compliancex

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You know that Compliance is becoming super cool when job descriptions refer to them as “Swat Teams”

A job posting by JP Morgan lists a role seeking aGlobal Head of the Global Financial Crimes SWAT Team.

The ad,Global Head of Global Financial Crimes SWAT Team http://jpmchase.jobs/new-york-ny/global-head-of-global-financial-crimes-swat-team/38102522/job/, seeks … a senior management compliance position responsible for developing and managing a methodology for considering risk-based specialized reviews. Under the direction of the Global or Deputy Head of Global Financial Crimes Compliance, this position is responsible for identifying proactively potential risks/issues in the GFCC Program and implementing controls to mitigate the identified material risks that the GFCC Program faces…

Although admittedly the full ad starts getting wordy and boring you have to agree and admire that calling a unit within Compliance a Swat Team is a big bold move forward for improving and enhancing the role, morale and image of the Compliance Officer.

Welcoming Weed to Wall Street

It was only a matter of when it would happen, not if. The pot industry is on a new high and making quite the name for itself since the SEC has now decided to allow the marijuana businesses a share registration.

Furthermore, the SEC is tirelessly trying to sway the odds in their own favor. Namely, they are attempting to bring more of its court cases before its administrative law judges, while trying to avoid filing the charges in federal court. Defense attorneys are protesting the unconstitutionality for the government agency to decide the legality of its own matters.

One critical matter facing women in particular, though this is no new matter, is a gender pay gap within the finance industry. A recent report shows that women who graduated from business school and went on to take jobs in the financial sector earned an average of $21,872 less than male MBAs.

Defying the odds against gender discrimination in the financial workplace was hedge fund manager Meredith Whitney, who declared that banks are not the market leaders anymore. She sees future troubles for the financial services economy in general.

In order to fix the problems facing the industry, a number of solutions are being suggested. For example, USB Chairman Axel Weber hypothesizes that costs at big banks should be better managed. The Bank of England’s markets strategy official, Andrew Hauser, explains when banks fail to prevent FX rigging and Libor, it goes against their own interest. He compares the sloppy oversight of banks to careless fighter pilots who ignore safety checks. What will it take for the big banks to realize that billion dollar penalties for bad behavior go against their own financial interest?

In an effort to increase economic growth in the industry and penetrate new markets, BATS Global Markets announced their desire to enter the foreign exchange market by acquiring Hotspot FX for $365 million.

Although January has been a successful trading month for Deutsche Bank, the reasons behind the earnings aren’t as good as they initially seemed for five main reasons.

Just as promised, our sister site ComplianceX, is providing today’s readers with various helpful articles to assist in your job search process. From how to appear intelligent on a job interview, to easy tips on resume building as well as a little inside information on LinkedIn, we are here to help guide you to the job you were destined for.

Stay tuned for a sneak-peek into our first ever EBook loaded with first-hand experience career advice, “Dirty Little Recruiting Secrets…That Will Help You Land Your Next Job.”

By: Rachel McCray

Brand Management Associate/ Recruiting Assistant
The Compliance Search Group
Direct: 212 997 3166 | Email: Rachel@ComplianceSearch.com
Website: www.ComplianceSearch.com and www.CompliancEX.com

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CliffsNotes On Volcker Rule Now Available

If you spent your Christmas break looking over at the pile of 1,000 pages of regulatory impenetrability you’ve got to master before turning back towards the television, you are in luck: An army of junior associates at Davis Polk spent their vacations digging into the regulatory Christmas present known as the Volcker rule, and can explain it to you in 27 PowerPoint slides.

Normally, it’s not in the nature of law firms to oversimplify complex government regulations for their biggest customers. But Davis Polk & Wardwell LLP has decided to do just that for its mega-banking clients to start off the new year, giving them a handy, color-coded, “user-friendly” flow chart to help them navigate the Volcker rule, which restricts banks from making market bets with their own capital.

How simple? The chart extends over 27 pages.

Some of us had imaginary friends when we were kids. A few of us were really socially awkward and had imaginary friends when we were teenagers. And some of us were really, really nerdy teenagers and had imaginary robot friends.

But how many of us concocted penny stock swindles using our imaginary robot friend?

In a complaint filed on Friday, the SEC alleges that a pair of British teenage twin brothers did just that.

Subpoenas, Scandals, Secret Swiss Bank Accounts, the SEC and More

As any loyal reader of ComplianceX, you may have noticed a little trend. Well, actually a huge, gigantic trend of never-ending scandals, whether it is insider trading, FX rigging,money laundering activities or HSBC’s recent tax evasion scandal in its Swiss arm, the commotion seems to never end.

It is not only happening in the U.S. though. Martin Wheatley, the Chief Executive of the Financial Conduct Authority (FCA) is ticked-off about  “staggering” number of scandals emanating from the City (London’s WallStreet).

Here in the U.S., Senator Elizabeth Warren is turning up the regulatory heat by demanding that prosecutors “come down hard” on HSBC for its recent tax evasion scandal in the bank’s Swiss subsidiary.

Some financial institutions are getting worried about this trend as well. Goldman Sachs, in an attempt to stay out of the list of billion dollar fined banks and win back public opinion, is embarking upon a program to limit risky, volatile activities by becoming more “boring.”

As compliance becomes more in demand, research analysts on Wall Street may have to start looking for jobs in this area due to the sad reality that they are becoming disposable, now that a new law is requiring analyst’s pay to come out of the pockets of investment managers for specific work and research.

The good news that comes from these never-ending scandals is that it keeps compliance in the forefront of everything. We can’t complain too much because, not only do we benefit from the increasing number of compliance jobs that are becoming in-demand, but our readers benefit as well because it means more job opportunities.

Unlike the big banks, you can take preventative steps and avoid any problems you may have, and this includes hiring problems!  So go ahead and post your jobs on Compliancejobs.com and be sure to check out our latest article on what recruiters don’t tell you during the job search.

We are very excited to bring you a new and improved job board with the largest selection of Compliance jobs in the world.

Check out our latest YouTube video, featuring Amanda Swain – our Client Development Associate. She provides a wonderful visual explanation of why people should post their Compliance jobs with us.

Please call us at (212) 997-3166 if you would like more information or have any questions.

THE #1 JOB SITE FOR COMPLIANCE PROFESSIONALS

Why post your job on ComplianceJobs.com?:
-Compliance Jobs has the largest audience of Compliance, Legal and Regulatory professionals in the world.
-We realize not everyone wants to work with a recruiter so we have created a cost-effective way to reach your target market and find the -perfect candidate for your job.
-While other job boards cater to hundreds of different professions and job categories, we specialize in Compliance jobs and Compliance professionals.
-Our job board is niche-oriented and targeted toward those in the Compliance field, so your ad is guaranteed to reach the professionals you want to reach.
-Your job posting will appear in front of an active audience of job-seeking candidates that can save your job to their job profile and contact you directly.
-We do so much more than just post your position. We make sure your job is in front of a relevant audience so you source only the best candidates.

What You Get:
-A job posting on ComplianceJobs.com which has had over 1.4 million visitors and 2.9 million page views.
-Your job posting will be included on our blog, ComplianceX.com which is viewed by over 275,000 compliance professionals on a monthly basis in addition to being featured in our daily newsletter, The Compliance Exchange, which is emailed to over 110,000 Compliance professionals daily.
-The job listing will be actively promoted via our social media outlets including: LinkedIn, Twitter, Facebook and Google+.
-The job listing will be aggregated to the largest job boards including, Indeed, The New York Times, Simply Hired, Glassdoor, The Washington Post, Bloomberg Business Week, CNN Money, The Wall Street Journal, The Ladders and hundreds of other sites.
-If you would like to give us a banner size image, we will include the image in the job posting and advertise the banner strategically on the ComplianceX blog.
-You will have your own personal consultant who will offer creative ideas throughout the posting period to ensure that you listing attracts the best candidates.
-Job postings will be refreshed on a daily basis to reach more candidates and a wider audience


www.ComplianceSearch.com
www.ComplianceX.com
www.ComplianceJobs.com

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I am willing to wager that Wall Street scandals will continue indefinitely.

 

You may think the current money laundering, Libor rate rigging, currency manipulations, insider trading, and other scandals will most surely subside.

 

One particular item caught our attention which captures the mindset of certain people who wish to work on Wall Street which will always doom us to failure.

 

Indeed.com, the largest job aggregation site, reported that job searches for ‘Stockbroker’ skyrocket after the release of ‘The Wolf of Wall Street’.

 

The acclaimed director Martin Scorsese and star Leonardo DiCaprio naively assert that the “Wolf of Wall Street” is meant as a condemnation of excessive greed.

 

In reality, the film glamorizes the lifestyle of  Jordan Belfort and his Stratton Oakmont stock broker henchmen as rock stars with over-the-top lavish drug fueled parties, hookers, mansions, Lamborghinis, Hampton summer homes and yachts all bankrolled by money stolen from clients.

The movie does not show chubby , middle-aged, balding, bespectacled, brokers offering prudent investment advice concerning matters such as diversifying your investments, contributing to IRAs, putting money into college funds for your children, dollar-cost-averaging and other essential yet dull reasoned guidance.

So, basically, the aspiring brokers are not looking to help investors, rather they wish to emulate the penny stock brokers by also ripping off clients to finance an  awesome life of  partying with the investors’  hard earned retirement  money.

Searches for stockbroker jobs on Indeed.com  rocketed  80% in the U.S. around the time of the release of the film.

Also, Stockbroker fever caught on in England with a 44% jump in broker job searches.

Welcome to the next generation of stockbrokers and scandals.

First U.S. Shutdown in 17 Years at Midnight Seen Probable

The U.S. government stands poised for its first partial shutdown in 17 years at midnight tonight, after a weekend with no signs of negotiations or compromise from either the House or Senate to avert it.

Republicans and Democrats in Congress say they don’t want a shutdown, though neither side is budging from their positions to avoid one. House Republicans want to delay President Barack Obama's Affordable Care Act for a year and make other changes to the health law. The president and Democrats vow not to let that happen.

Hanging in the balance are 800,000 federal workers who would be sent home tomorrow if Congress fails to pass a stopgap spending bill before funding expires tonight. Standard & Poor’s 500 Index futures slid and contracts on Asian equity gauges retreated on concerns of a shutdown.

Asked yesterday if he thought the government would shut down, Illinois Senator Richard Durbin, the chamber’s No. 2 Democrat, said, “I’m afraid I do.”

"We know what is going to happen," Durbin said on CBS’s "Face the Nation" program. "We are going to face the prospect of the government shutting down."

The fallout would be far-reaching: national parks and Internal Revenue Service call centers probably would close. Those wanting to renew passports would have to wait and the backlog of veterans’ disability claims could increase.

Political Blame

The political implications are much less clear. Democrats are painting Republicans as obstructionists who are trying to undo a law passed by Congress and upheld by the Supreme Court. Republicans say they are trying to save Americans from the effects of Obamacare and that Democrats won’t negotiate.

http://finance.yahoo.com/news/first-u-shutdown-17-years-040000867.html

So, basically daily stock market trading is owned by high frequency trading computers trading with other high frequency trading computers who cancel their trades when they don’t make money?

96.8% of trades placed in the US stock market are cancelled

New data from the US Securities and Exchange Commission (SEC) show that only 3.2% of the orders placed in the stock market in the second quarter of 2013 actually went through.

+

Although the SEC isn’t saying as much, experts think it’s a sign that high-frequency trading are flooding the market with orders, overwhelming the average retail or institutional investor.  

Read the full article here: http://qz.com/133695/96-8-of-trades-placed-in-the-us-stock-market-are-cancelled/

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You Know that you Work in a Hot area when the Press refers to you as a Rock Star…

Once modest of pay and profile, risk experts are being reborn as rock stars of the banking world - their status and salaries soaring as regulators force financial institutions to clean up.

Industry-wide investigations into alleged exchange rate manipulation, trading scandals at UBS, Societe Generale and JPMorgan and HSBC’s $1.9 billion fine for lax money-laundering rules have upped the ante for banks already under pressure to curb reckless behaviour that led to the financial crisis.

Now watchdogs and central banks want to see a clear line of responsibility for the avoidance of such fiascos in the future, and as a result, the position of chief risk officer (CRO) has jumped up the ranks. Many CROs now sit alongside the finance director as second in importance behind the chief executive.

"The role of the CRO has become broader, higher profile and more influential," said Anne Murphy, head of UK financial services for executive recruitment firm Odgers Berndtson.

In turn, salaries have soared. Pay in risk-related jobs rose 6 percent in 2013 and rocketed 19 percent for those who moved firms, according to a report by recruitment firm Barclay Simpson.

HSBC chief risk officer Marc Moses joined the bank’s board at the start of 2014, alongside the chairman, chief executive and finance director, and could be paid 6 million pounds ($10 million) this year. Chief Executive Stuart Gulliver, who could be paid 11.4 million this year, says pre-crisis, the bank’s CRO would not have made it into the top 50 earners.

At Spain’s Santander the top risk executive Matias Rodriguez Inciarte was its second-highest paid director last year, getting 4.7 million euros.

Those numbers, says Murphy, are “recognition that it’s a big job. There aren’t many people who have the skills and abilities to do it well, combined with the increase in seniority and responsibility.”

Rock on here: http://finance.yahoo.com/news/bankings-back-room-risk-cops-070000929.html

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As Fines Sting, a Hiring Spree for Compliance Staff

 

 In a U.S. economy struggling to create jobs, at least one field is booming: compliance.

Hefty fines and other penalties have jolted companies, especially banks, into a compliance hiring spree, as governments at home and abroad tighten business laws and regulations and ramp up their enforcement activity.

"We’re in a battle royal for talent in the compliance space, across the board," said Corey Gunderson, who heads the risk-and-compliance practice of research consulting firm Protiviti.

Banks, which are under heightened scrutiny, have been hiring thousands of people in their compliance departments: HSBC Holdings  PLC said it added 1,600 compliance employees last year, and J.P. Morgan Chase  & Co. is bringing in what it calls a “SWAT Team” after agreeing to make billions of dollars in settlement payments.

The hiring spree makes the compliance field hotter than many others. According to the Bureau of Labor Statistics, the U.S. unemployment rate for compliance professionals was 5.7% in last year’s third quarter, compared with the overall jobless rate of 7.2% in the same period.

"The regulatory environment in the U.S. is driving the hiring," said Paul McDonald, a senior executive director at human-resources consulting firm Robert Half International Inc. The outlook is “very bright for anyone entering into compliance as a career.”

Starting salaries are on the rise as well, growing by an average of more than 3.5% a year since 2011, according to data compiled by Robert Half. U.S. starting salaries for professional occupations as a whole are expected to rise 3.7% in 2014, the firm said.

At a large company, a chief compliance officer can expect to earn from about $162,000 to $232,000 this year, Robert Half said. At small and midsize companies, salaries are slightly lower, but the rate of increase is nearly identical.

Despite all the opportunities, few young people start out aspiring to a career in compliance. These jobs aren’t easy. They require keeping up with increasingly strict and complex regulatory systems around the world, and sometimes elicit skepticism or hostility from colleagues.

…Compliance officers at some companies rank relatively high on the corporate ladder, reflecting the heightened risks companies face for regulatory infractions. The downside is that compliance staff can be held accountable for lapses, along with the rest of the company.

Please read the full Wall Street Journal article by Gregory J. Millman and Samuel Rubenfeld here (note, subscription may be needed): http://online.wsj.com/news/articles/SB10001424052702303330204579250722114538750?mod=djemRiskCompliance

So, have you heard this one; a knucklehead broker walks into a trading room and places an order of 1,625,000 shares of Apple instead 1,625 shares…

 

By Jack Kelly

 

Last year David Miller, a securities trader at the boutique (a polite term for small and not well known) brokerage firm, Rochdale Securities, saw an opportunity to make a quick buck.

 

This was about the time that everyone realized Steve Jobs was really dead and not coming back and people noticed Samsung actually made a smart phone that was just as good as an iPhone.

 

Apple stock was imploding. Dave Miller however expected a surprise positive earnings report which he thought would give the stock a pop.

 

He took a supposed client’s order for 1,625 shares to the trading room but purposefully purchased 1,625,000 shares instead (moving the decimal point over three digits gave him the out to say, “Ooops, I made a mistake. Silly me, I put the decimal in the wrong place.”). If your math is not that good, this is a billion dollar trade made at little Rochdale, not Goldman or JP Morgan or some hedge fund.

 

Miller figured Apple stock would rise, he would use the firm’s capital to back the trade, pay his client the profits on 1,625 shares and keep the rest. Hamptons summer house rental and Porsche payment in the bag!

 

Well, unfortunately Apple’s earnings disappointed the street and Mr. Miller.

 

The stock went down and he lost $30 million dollars on the fake trade.

  

Rochdale Securities didn’t have $30 million. So, the punch line; the firm closed its doors, laid off 40 people and Miller was just sentenced to 30 months in prison.

 

In case you were wondering what happened to the stock, at the time of the trade Apple was at $601.25, it is now trading at $515.00. He would still be a loser.

The 25 highest-earning hedge fund managers in the United States took home a total of $21.15 billion in compensation in 2013, according to an annual ranking published on Tuesday by Institutional Investor’s annual ranking published on Tuesday by Institutional Investor’s Alpha magazine.

They earned that hefty sum in a year when most hedge fund managers fell short of the market’s returns. The multibillion-dollar payday is the highest since 2010, and it is 50 percent more than in 2012, according to the survey.

David A. Tepper, the 56-year-old founder of Appaloosa Management, maintained his spot atop the list, bringing in $3.5 billion last year, after earning $2.2 billion in 2012. Steven A. Cohen of SAC Capital Advisors ranked No. 2 after pocketing $2.4 billion, while John A. Paulson of Paulson & Company took home $2.3 billion, ranking No. 3.

The size of these paychecks are estimates based on the value of the managers’ stakes in their hedge funds and the fees they charge. Investors typically pay management fees of 2 percent of the total assets under management and 20 percent of the profits, or “2 and 20.”

Please read the full story here:  http://finance.yahoo.com/news/hedge-fund-moguls-pay-1-060632441.html

The Securities and Exchange Commission is Investigating Itself 

Securities and Exchange Commission attorneys are reviewing the stock holdings of about 3,400 employees after some New York staffers were found to own securities prohibited by ethics rules.

The agency’s ethics office has begun an examination of all personal financial disclosures to ensure that employees don’t have a financial interest in companies they regulate or investigate, SEC ethics counsel Shira Pavis Minton said in an interview.

The ethics review raises questions about the effectiveness of SEC programs for ensuring compliance with its trading rules, which bar workers from owning shares of most Wall Street firms, including Bank of America Corp. and BlackRock Inc. (BLK) The agency relies on employees to disclose their investments and doesn’t have a tool to automatically scan employee holdings for violations.

http://compliancex.com/banned-stocks-held-by-sec-employees-trigger-agency-ethics-review/

The hunt for money hidden in Swiss bank accounts by U.S. citizens has become a global chase, with prosecutors tracing records to Singapore, the Cook Islands and elsewhere as U.S. authorities increase the pressure on Swiss lenders to turn over evidence, according to officials. Kathryn Keneally, head of the Justice Department’s tax division, said in an interview that in the wake of a guilty plea to criminal charges by Credit Suisse Group AG, the U.S. expects to collect more evidence pointing to suspect accounts beyond Switzerland’s borders.

Credit Suisse, which last week pleaded guilty to conspiracy and agreed to pay $2.6 billion to settle allegations it helped wealthy Americans hide money from the Internal Revenue Service, has agreed to turn over some bank records that can help U.S. authorities track down individual account holders across the globe. You’ve got Singapore, you’ve got the Cook Islands,” said Ms. Keneally, who plans to announce Tuesday that she will leave the Justice Department to return to private practice.

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'Walking Dead' market: Why the rally keeps going

Call it the Zombie Market, if you will, a staggering, stumbling, somnambulant thing of macabre beauty that sustains slings, arrows and shotgun blasts but still marches forward.

Jeff Kleintop, chief market strategist at LPL Financial, is more succinct and culturally aware: He calls it the “Walking Dead” market, after the wildly popular, zeitgeist-y AMC zombie series.

Instead of the perils zombies face to survive in a post-Apocalyptic world, the “walkers” of Wall Street must fend off the many macro and micro economic threat to their existence.

(Read moreTen bets from top hedge fund managers )

Negligible economic growth? No sweat. Recession in Europe? Nobody cares. China slowdown? Big deal. Near-zero revenue growth? Someone else’s problem. Federal Reserve tapering? Who needs ‘em?

Kleintop bemoans the lack of Emmy nominations for “Walking Dead,” and said the stock market,like the show’s- zombies, doesn’t get enough credit for defying its many detractors.

"This unkillable stock market rally seems to get no respect. U.S. stocks have been snubbed by investors this year," he said. "The S&P 500 has continued the strongest bull market since WWII despite all the shots fired at the market this year."

In addition to the aforementioned zombie-slayers, he also cited the “ fiscal cliff " tax increases and sequestration spending cuts in Congress; zooming oil prices, European debt woes; rising interest rates, geopolitical turmoil and low market participation.

(Read moreWhile the traders are away, the bulls will play )

"While it has been impossible to kill so far this year despite all the shots fired at it, this is no mindless and shambling rally," Kleintop contended. "Stocks have deliberately moved past these events that did not stop the still beating heart of economic growth in the United States."

About that last point: The “beating heart” has been less a beat and more a fading tap lately.

Second-quarter gross domestic product growth likely will register below 1 percent after an disappointing 1.8 percent in the first quarter.

U.S. investors, meanwhile, are bailing on bonds but not exactly flocking to stocks either. A record outflow from fixed-income funds in June saw that money go not to equities but rather en masse-to the tune of nearly $110 billion-into savings and money market funds.

(Read moreSidelined cash suggests ‘mini-rotation’ into cash )

But those are just two more to add to the list of demons this market has vanquished and may yet again, in Kleintop’s view.

He advised investors to stay tuned for a raft of data points likely to influence the markets ahead.

"A volatile second half in the stock market is likely, but so too are potential gains as the U.S. economy continues to post growth of about 2 percent, resulting in opportunities to buy on the dips," he said.

http://finance.yahoo.com/news/walking-dead-market-why-rally-151350874.html

Credit Suisse is in talks to pay $1.6 billion to resolve allegations of assisting wealthy clients to avoid paying US taxes

Swiss based bank, Credit Suisse Group AG, is in talks with the U.S. Justice Department to pay as much as $1.6 billion to resolve an investigation into the bank’s role in helping Americans evade U.S. taxes.

In attempt to address the public backlash against banks being “too big to jail”, prosecutors are also pushing for Credit Suisse to plead criminally guilty in connection with the probe.

A spokesman for Credit Suisse declined comment. The penalty would exceed the 895 million Swiss francs ($1 billion) that Credit Suisse has set aside to pay potential penalties to the United States.

J.P. Morgan Chase & Co. Chairman and Chief Executive Officer James Dimon acknowledged Wednesday that a series of legal headaches in 2013 evolved into “the most painful, difficult and nerve-wracking experience I have ever dealt with professionally.”

The comments in Mr. Dimon’s annual shareholder letter offer the most revealing picture to date of how the 58-year-old bank chief reacted to a combination of government probes and lawsuits that culminated in payouts of more than $20 billion. In his 32-page letter, Mr. Dimon also presented a more detailed view inside J.P. Morgan’s scramble to adapt to heightened scrutiny from its federal overseers and a raft of new U.S. regulations enacted since the financial crisis.

A new “state-of-the-art control room” at J.P. Morgan’s Park Avenue headquarters is now up and running, and by the end of 2014 the company will have added 13,000 employees over two years to beef up controls in areas ranging from compliance to legal to risk to technology.

2

It’s the first full week of 2014 and we are already looking at another billion dollar big bank regulatory settlement

JP Morgan Chase is close to a $2 Billion settlement deal relative to their dealings with Bernie Madoff.

 Working through a long list of legal problems, JPMorgan Chase is starting the new year with another steep payout to the government.

The bank plans to reach as soon as this week roughly $2 billion in criminal and civil settlements with federal authorities who suspect that it ignored signs of Bernard L. Madoff’s Ponzi scheme, according to people briefed on the case.

All told, after reaching the Madoff settlements with federal prosecutors in Manhattan and regulators in Washington, the bank will have paid some $20 billion to resolve government investigations over the last 12 months.

World Bankers warn that the world as we know it will come to an end, zombies will roam the earth, cats will destroy cities and the other bankers will not sit next to US bankers during lunch if the US defaults on its debt

Three of the world’s most powerful bankers warned of terrible consequences if the United States defaults on its debt, with Deutsche Bank chief executive Anshu Jain claiming default would be “utterly catastrophic.”

"This would be a very rapidly spreading, fatal disease," Jain said on Saturday at a conference hosted by the Institute of International Finance in Washington.

"I have no recommendations for this audience…about putting band aids on a gaping wound," he said.

 Read the full article here: http://finance.yahoo.com/news/world-top-bankers-warn-dire-175607831.html

6

This is a brilliant game plan, use money laundering laws to conquer the world.

A large number of big foreign banks including HSBC, Royal Bank of Scotland, Barclays, Credit Suisse, BNP Paribas, Standard Chartered Bank, Commerzbank AG, UniCredit SpA, Credit Agricole SA, Societe Generale, and Deutsche Bank AG  have been targeted by US regulators and law enforcement for money laundering, sanctions violations and other matters.

There has been an incredible public backlash against regulators for being afraid to hold banks accountable for their actions. Also, the regulators were labeled as too timid to seek criminal charges against US banks for fear they mail fail.  Therefore, the growing trend of attacking foreign banks conducting business in the United States smelled of regulators trying to show the public that they were willing to take on big banks (just not the US banks).   It didn’t hurt that the reported activities of certain foreign banks reflect their utter disregard of US laws and lax attitude about dealing with terrorists, drug lords and other bad actors.

There may be another reason for the sudden heightened interest in global banks.  International banks must have a presence in the US to be a major player. If a bank is locked out of the US markets their business will suffer, lose revenue, business, clients and their reputation. Therefore, although they may protest, ultimately the bank will acquiesce to our demands.

Now we will be able to enact sanctions against countries that we diplomatically disagree with knowing that the rest of the worldwide banking community will be forced to follow along. The global banks will have to follow our lead or face financial repercussions.  Our enemy will be isolated economically from the rest of the world.  Business will dry up and their economies will grind to a halt. The population of the targeted countries will act out against their government to force it to cede to US demands.

The regulatory financial strangle hold will do the damage that our armed forces would have had to do in the past.

There will be no need to send in troops, just financial sanctions.

This is a brilliant game plan, use money laundering laws to conquer the world.