The Trump Administration just published a small notice in the Federal Register announcing that it would waive the outstanding criminal sanctions against some of the world's largest banks, Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank.
The banks were facing sanctions stemming from a variety of wrongdoing, including the trillions' worth of fraud in the LIBOR scandal, and Deutsche Bank's role in laundering $10B for Russian oligarchs.
Donald Trump owes Deutsche Bank at least $120,000,000 (and as much as $300,000,000) which the bank loaned him after he defaulted on a $640,000,000 loan they extended to him, and then sued the bank for $3,000,000,000 for its role in the 2008 crisis, on which he blamed his default.
All told, Deutsche Bank and its co-lenders have given the Trump Organization over $2.5B in loans.
The Obama administration -- whose official policy was to never jail bankers regardless of their wrongdoing and the harm it caused -- had already given waivers to all the affected banks. The Trump administration has extended those waivers for years more.
All five of the banks granted waivers from the Obama and Trump administration were fined for their involvement in the LIBOR scandal that led to $9 billion worth of fines from regulators around the world. Deutsche Bank has paid $3.5 billion for its role in the scandal, more than any other bank. The scandal involved illegally manipulating the London Interbank Offered Rate or LIBOR, which is used to set the cost of borrowing for a variety of financial transactions.
In 2015, Deutsche Bank pled guilty in the U.S. to wire fraud for its role in the scandal. Less than two years later, in the final hours of the Obama administration, Deutsche Bank agreed to a $7.2 billion settlement with the Justice Department for misleading investors in mortgage-backed securities between 2006 and 2007.
Trump Administration Waives Punishment For Convicted Banks, Including Deutsche — Which Trump Owes Millions [David Sirota and Josh Keefe/International Business Times]
(Image: Trump's Hair)
via Naked Capitalism)
finance,banksters,impunity,fraud,guillotine watch,libor,corruption,trumpism,filling the swamp,deutsche bank,thanks obama tough-on-some-crime
The only thing worse than driving a car with defective brakes is unknowingly driving a car with defective brakes -- and learning about them the hard way.
After the mass shooting at Marjory Stoneman Douglas High School in Parkland, Florida, students at MDI High School in Bar Harbor, Maine were scheduled to have a routine lock-down drill, in which students practice how to behave if their school is the site of a similar mass shooting; these drills teach children to sacrifice themselves […]
Labour leader and PM-in-waiting Jeremy Corbyn has promised that when he is Prime Minister, his government will introduce regulations that ban the finance-driven, asset-stripping hostile takeovers of UK companies, in a bid to make finance the "servants of industry not the masters of us all."
Many of us enjoy the aesthetic of vintage electronics, but trying to use most hardware from the 1950’s isn’t necessarily practical. This is especially true where speakers are concerned. While most of us can appreciate the old-school feel of retro speakers, they have a hard time matching the convenience and power delivered by today’s Bluetooth speakers. […]
Python is one of the most popular and versatile programming languages used by developers today, making it an ideal first choice for those looking to kickstart a career in programming. While you could go back to school or sign up for a pricey coding bootcamp, you can learn the essentials of coding with Python at […]
Going back to school isn’t necessarily an option for everyone. Between the time commitments and steep tuition rates, there are obstacles aplenty as far as furthering education is concerned. However, that’s not to say it’s impossible to learn new skills. Excel with Business lets users access thousands of hours of online learning in Microsoft, business, technology, […]