Random Politics & Religion #00

Global regulators fined five major banks, including UBS (UBSN.VX), HSBC (HSBA.L) and Citigroup (C.N), $3.4 billion for failing to stop their traders from trying to manipulate the foreign exchange market.

Royal Bank of Scotland (RBS.L) and JP Morgan (JPM.N) also face penalties in a year-long probe that has put the largely unregulated $5 trillion-a-day market on a tighter leash. The banks earned a 30 percent discount for settling early.

Dozens of dealers have been suspended or fired for sharing confidential information about client orders and coordinating trades to make money from a foreign exchange benchmark used by asset managers and corporate treasurers to value their holdings in the latest scandal to hit the financial industry.

They used code names to identify clients without naming them and created online chatrooms with pseudonyms such as "the players", “the 3 musketeers” and “1 team, 1 dream” in which to swap information. Those not involved were belittled.

Switzerland's UBS swallowed the biggest penalty paying $661 million to Britain's Financial Services Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC).

UBS was ordered by Swiss regulator FINMA, which also said it had found serious misconduct in precious metals trading, to hand over 134 million Swiss francs after failing to investigate a 2010 whistleblower's report.

The misconduct at the banks stretched back to the previous decade and up until October 2013, more than a year after U.S. and British authorities started punishing banks for rigging the London interbank offered rate or Libor, an interest rate benchmark.

RBS, which is 80 percent owned by the British government, received client complaints about foreign exchange trading as far back as 2010 and a year later a dealer at the bank questioned its information sharing.

The bank said it regretted not responding more quickly to the complaints. The other banks were similarly apologetic.

Nothing like a little fraud to start the day.

Regulators fine global banks $3.4 billion in forex probe

Societal issues that can be corrected in other ways.

But these numbers are skewed to show a larger problem than what it really is.

Point is, you cannot create a law and then ignore it when it's most convenient for you.

Dropout rates: Again, could have pro-active parents. You know, parents who are responsible for their children's welfare, which include education. Parents who give a damn about their children are more likely to have their children succeed in life than those who don't. No study needed, just common sense.

Reading between the lines.

Non-white parents are bad parents, they don't care about their children or their education, white parents succeed because they are good parents.

That's not what you meant? But I'm reading between the lines!

Ever heard of the saying: "Give a man a fish, he'll vote for you. Teach a man to fish, and he'll no longer have a reason to."

Ever heard of the saying: "Give a man a fish, he'll vote for you. Teach a man to fish, and he'll no longer have a reason to."

Such as?


So screw minorities?


This isn't discrimination, it's about helping minorities so they can be on the same level as everyone else, that law passed and 50 years later we still have huge discrepancies between races.

Warning this is not a joke, racial discrimination happens every single day.