Kapitalismen spekulerar seg til døde – Capitalism and the bank cronies

Den globale kapitalismen går meir og meir på eit høggir mot stupet, for menneska, naturen, miljøet og livet sjølv. Dette let seg ikkje stagge av noko “restaurering”, systemet må endrast radikalt.
Kapitalismen er som system inne i si mest djupe strukturelle krise historisk sett sidan den verdsomspennande depresjonen på 1930-talet, som byrja i USA. Den noverande krisa tok til for fleire tiår sidan og har gradvis utvikla seg med oppblåst finanskapital og ekspanderande gjeld for både real- og finansøkonomien. Dette toppa seg i 2008 i USA med at spekulasjonsbobla i råtne bustadlån sprakk. Krisa har sitt grunnlag i overproduksjon av varer i kapitalismen og ikkje i finansmarknaden. Nasjonal gjeld og kutt fører til stor arbeidsløyse, dårlegare velferd, usikkerheit, privat profitt, osb.

I USA, Europa, Afrika og Asia, unnateke deler av Latin-Amerika, har det vore ei gigantisk deregulering av finansverda de siste 30 årene. Der det før var nokon lunde strenge reglar og avgrensingar vart det no fullt frislepp av den private bank- og kredittsektoren, mens spekulasjon og fiktive pengar vart normale omgrep i finansuniverset. Noko som har opna for enorme profittmulegheiter for kapitalistar over heile verda. Samstundes har nokon av kapitalismens mest spekulative sider ramla ut av skapet i ein skala ein aldri tidlegare har sett. Eit godt døme er innan helse verda over, der privatisering har alvorlege føljer. I denne marknadstankegangen senka ein også skattane for dei rike og skattane på store private selskap. Mange multinasjonale selskap får då mulegheit til å rane til seg store ressursar og kan med rette kallast globale konglomerat, der fleire av dei har større økonomiar enn mange land.

Det har gjennom desse 30 år med nyliberalisme hendt ei valdsam omfordeling av rikdommen i USA og Europa, men også i Afrika og Asia. Dei rikaste har fenge kontroll over ein endå større del av velstanden i landa enn tidlegare.

I Europa har resultata av denne nyliberalistiske politikken i desse tiåra vore katastrofale. Velferdsgodane som arbeidarklassen har kjempa fram ramlar for sparekniven éin etter éin. Men sparekniven gjeld ikkje «alle», makta har «råd» til å subsidiera dei rikaste gjennom skattekutt, nye privatiseringsbølgjer eller gjennom ”offentlige” anbodsordningar, som i helsevesenet. For endå meir å gjere denne tendensen muleg, tek makteliten i landa opp stadig større gjeld. I neste omgang fortel Europas leiarar at det er folk flest som må betala for dette. Slik vert sirkelen slutta og endå ein gong vert det arbeidarar, bønder, fiskarar og andre som må betala rekninga for kapitalens overflod.

Stadig fleire vert fattige og arbeidsledige i Europa og ein må undre på om ikkje fattigdom og arbeidsledigheit er eit villa permanent, systematisk problem i dagens økonomiske system. Leiarane har for lenge sidan vist at dei står på kapitalens side og er meir enn viljuge til å ofre folkets godar på marknadens alter. Det er på tide at folket i Europa reiser seg og seier nok er nok!

Som dei tre artiklane under frå mai 2015 viser, så er bankane – ein av kapitalsimens 5 søyler (dei andre er gjeld, profitt, eigendom og kjøp av folks arbeidskraft) – ein av dei sentrale aktørar i å prøve å formeire kapitalen sin profit. Det prøver dei på fleire måtar: Ein er å låne og låne ut pengar, altså sette seg sjølv og låntakarane i gjeld. Utan gjeld ingen kapitalisme! Ein annan ting er å spekulera i aksjar, obligasjonar og land sine valuta. Den globale valutamarknaden er noko av det minst regulerte som er. Så difor var det og lett å “berre køyre på” med innbyrdes handel i hemmelegheit. Dei fem bankane (Citigroup, JPMorgan, Barclays, Royal Bank of Scotland og den sveitsiske banken UBS) prøvde å manipulera global valuta (spesielt europeisk) ved å påverke den daglege valutahandelen med massiv deltaking frå bankane si side. Deira deltaking utgjorde meir enn ein fjerdedel av aktiviteten i valutamarknaden over mange år (2007-2013). Bankierar konspirerte for å oppnå høg forteneste ved å prøve å påvirke dagleg valutahandel ved å kommunisera i hemmelege “chatrooms”. “Handlarane” eller som dei sjølv omtalalte seg, “bank mafia”, gav kundeinformasjon over til konkurrentar, for å trigge prisen oppover og maksimera profitt. Denne gjengen i godt seldkap med resten av verdas kapitalistelite, har i materiell forstand: ALT FRÅ FØR, MEN LIKEVEL ER DET IKKJE NOK!

Les vidare i artiklane nedanfor og få “bakoversveis” og håpnadsfullt: SINNE TIL HANDLING FOR ENDRING!

Ivar Jørdre

5 big banks pay $5.4 billion for rigging currencies

U.S. regulators hit five global banks with $5.4 billion in penalties for trying to rig foreign currency markets in their favor.

publiced 21.05. 2015

Citigroup(C), Barclays (BCS), JP Morgan Chase (JPM), and Royal Bank of Scotland (RBSPF) were fined more than $2.5 billion by the U.S. after pleading guilty to conspiring to manipulate the price of dollars and euros.

The four banks, plus UBS (UBS) , have also been fined $1.6 billion by the Federal Reserve, and Barclays will pay regulators another $1.3 billion to settle related claims.

The first four banks operated what they described as “The Cartel” from as early as 2007, using online chatrooms and coded language to influence the twice-daily setting of benchmarks in an effort to increase their profits.

The guilty banks “participated in a brazen display of collusion and foreign exchange rate market manipulation,” said U.S. Attorney General Loretta Lynch.

Lynch said bankers conspired to enrich themselves at the expense of “countless consumers, investors and institutions around the world.” She declined to comment on criminal charges against individual bank employees, saying only that the Justice Department’s investigation is ongoing.

The global foreign exchange market is massive yet lightly regulated. Officials said trading in the eurodollar exchange rate market is five times larger than trading on all global stock exchanges combined. The four banks that pleaded guilty accounted for about a quarter of all activity in that market.

The five banks involved in Wednesday’s settlement, plus HSBC (HSBC) and Bank of America (BAC), have now paid about $10 billion in total to authorities in the U.S. and Europe for their part in the foreign exchange scandal.

“These unprecedented figures appropriately reflect this breathtaking conspiracy,” said Lynch.

UBS admitted it had engaged in “unsafe and unsound business practices” in foreign exchange markets, and also pleaded guilty to one count of wire fraud in relation to the London Interbank borrowing rate, or Libor.

The bank had originally struck a deal over Libor with the U.S. Department of Justice in 2012, but the non-prosecution agreement was terminated after its role in the foreign exchange scandal came to light. It said it would pay a fine of $203 million related to Libor rigging.

Related: More bankers ok with breaking the law to get ahead

“The conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions,” UBS chairman Axel Weber said in a statement.

UBS said it faces no criminal charges related to the currency market manipulation.

But it’s already racked up a hefty bill for market misconduct. Over the past year it has agreed to pay $1.1 billion to authorities in the U.S. and Europe for dodgy dealing in foreign exchange. That’s on top of around $1.7 billion in penalties since 2012 related to the Libor probe.

Related: Deutsche Bank in $2.5 billion settlement over interest rate rigging

Some $5 trillion is traded in the global currency market each day, much of it in London. Foreign exchange rates affect the price of imported goods, company earnings and many investments held by pension funds and others.

The Big Five: Small Change or Significant Sums for a Big Banking Scandal

© Flickr/ Mariano Mantel

World

20.05.2015

Five of the world’s biggest banks are to pay fines totalling $5.7 billion and have agreed to plead guilty to US criminal charges accusing them of rigging the international currency market.

Between December 2007 and January 2013, traders at four of the banks, Citi, JPMorgan, Barclays and Royal Bank of Scotland, which is still part owned by the British tax payer, “used an electronic chatroom and coded language to manipulate benchmark exchange rates,” according to the US Department of Justice.

The traders in question referred to themselves as members of “The Cartel” or “The Mafia” allegedly sharing customer orders on chat rooms.

Currencies trade nearly 24 hours a day, seven days a week. The market pauses twice a day, a moment known as the ‘fix’. In the chat room, the traders, or members of the self-proclaimed “mafia” allegedly shared client orders with rivals ahead of the ‘fix’, pumping up currency rates to make profits.

The statement from the DOJ added that UBS had engaged in deceptive trading and sales practices, including “undisclosed mark-ups” on certain FX transactions and “UBS traders and sale staff used hand signals to conceal those mark-ups from customers”.

UBS, one of the five banks, has agreed to plead guilty to manipulating key interest rates and will pay a separate $203 million criminal penalty.

But the banking scandal on both sides of the Atlantic is far from being over. The New York State Department of Financial Services and the UK is still investigating Barclays over its electronic trading methods. The Royal Bank of Scotland is facing action from major investors over information it provided to the market during the financial crisis. It’s also facing an investigation over its mortgage business in the US.

Meanwhile, the fines imposed on the five banks do break a number of records — but they could be seen by some on the global financial market as relatively small change.

The guilty pleas on the other hand, are seen as significant. Settlements made in previous investigations have been made without an admission of guilt.

Related:
Britain’s Top Five Banks Spend 61 Percent of Profits on Misbehavior
Barclays and Deutsche Bank in Further Rate-Rigging Probe
Big Banks And The Millennials: Why You Can’t Have Nice Things
Tags:
crime, criminal case, bank, investigation, currency market, currency, exchange rates, UBS, US Department of Justice, JP Morgan, Royal Bank of Scotland, Barclays Bank Plc, World, United States, United Kingdom

 

Nobody can keep track of all the big bank fraud cases

May 21, 2015

Nobody can keep track of all the big bank fraud cases #TBTF #OWS

If you’re anything like me, this week’s announcement that 5 banks – JP Morgan, Citigroup, Barclays, RBS, and UBS – have pleaded guilty to manipulating foreign exchange markets is both confusing and more than vaguely familiar.

It was a classic price fixing cartel, and it went along these lines: these big banks had all the business, being so big, and the traders got on a chat room and agreed to manipulate prices to make more money. The myth of the free market was suspended, and eventually they got caught, in large part because of leaving stupid messages like “If you aint cheating, you aint trying”.

But hold on, I could have sworn that these same banks, or a similar list of them, got in trouble for this already. Or was that LIBOR interest rate manipulation? Or was that for mortgage fraud? Or was that for robosigning?

Shit. I mean, here I am, someone who is actively taking an interest in financial reform, and I actually can’t remember all the fines, settlements, and fake guilty pleas to criminal charges.

I say “fake” because – yet again – nobody has gone to jail, and the banks found guilty have immediately been given waivers by the SEC to continue business as usual. According to this New York Times article, the Justice Department even delayed announcing the charges by a week so those waivers could be granted in time so that business wouldn’t even be disrupted. For fuck’s sake.

But again, same thing as all the other “big bank events” that we’ve grown tired of in the last few years. What it comes down to is fines, but then again, the continued quantitative easing has essentially been a gift of cash to those same banks, so I wouldn’t even count the fines as meaningful.

In fact I’d call this whole thing theater. And really repetitive, boring theater at that, where we all nod off because every scene is the same and they’ve turned up the heat too high.

The saddest part is that, given how very little we’ve improved about the integrity of the markets – I’d argue that we’ve actually gone backwards on incentives not to commit fraud, since now everything has been formalized as pathetic – we are bound to continue to see big banks committing fraud and then not getting any actual punishment. And we will all be so bored we won’t even keep track, because nobody can.

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About ivarjordre

painter, aktivist, writer, revolutionary, human
Dette innlegget vart posta under Capitalism, Kapitalisme, Our global world, Politic&Society og merkt , , , , , , , , , , , , , , , , , . Bokmerk permalenkja.

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