By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

Fed fines Deutsche Bank $ million for forex violations | Reuters

John Maynard Keynes, The Economic Consequences of the Peace In levying the FX fine on Deutsche Bank, the Fed said it found "deficiencies in the firm's oversight of, and internal controls over, FX traders who buy and sell U. Additionally, and stunningly, years after it became clear that FX chat rooms are about the worst possible idea for currency traders, the Fed said Deutsche Bank failed to detect and address that its traders were still "using electronic chatrooms to communicate with competitors about their trading positions.

Fed officials are "requiring the firm to cooperate in any investigation of the individuals involved in the conduct underlying the FX enforcement. Having clearly learned its lesson - for real this time - Deutsche Bank said "we are pleased to resolve these civil enforcement matters with the Federal Reserve.

Separately, the Fed said it "found gaps in key aspects of Deutsche Bank's compliance program for the Volcker rule, which generally prohibits insured depository institutions and any company affiliated with an insured depository institution from engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring, or having certain relationships with a hedge fund or private equity fund. The Board also found that the firm failed to properly undertake certain required analyses concerning its permitted market-making related activities.

The consent order requires Deutsche Bank to improve its senior management oversight and controls relating to the firm's compliance with Volcker rule requirements. The FX violations were discovered during a four-year-old review of dealings at the bank, the Fed said in a consent order reached with Deutsche Bank.

Deutsche Bank has bank agreed to improve its oversight of foreign exchange trades as part of the agreement with the Fed. We are "confident" this this will be the last time we ever hear of Deutsche Bank rigging markets and violating trading rules. I am sure the fine will stop them. Hey ass holes, put the mother fuckers in jail. Wait you wn't do that they give you money to run your campaigns.

All of bankers you just die and take all the politicians with you. Yes, because the first slap on the wrist just wasn't hard enough. This one will sting though, and they will learn their lesson.

Put that 20khat on and give us a bit of the non krugger you are. Contrary insight is what we crave. Everything should be allowed to fail. Many banks should have gone bust in The ones that survived should have been busted up into smaller ones shortly thereafter.

The exact opposite of what happened. In nature do you know what happens to permanantly successful species? They multiply until they exhaust their food supply and they starve to death. Unless you are willing to allow the just and the unjust to die indiscriminately, you are playing God.

Playing God has never worked out well for Man. The more you try to make something fail-proof, the harder it becomes, but also the more fragile it becomes. The more fail-proof you try to make it, the more centralized the control must be to hold it in that position. And in that process you introduce its greatest weakness- single point of failure. And when that failure point is hit, the entire thing collapses catastrophically. The more DE-centralized the control, the lower the likelihood that a failure in any given part will take down everything.

Does this mean I advocate anarchy? Every man for himself?

I would just like to see the slightest nod from those in power that somebody other than myself understands the real risks they are taking by going too far in the direction of centralized control.

The Reserve Bank also transacts in the market to manage the currency risk on its portfolio of foreign currency assets. As discussed below, the foreign currency assets on the Bank's balance sheet are managed to a benchmark.

In order to maintain the currency composition of these assets at, or within modest deviations from, their benchmark weights, the Bank regularly rebalances its foreign currency portfolio. These rebalancing transactions, and any transactions necessary to accommodate a change in the benchmark weights, involve the Reserve Bank operating in both the foreign exchange spot and swap markets. I'm starting to get the feeling this whole thing is simply a giant confidence game.

Mysteriously rigged in favor of assholes, all of whom any decent person would naturally despise.

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At least the RBA spells it out for us. It's awfully easy to see the sticky fingers of the BoJ, Fed, ECB and SNB in the "markets" pretty much every day. It seems to me this is one of those things that has Yellen so freaked out about an audit. I thought for an instant someone actually went to jail. But why go to jail when you can just print and pay? Someone should trademark that: This bank is setting a record for fines that should stand for a long long time. Now see, if Corzine were in charge, things would be a little different PS, according to this, the UK was still almost twice as large as the US in fx trading of around 5 trillion bucks a day in April It's true, I mean rigging the market was one thing.

But when this guy from Deutsche told me he was itching to brush, ever so lightly, against his enter key for me, I knew he was really just some goose-stepping slut. Gee, the banks that steal the wealth of the people and nations cheat and lie????? The best B movie ever made is called " Assault on Wall Street. They are all grossly overpaid and in order to grossly overpay themselves they have to cheat and break the law.

This is the essence of a TBTF bank like Douchebank. Meanwhile they keep looking for creative ways to automate and lay off bank tellers. Get rid of the useless overpaid fucks upstairs! Here's our Cookie Policy. How to report offensive comments. Home Contributors Newsletter Donate More Store ZH-TShirt Glossary Archive Manifesto RSS. CNN's Jim Acosta Throws Dramatic Tantrum Over Sean Spicer's Silent Press Briefing by ZeroPointNow - Jun 19, Inflation is no longer in stealth mode by GoldCore - Jun 20, 5: Apr 20, 5: Another day, another fine for the bank that no matter what, just can't play by the rules.

Risk Management Federal Reserve Private Equity Banking Practices Trading Rules Deutsche Bank. Printer-friendly version Apr 20, 5: Comment viewing options Flat list - collapsed Flat list - expanded Threaded list - collapsed Threaded list - expanded.

Date - newest first Date - oldest first. Select your preferred way to display the comments and click "Save settings" to activate your changes. NoDebt order66 Apr 20, 6: I'm so glad we bailed out the banks in Pinto Currency remain calm Apr 20, 6: What's the fine for the Bank of England for rigging global interest rates?

Cognitive Dissonance Pinto Currency Apr 20, 6: So what about the 'other' traders DB was communicating with? Your government at work for you.

The next question is, who bails out America when it can't pay its debts? Rich Stoehner junction Apr 20, 6: Arnold NoDebt Apr 20, 7: I'm not getting your sarcasm ND. Show us some of your insights. NoDebt Arnold Apr 20, OK, how about this for an answer If only central banks would stop rigging currencies, we might someday have actual markets again.

Crawdaddy hooligan Apr 20, 7: OCnStiggs Apr 20, 5: Ecclesia Militans Apr 20, 5: Madcow Apr 20, 6: Anyone caught not rigging FX markets will be considered a terrorist and raped in prison. Apr 20, 6: You can't deny the name fits them. Uranium Mountain Apr 20, 6: Strelnikov Apr 20, 7: Deutsche Bank, "Was that wrong? Should I have not done that? Don't do it again Wink, wink, Nudge, nudge. Pumpkin Apr 20, 7: When these white collar criminals begin to go to jail, only then will things change.

Isn't it time to revoke the charters of these false profits? G-R-U-N-T Apr 20, 7: After what UBS did, not surprising! Who went to jail? Fine paid with fiat fractional reserve notes. FlKeysFisherman Apr 20, Here's a link if you're bored. Skip to the last 20 minutes for the good part.

Apr 21, Create new account Request new password. To prevent automated spam submissions leave this field empty. Zero Hedge Reads Acting Man Alt-Market Benzinga Boom Bust Blog Capitalist Exploits China Financial Markets Chris Martenson's Blog Contrary Investor Daneric's Elliott Waves Dr. New Comments 6: I read this twice and came to Harlequin House of Saud are the main man of Wool. All 3 have bowed to him. A far left FT stilletto2. Shall we shag now, or shall buzzsaw Why would she have any Mareka.

Deutsche Bank braced for fines in forex probes: sources | Reuters

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