Aw Crap... Why Do We Even Bother...

[WillyT]

Feds Ever-So-Gently File Criminal Charges Against Credit Suisse
Mark Gongloff - HuffPo
Posted: 05/19/2014 10:11 am EDT Updated: 19 minutes ago

<snip>

The U.S. government has finally backed up its boast that no bank is too big to jail, if by "jail" you mean "vigorously slap on the wrist."

The Justice Department on Monday filed criminal charges accusing Swiss banking giant Credit Suisse of conspiring to help U.S. customers dodge taxes. The bank pleaded guilty to the charges, breaking from a recent tradition of letting banks defer prosecution. Credit Suisse also agreed to pay about $2.6 billion to settle the claims brought by the Justice Department, the Federal Reserve and New York State.

"This case shows that no financial institution, no matter its size or global reach, is above the law," Attorney General Eric Holder said in a press release announcing the settlement.

Though the government is undoubtedly proud of itself for successfully managing to prosecute a large bank -- with the first guilty plea for a big financial firm since 1989, The New York Times notes -- this by all accounts is turning out to be the most toothless criminal plea imaginable. It's hard to imagine it will deter future crimes.

Prosecutors and regulators have done everything they could to make this criminal case easy on Credit Suisse. The bank will not lose its ability to do business in the United States, The Wall Street Journal has reported. Its top executives, including CEO Brady Dougan and Chairman Urs Rohner, will keep their jobs.

Meanwhile, there is no indication that any more people will be criminally charged...

<snip>

More: http://www.huffingtonpost.com/2014/05/19/credit-suisse-criminal-charges_n_5351885.html

[1StrongBlackMan]

1. What result would you have rather seen? ...

Let me guess, CS permanently barred from doing business in the US and Dougan and Rohner jailed for life, right?

[WillyT]

2. No... The Business Could Go On After A Good House-Cleaning, And 10 Years In Prison Ought To...

Do The Trick.

2.6 Billion is just the "price of doing business".

Wall Streeters need to fear ending up in prison. They don't.

[1StrongBlackMan]

4. In order to jail the CEO and/or the Chairman ...

wouldn't you have to prove that they, personally, broke a law?

[WillyT]

6. Yeah... You're Probably Right... After Purchasing Our Congress... Even Dick Durbin Knows It...

Dick Durbin: Banks "Frankly Own The Place"
Ryan Grim - HuffPo
First Posted: 05/30/09 06:12 AM ET Updated: 05/25/11 02:15 PM ET

Sen. Dick Durbin (D-Ill.) has been battling the banks the last few weeks in an effort to get 60 votes lined up for bankruptcy reform. He's losing.

On Monday night in an interview with a radio host back home, he came to a stark conclusion: the banks own the Senate.

"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place," he said on WJJG 1530 AM's "Mornings with Ray Hanania." Progress Illinois picked up the quote.

Link: http://www.huffingtonpost.com/2009/04/29/dick-durbin-banks-frankly_n_193010.html

[dixiegrrrrl]

12. Well, there is this:

US banking official: Credit Suisse must fire certain individuals who were previously indicted but were still being paid by the bank - @Reuters

[ProSense]

3. Maybe

$2.6 billion was too much.

Something like this (http://www.democraticunderground.com/10024802019) would be more well-received.

[1StrongBlackMan]

5. Yeah ...

That was met with some applause (and no criticism), wasn't it?

[krawhitham]

7. $2.6 billion is not a deterrent??

[Nevernose]

8. Not really

They've got about fifty million in equity, and a TRILLION in assets.

[Shandris]

9. It's only a deterrant if its larger than the amount they made (which I'm assuming it isn't)

A little quote snippet (ironically enough, from a game) during the 90's has long stuck with me and been proven true over and over and over again.

"The cost of compliance is always greater than the cost of the fine." And so long as that's true, no amount of fine will ever serve any substantial purpose.

Personally speaking, if corporations are people and people can suffer the death penalty, well...you put two and two together. Part their assets out like a vehicle's parts to those who haven't egregiously violated the law and cost people their lives and livelihoods.

[WillyT]

11. Not Compared To What They're Worth...

Link: http://www.accuity.com/useful-links/bank-rankings/

[woo me with science]

17. Good grief. Do the math.

[Jefferson23]

10. Not surprising, not at all. n/t

[Scuba]

13. Steal $50 billion, pay $2.6 billion in fines. It's a great business plan if you have no ethics.

Holder should be ashamed of himself.

[WillyT]

14. Exactly !!!

[Le Taz Hot]

15. The first thing I noticed?

It wasn't an American bank. Statute of limitations is about to run out on those. How convenient.

[woo me with science]

16. +1

[woo me with science]

18. Kick