Bank of New York named in currency fraud suit

[Swede]

Bank of New York Mellon is being sued by state and federal prosecutors for allegedly defrauding institutional clients out of $2 billion by misrepresenting foreign exchange rates on transactions it executed for big pension funds.

The New York Attorney General and the U.S. Attorney's office in New York announced the lawsuits late Tuesday. The authorities are seeking "hundreds of millions of dollars" in civil penalties and compensation, according to a statement from the Justice Department.

http://money.cnn.com/2011/10/05/news/companies/bank_new_york_mellon_fraud/index.htm?iid=HP_Highlight

[FarCenter]

1. Something OWS can actually demonstrate about on Wall Street

Bank of New York Mellon's headquarters is at One Wall Street.

http://www.bnymellon.com/about/companyprofile.html

[dixiegrrrrl]

2. Note: seeking "civil" penalties, NOT charging criminal fraud.

The Bank fraudulently took 2 Billion, will end up paying a couple hundred million..a very small % of the profit of the crime, case will be closed, until the next time.
Banks just consider this a "tax" of sorts and continue on with business as usual.

[formercia]

3. Is there some kind of disconnect here?

"for allegedly defrauding institutional clients out of $2 billion"

"are seeking "hundreds of millions of dollars" in civil penalties and compensation, according to a statement from the Justice Department."


...or did I fail Math in Grade School. This must be the New Math I have heard of.