpoena the information. And Sen. John McCain, R-Ariz., invoked “Watergate.”
Now the Democratic Party is reportedly poll testing impeachment as a 2018 election issue. More than 1 million people signed a petition calling on Congress to impeach Trump.
Wasting no time Wednesday, the mainstream media sprang into action, enthusiastically echoing the left’s impeachment calls. MSNBC launched a Watergate ad implying Trump is America’s new Richard Nixon.
“Watergate. We know its name because there were reporters who never stopped asking questions,” says MSNBC host Chris Hayes, who hinted that Trump is next on the impeachment chopping block. “Now, who knows where the questions will take us. But I know this: I’m not going to stop asking them.”
Meanwhile, some overzealous members of the left plastered fliers around Washington, D.C., demanding all White House staffers resign Wednesday.
The posters read: “If you work for this White House you are complicit in hate-mongering, lies, corrupt taking of Americans’ tax money via self-dealing and emoluments, and quite possibly federal crimes and treason. Also, any wars will be on your soul. … Resign now.”
But constitutional scholar Jonathan Turley, who voted for President Obama, warned “impeachment” enthusiasts not to get ahead of themselves with President Trump. Why?
At this time, there’s no evidence Trump actually committed a crime.
“The criminal code demands more than what Comey reportedly describes in his memo,” Turley wrote in a May 17 opinion piece posted at the Hill. Turley explained:
For the first time, the Comey memo pushes the litany of controversies surrounding Trump into the scope of the United States criminal code.
However, if this is food for obstruction of justice, it is still an awfully thin soup. Some commentators seem to be alleging criminal conduct in office or calling for impeachment before Trump completed the words of his inaugural oath of office. Not surprising, within minutes of the New York Times report, the response was a chorus of breathless “gotcha” announcements. But this memo is neither the Pentagon Papers nor the Watergate tapes. Indeed, it raises as many questions for Comey as it does Trump in terms of the alleged underlying conduct.
A good place to start would be with the federal law, specifically 18 U.S.C. 1503. The criminal code demands more than what Comey reportedly describes in his memo. There are dozens of different variations of obstruction charges ranging from threatening witnesses to influencing jurors. None would fit this case. That leaves the omnibus provision on attempts to interfere with the “due administration of justice.”
However, that still leaves the need to show that the effort was to influence “corruptly” when Trump could say that he did little but express concern for a longtime associate. The term “corruptly” is actually defined differently under the various obstruction provisions, but it often involves a showing that someone acted “with the intent to secure an unlawful benefit for oneself or another.” Encouraging leniency or advocating for an associate is improper but not necessarily seeking an unlawful benefit for him.
. Obama’s Iran nuke deal
Obama knew about Hillary’s private email server
Obama IRS targets conservatives
Obama’s DOJ spies on AP reporters
Obamacare & Obama’s false promises
Illegal-alien amnesty by executive order
Operation Fast & Furious
5 Taliban leaders for Bergdahl
‘Recess ‘ appointments – when Senate was in session
Appointment of ‘czars’ without Senate approval
Suing Arizona for enforcing federal law
Refusal to defend Defense of Marriage Act
Illegally conducting war against Libya
NSA: Spying on Americans
Muslim Brotherhood ties
Solyndra and the lost $535 million
Cap & Trade: When in doubt, bypass Congress
Refusal to prosecute New Black Panthers
Obama’s U.S. citizen ‘hit list’