@@MonguzTea It is so pathetic. Why can't we just fix our laws to make it so that the fines are like 15% more than the profit gained by fraud to disincentives it?
@@samuelcohen6545 Because the same people also control mainstream media and mainstream has us panicking every 5 seconds to something or other. Feaful people are easier to control.
As a kid, you grow up thinking all these companies and people that run them, that dress and speak eloquently on tv, were the responsible individuals that earned their spots. But then you grow up and realize just how fucked up this world is. Now it's hard to take anyone seriously...
@@fairfeatherfiend 35% honestly feels like it'd be a good bet. I can totally see taking 100 randoms and MOST of the time at least 35 of them are truly logical, empathetic and not low-key morally bankrupt...
My family banked at Wells Fargo in the 90’s and we all noticed that at random times our accounts would just have an extra two or three thousand dollars. It would disappear and never show up in the bank statements. I have no idea what was going on but my dad waited until the extra money showed up on an ATM receipt. He went into the lobby and closed his accounts and walked away with an extra $4,100! That was about a months wages for him at the time. Nobody from the bank ever called or mentioned the extra money.
I was one if the victims of the, Wells Fargo multiple accounts scandal. The class action lawsuit paid me, 85 bucks lmao. There were so Many victims that even with the MASSIVE lawsuit settlement, only 85 bucks came my way ha
@@nexpro6118 We know the world is corrupt and broken because in cases like yours penalties should be nothing short of fining the bank right out of business. Nothing else is acceptable.
@@Jtzkb Nah man, it's the system we have to destroy, not the people. They only operate this way because the SYSTEM allows them to do so. focus on the cause of the evil. not the product of it
Don't trust the person selling you anything, that usually goes a long way. An example would be when I saw a tablet being sold without the seal and suffice to say it was broken. The same store had a vendor say the Xbox 360 was the same as the Xbox One.
@@user-dw1zb3fh5n I have nothing on that, but having a look at stock and forex charts, they drop and raise prices just right to mitigate previous crises, i.e controlled damage.
Ever heard of naked shorting? Wes Christian estimates that $100 trillion dollars has been taken by financial institutions over the last 20 years using this method. You've never heard of it because even the DTCC is in on it, and the SEC won't talk or do anything about it. It's kinda funny, but if you go to Gary Gensler's(the current head of the SEC) twitter he is always bombarded with questions about naked shorting XD. Never adresses it though.
@@haraldbryn8319 naked shorting was publicly realized when this Mac and game shit went down. Now investors are saying all the time NaKeD sHoRtInG when there risky investment goes down
There's a reason that banks and other financial institutions only ever see fines and never jail time to the people at the top. The fines barely count as a punishment.
It's because they write the laws through lobbying man and they have made a two tiered justice system so white collar crime doesn't have really any punishment. Personally think exec and CEO should get life for fraud or death sentence depending on how bad.
Right, and no one should be feeding into this usurious monetary system. Don't pay your debts to the banks, if they come to take your stuff make sure you're armed. Use alternative currencies like Monero and local mutual credit/LETS. Once we go back to a sane world, we can sue them for everything they got.
As a former Personal Banker to one of the banks mentioned here back in 2012-14, I can tell you without a doubt that branch managers were the worst ones at pushing the boundaries of what's legal when it comes to opening accounts, your salary, employment, and how you we're treated were tied up to those performance numbers, but let's be honest here all sales positions are judged by your numbers but even tellers were pushed to open credit cards, accounts, it wasn't just the bankers lol. You were graded all the time and we had a lot of people quit because of the aggressive management style, and the branch managers got more heat from their superiors, the entire thing came from the top as far as committing fraud, If you disagree then you we're let go because of performance... unless you quit which is what I ended up doing because it wasn't right.
Yeah, I reported it all to DOL, SEC, and eve FBI in detail in 2011. Even gave them the actual emails we lowest level workers got from the 20 layers of management showing how it was completely top-down and the employees had no choice. They simply called local cops, made up a threat, and had me hauled from my house to jail. Meet me in the SWAT car on this 3wcom: GoodShipGinsburg .or. RisePatriot
Does the bank actually profit from net/un/realized losses? Say, for example, you take a net loss & average down on a stock... The moment you make the loss real, does the bank get the profit? Sorry to be slighly off topic, but it's hard to get a legit answer for this.
ridiculous honestly. it frightens me how when businesses can turn so unbelievably evil when they get bigger. don't get me wrong, I seen plenty of shady shit from smaller companies (especially from owners who thought they were the shit while only making salaries of corpo junior managers pretending to be Bill gates) but when companies become public there comes a sense of anonymity and hiding behind a mask/role you fill in that company with the ONLY purpose of any company becoming profit maximisation. NOT the manufacture or provision of goods or services at the highest standard. I think this is a problem of anglo-saxon culture in general in the US, UK etc.
Just look at the Sacklers. The entire public knows what they did with OxyContin, yet they got off with no jail time and no meaningful loss of the wealth they built by ruining the lives of millions of people.
Years ago I got a loan from Barclays bank (around £2000) and after filling the forms out the bank staff adviced me to get insurance for the loan. She told me that if I didn't get insurance and I couldn't pay back the loan the bank would force my family (parents and siblings) to be held liable for it. Bearing in mind I had been with Barclays over 15 years and I never took a loan before and I'd always worked. I'm an electrician in England. Years later Banks(including Barclays) were found guilty by the UK government of force selling insurance to people.
Go look at a $1 bill, it is used for nothing but debt so yes your 100% correct. Money is nothing but a note that says it is literally worth nothing but debt and best part is when money is "issued" or created there is always interest. If we paid back our debt with every dollar in existence, we would be no where near paying it off, because of interest.
Worse, it's still being done...and touted on crypto and far right platforms as a 'means to secure your future' ... fear selling while at the same time robbing us blind using the very thing they want us to believe will protect us.
To be fair, he may be referencing the financially settled gold and silver futures and not the physically deliverable gold and silver futures. I understand that he said "take physical delivery", but I am not sure if he realizes there are 2 different contract types. The financially settled one will clearly deviate, like most products that claim to track 1 to 1 with an underlying asset that are not directly backed by that asset 1 to 1.
This has been the case with gold ever since the Dutch invented fractional reserve banking in the 1500s. Outside of brief periods in time when gold rushes made the gold standard real, there has never been enough gold to settle contracts for gold since
Today is my first day coming across Coldfusion but it's addicting. These videos are so insane and to see the details of the companies, banks, scanners etc and how unethical and deceitful they are is just like WOW
This seems to happen every time a new financial product is approved. The financial institution create them to have one goal - for them to make money. The modern way to do that in our current regulatory framework is to create a new financial product that is so complex that the regulators and investors can't find the secret until the banks have made their money while they are protected because it was an "approved" product - and hence the fraud was "legal". This feels a lot like a casino that creates flashy games that look attractive but where the house always wins.
I agree It very much seems to me that most of these "financial products" are are nothing but glorified gambling. The whole financial industry is unecessarily overgrown, a lot of time, energy and brainpower is wasted on these "games". Imagine we would do something actually useful with all those money and knowledge wasted on speculation and financial manouvering, which amounts to nothing more than basically gambling.
I'm from Iceland. Lost everything when I was a kid. I wouldn't trust any bank for any reason. The only difference between the people in charge of the banks and criminals on the street is that the banks are untouchable and you won't find proper justice if they screw you over.
When the bank pays a fine for fraud I assume that money doesn't go to the people who were actually defrauded. Does anyone know what happens to that money?
Sometimes the courts earmark a portion of the settlement to help those who have been harmed. The state of Virginia diverted 2 such awards that I know of to totally different uses.
Unless the bank as an institution is liquidated and bankers spend life in prison nothing will stop these thieves. I dont see that happening so unlikely to see something stopping these fraudsters.
Our “JUSTICE SYSTEMS” are also “CORRUPT” !!! We are all under the “CORRUPT SYSTEMS” that they built from top to the bottom. We are all in slaves by these corrupt systems. ☠️☠️☠️
Or smoking weed to take the edge off of the 24/7 anxiety of living pychek to paycheck. Sometimes even more than anxiety… I always find it so depressing when I think abt the people who were jailed for smoking weed to keep suicidal thoughts manageable.
You should add context to the libor scandal. If Libor was not rigged the banks in the US would never have been too big to fail. It allowed the cover-up and overvaluation of banks that also commited massive mortgage fraud. 2008 would have been tiny if not for the libor scandal. It allowed banks to cook their own books
if ColdFusion is New Thinking, then what's the New Thinking for "HOW" Bill Cosby release from prison on a technicality for date rape crimes and overturning his sexual assault conviction doesn’t make him less a Monster? #DylanFarrow #RonanFarrow The US Justice System is FUCKED UP!
Sad that WF wasn't shut down after the first one. Anyone I know that has had accounts with them (including myself at one time) has had some problems with them. They screwed my parents out of their house by cashing mortgage payments and then claiming they never received them. Did that for over two years and my parents ended up losing their house because they couldn't get anyone to help them fight WF in court over it.
“Give a man a gun and he can rob a Bank. Give a man a Bank and he can rob the world.” PS: I don’t know who said this quote originally. Feel free to comment if you know.
Wells Fargo self inflected fraud was a tragic. Additionally besides fake account fraud, they had a series of other issues related to regulatory compliance, overcharges, car loan insurance, etc. It seems like every EVP had an incentive to force their area of responsibility to cheat.
wells fargo is evil. thats pretty much the bottom line. they arent respectable, they just pretended to be. they didnt put their reputation at risk, they just showed their true colors at the expense of the reputation average citizens chose to believe. when you follow these companies closely, you can see the scams more easily. like how jp manipulated gold for years. we arent really sad about it, its just a thing that exists.
I'm at a point where I don't know anymore if I'm binging this type of content because I want to understand the world or because I like how the growing hopelessness hurts my soul
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning" - Henry Ford The only reason bankers haven't all been rounded up and decapitated is because people have zero clue how it all works lol
Doesn't help that much of modern society has been fooled for decades in the guise of bullshit dogma, meaningless jingles like "free markets" or "deregulation" or "cut the red tape". Firstly, free market is as meaningless as saying go north of the north pole. Markets are neither free nor not free. Markets are the exchange of things upon agreed rules. All the mantra of free markets and deregulation and cut the red tape means is 1) Free markets: give up our participation in the making of the agreed upon rules. 2) Deregulation: give up your participation in the planning economic activity that would most benefit you and your fellow citizens. 3) Cut the red tape: Don't verify that we're fucking you in the ass after you've given up what little power in democracy you had. People bought into those narratives. From fat fuck Rush now bloated corpse of probably reeking to the consistency of Limburger cheese Limbaugh. And other dogma promoters of the robber baron elites like the phony Milton Friedman who tainted his bullshit article that won him the In memory of Alfred Nobel Prize in Economics. To the rantings of a lunatic Ayn Rand. They ate up the bullshit with mouth gaping. And now complain the filth in their mouth is making them sick. Propaganda is a horrible thing. If only people kept themselves skeptical and always learning. Perhaps such dogmas wouldn't fester and putrefy. Now the same actors of the elites are again using time tested since antiquity of race, religion, and immigration to pit the masses against each other. "That turd salad that stinks in your mouth, it would taste more like mash potatoes and gravy if that purple guy over there wasn't giving you the wanna cuddle and snuggle wink! Beat his ass! And that turd will taste like raspberries, I promise!"
It is truly astounding to me that these banks have grown so large, powerful, and beyond the control of any regulators and international governments. Even if they could be handed substantial penalties for their parasitic and dangerous actions, the ripple effects of such massive banks being truly taken to task would financially ruin normal people the world over.
Great video, I really like these new videos you're coming out with, since these stuff are things every concerned citizen should know. "They were were caught doing fraud and fined hundreds of millions of dollars. That's just the cost of doing business." Great line there, really sums up the limitless greed these people have
@@nicksmith6629 no I've always been interested in how banking and finance works helping investors and normal clients make a profit, it's about being accountable with others finances and ensuring that customers are in a secure financial position. as an individual I cannot take down the large corporations who choose to dive into these corrupt practices.
There's a reason old timers distrusted the lovers of usury and their buildings. This is why banks invested so much on social engineering and brainwashing society into thinking "your money belongs at the bank". Do bankers keep their money in the bank though? Lolno. Invest in real estate, find government-approved scams to apply, and only purchase assets instead of liabilities.
It’s gotten to the point where you just need to jail them, and take everything from them. Houses, cars, 401k, portfolios… everything. If we can jail people for multiple life sentences for murder, we should be able to do the same for huge financial crimes that will impoverish and drive innocent people to suicide.
Banks: commits fraud Government:finds out Banks:shares profit as "punishment" Government:ok you're good to go. If you're gonna commit a crime. You better make enough to share with the government.
7:27 "The fines offered were nothing compared to the money that they made" This right here is the most concerning fraud in my opinion. Furthering moral hazard in our financial systems even more as powerful institutions know they face no real consequences for their actions
The politicians in both parties and media on both sides work on behalf of those institutions. They will never have real accountability. The system is designed this way intentionally. They are so successful at this, they were even able to convince some of the poorest Americans to vote for a multi-billionaire who is best friends with all of these bankers, and have them believe he was all about the "little guy."
Same thing happens in biotech, health insurance, or all insurance, and actually basically almost all businesses. As long as fines are less than profits, why should execs care abt breaking the law?
Big props for the whistleblowr banker, it seems not all of the wall streets are "banksters" hiding in a shell of a "banker" supposed and expected to work in the boundaries of law. I'm afraid that he's "burnt" on wall street, by which i mean the chance of getting a job in any of the companies who're hiring people to do their dirty biddings. Luckly it's not over completely, even if he can't find a job there i bet that he could find some investors willing to trust him their money, so he could not only continue trading on stock market but also "show a middle finger" to the crooked banks which are surely going to make his job looking there a real hell. Back to the point, great job mate for reporting this type of scumbaggery to the authorities, i just wish that the initial outcome (rejection of accusations) would went better, but this just is now a perfect and solid argument for insinuating collusion between banks and federal financial institutions. My entire comment is only valid if your math on the job and research is 100% solid. I think it should be because otherwise you wouldn't want to make a fool of yourself if the conclusion was somehow not correct, but i don't see any reason that you'd risk your carrer and image with a made up story. I'll keep my thumbs up for you and your whistleblower case success since this type of almost systemic unjustice towards normal, typical people by some money hungry banksters. Cheers and best wishes from Poland
Lets be real, the reason why the SEC is taking so long is because the ppl on the boards might have a buddy or two involved in these practices and don't wanna pull the trigger so fast. They'll keep playing these games if we don't start making it public discourse. #WallStreetBets
That's certainly one way to look at it, although I'd be careful with flying those flags so soon into the investigation. I'd say its more likely they look at these cases the same way as they initially looked at Bernie Madoff until his Ponzi scheme fell apart. Initially nobody wanted to believe that Bernie was committing vast frauds. Not even when a guy singlehandedly uncovered it and attempted to get it stopped. It is not uncommon for the financial world to doubt whistleblowers as is evident in every single fraud or pyramid scheme ever exposed. The amount of trust required to make the financial sector run smoothly is probably the core reason as to why so many executives really don't want to believe a whistleblower as such an exposure also speaks volumes of their own abilities in placing trusts in specific individuals and institutions, which over time easily can lead to paranoia, which also damages the economy.
Where on the contracts of the ETN and ETF are the little devils on the details, that people didn't read? Why nobody read contracts, or the issuers are so shady than omit on purpouse mentioning what are the traps on this OTC contracts or products
We, in India, have few banks that have been doing a lot of unethical practices, and since decades, these have resulted in major 'scams', that are well documented, but still these banks thrive and are supposed to be the most reliable options.
But Blockchain is also an system that works like everybody puts some money in one pod and who gets faster the money out wins some money. And the other will loose in the end.
I've been watching your channel since the beginning (about 7 years I think - yeah, when the T in the name was present). You've always had quality content, but the production has improved so much over these last few years!
How punished? By way of fines paid to the gov (BTW, which is in debt to the banks or other countries) or holding an individual(s) responsible and people serve pri-son time? The corporation will pass the cost to the consumer so the average public pays for their fraud no matter what. How much debt does the public/businesses owe to these banks? I am supposing a lot more with much higher inflation.
When you see enough of these it eventually dawns on you that it’s impossible to get beyond a certain degree of size, profitability, or power without committing some type of fraud, deceit, illegality, or otherwise shady practice.
@@OfficialGoldenboy that's ridiculous lol just American and westerners pretending animals have complex emotions because thet society is perverted and sick
@@muslimamerican4129 Why? Asian (including middle eastern, south Asian and China and most east Asian countries), African, South American countries are just as fucked up.
I used to wish I had the superpower of being able to read minds. Since Facebook and RU-vid I no longer wish for that. The average mind is not worth reading.
Most of the Banking is just a way to take money off the working class and give it to the wealthy and they will constantly invent new ways to defraud the working people of the world. Instead of waiting and asking the Government nicely to step in and hold them to account (and give them a fine of less than 1% of what they made), we should start hanging them in front of Wall Street. These people are leeches on society and it's time to remove them.
If you think this is bad wait until you see the sht that they pulled which caused '08 crisis, watch the documentary "Inside job" it'll give you an excellent insight into how fuked up the system really is
@@sympathiser_of_Germans_in_40s Yeah. What was it again? I recall: banks? gave mortgages to people eg with no job, then all these bad mortgages got mixed in with good mortgages, then the credit rating agencies gave everything a triple A rating so that the debt could be sold as "AAA super reliable" & every1 got bonuses. So a huge mountain of toxic mortgages built up; then every1 realised the economy was a FING house of cards so the economy melted; many went bankrupt & had to sell their homes. Then the rich bought many houses cheaply
That simplified example of leveraged and inverse ETNs does include a possibility (albeit an unlikely one) where the house would lose money: If the first two tosses were heads or the first two were tails, then after the second toss, one player would have $2250, the other would have $250, and the house would have -$500. Similarly, if the first five tosses have four heads and one tail, or four tails and one head, then one player would have $2531.25, the other would have $93.75, and the house would have -$625 (five heads or five tails in a row would be worse for the house, with $7593.75 for one player, $31.25 for the other, and the house at -$5625). With that said, as the number of coin-tosses approaches infinity, the proportion of patterns that result in a loss for the house approaches 0, and this is ultimately because 1.5*0.5
As a kid, you grow up thinking all of these companies and people that runs them, that dress and speaking eloquently on tv were serious, responsible individual that earned their spots. But then you grow up ad realize just how fucked up this world is. Now it's hard to take anyone seriously...
This may seem like a dumb question? When these banks, corps, ceo's are "Fined" millions, Where does that $ go? Who benifits? What's the point? The information in these videos is awesome great job. Thank you for your time, effort & generosity sharing this valuable gift to society.
You need to wake up. The Matrix movie wasn't about being asleep in some virtual reality machine, it was about how everyone is asleep and goes along with everything the system does and never question it.
@@futavadumnezo No Shit my friend. The matrix is a "movie" it is entertaining but it isn't fuckin real pal we dont live in a simulation we live in a hijacked reality! I was merely pointing out that any money in fines disappears
@@cdreid9999 That is the text book answer. What do they do with the millions/billions they receive? It surely doesn't benefit the people that are paying their salaries (agencies)or that have been victims of criminal or irresponsible acts? Whose General Fund? Really? C'mon! The question asked was intended for others to think🤔 I know exactly wtf goes on. Thanks for your time though.
The more I learn about finance and banking, especially investment banking, the more it looks like gambling with additional steps and middlemen. No regulator will ever admit that they have failed in their task, because then they will face pressure from the government, and possible dismissal.
@@waiguoren IMHO ever since QE went into maximum overdrive, regular securities have had roughly similar credibility as cryptos when it comes to valuation and economic utility. It's all paper growth, with the downside that our pensions rely on it.
it’s a crazy and amazing thought same time hw a lot of u guyz pull through all this in the world of investments. When stocks n coin at a time Inflate and deflate without notice, lol for me I would have had a cardiac arrest longtim😂
If you ever need an experienced tradr that will show accurate TA then I will sugjest TE LE GRAM > [ Jjdonna ] . I trade on a better exchange with lesser fees, happy to say I’m able to do that with her.
That's the video is meant to scare by purposefully deceiving. Even the maths here are wrong. Disappointed in this channel that had among the best videos I've seen.
It is not because it is and isn't illegal.. it is because consumers are now in the same level as institutions. And with fintech and robo tech investments and wealth app investments.... Nobody is advising or controlling those...
It is not because it is and isn't illegal.. it is because consumers are now in the same level as institutions. And with fintech and robo tech investments and wealth app investments.... Nobody is advising or controlling those... My guess is that, some banks in certain countries could do this and it was as designed. But with so many banks in a crisis. Some of the mergers didn't go correctly.. and this is possibly a new level of risk which nobody literally patched. A systemic error occurred due to say mis management.
that's not really an adage - there's little truth in it. It's just that if you don't try, you will most likely never succeed. But I can want 1+1 to be 3 all day. There is now way. Similarly, we can't all be rich. Even if we are willing to be wealthy. I never liked the proverb, it's empty and just there to give hope to failures. Some people need that. But most people need some realism...
It's so sad to say...with all those who are whistleblowering...the amount of need for greed by the financial system and banks will shift from one practice to another...greed has no moral obligation but to themselves
Thank you for covering this topic. This is absolutely the largest unmonitored and unregulated gambling industry in the world, and this is coming from someone who has worked in finance before. I want more of this, Cold Fusion man! 👍🏻👍🏻🌈🌈💯💯
What I don't understand is why, when busted, the banks don't have to pay back all the money they stole plus a putative fee. It would be like if I robbed a bank for a million dollars but only had to pay back $100. That's not a fine, it's a cost of doing business, and tells me it's fine to go on robbing banks.
@Yummy Spaghetti Noodles Wait, I thought companies WERE people! The Supreme Corporate Court said so. But companies can't be incarcerated for their crimes so are they really? Yeah, nah, yeah.
You can thank Obama listening to Tim Geithner for that lack of justice and foresight. Though probably any president would've done the same to protect his donors before re-election.
Why break them up at all? They should have just let them all fail, along with automakers and all the other big corporations that got insane amounts of welfare.
@Sherri T[A]P Me!! To Have [S]EX With Me That's exactly what is happening. They just keep kicking the can down the road as long as they have a good story they can sell the mindless citizens to justify it.
Dude, you missed out British tax havens (which is also dubbed as 'Britain's Second Empire'. Also the fact that the City of London is a separate legal jurisdiction, where corporations take part in mayoral elections. Missed the murkier stuff mate
I dunno but I don't think City of London is a separate legal jurisdiction from the UK. But you could argue that because the rich are rather above the law (eg fines are less than fraudulent profits) there is a shadow jurisdiction for the rich, many of whom work in the City of London. Apparently big fraud cases tend to be very difficult to prosecute as they are very complicated & the jury has to take like 6 months away from their job to study all the evidence. I saw a video about the black cab rapist; in it a lawyer said "Complexity is the enemy of the prosecution."
Lol corporations vote because only 37,000 people live in the city of London, despite the fact that millions commute in every day. Nominated workers get to vote in elections because the commuter population is so large and so influential on its economy. The company you work for can’t tell you how to vote either, and you don’t have to be an executive to get a vote. Source: manager used to vote in the City of London elections
I just struggled to make my first pro-fit of $ 5,800 from my trades and I can't wait to make more , been reading about investors that made as much as $ 380,000 in 2months and I'd really love to know how and what strategies could make me this much proceeds
I understand your viewpoint , but i beg to differ , I started investing in 2019 and that same year I pulled a profit of about $ 65,000 profit with no prior investing experience , basically all i was doing was seeking guidance / advice from a broker , so you don't necessarily need to be a perfect investor , just have a professional assist you
The mistake that the two articles made reporting on this before is that they explained this in very technical terms so nobody really cared. You on the other hand got the title right and you do your best to explain it in human understandable terms.
Future contract of gold do not necessarily give you rights to own a piece of gold, in fact, most don't. Rather, it is a contract between you and your issuer, that this piece of contract is worth as much as a piece of gold. This let traders trade and speculate gold without physically owning a piece of gold. Therefore, value of a future contract of gold do not lay in the fact that it can be exchange with a gold, but that it can be traded as much as a piece of gold. So it is a misconception that everyone is going to rush to the bank with the piece of contract to get their gold out. If traders dump their gold contract, what happen is the price of gold goes down, not that we ran out of gold.
1) DON'T short sell an ETN simply because it is guaranteed to go down in the long term. If you short the ** out of it like the guy mentioned, you WILL GET WIPED OUT during a spike, which happens every once in a while. Leveraged ETNs like TVIX are notorious for wiping out short sellers. 2) Future contracts trading hundreds of times the volume of the underlying commodity is perfectly normal. "If everybody demanded delivery" situation applies without using future contracts too, when everybody goes to the spot market and buys that much physical gold right now. Instead, they just speculate on the price using those contracts. So having future contracts doesn't actually change the dynamics.
Still baffles me how an institution benefits in billions/trillions from fraud but just gets a small fine in millions.... Shouldn't they be fined in excess of the estimated gain from that fraudulent activity?
Banks do fraud on a massive scale ? Color me surprised. A wise man once said to me: "never trust a banker". So far this advice was more profitable than all of the (dubious) financial products combined 🤣😂
Youre correct. Democratise finance, make it open source, and put it on a public ledger (eth and others). Always have an anonymous value transfer up your sleeves too (xmr, aztec network, tornadocash)
Or our governments performing actual regulation and punishment for financial crimes. Start giving fraudulent bankers life sentences and fine banks five years' worth of profits.
There is indeed such thing as being above the law, you just need to have enough money. That's it, it doesn't take anything else. With enough money you can get away with ANYTHING in this world, even craft the very laws to your desires. Don't fool yourself thinking otherwise. And people dare questioning why we desperately need bitcoin. The big banks and governments don't like crypto because then they can't continue doing all this disgusting practices.
Bitcoin is extremely flawed, do not talk about things you do not understand, crypto has its merits yes, but always remember who who holds the reins of power, to break your bitcoin fantasia, over 60% of mining is done in china and the whole consensus system the blockchain relies on can be broken down if you own 50%+1 of the whole network so if china really wants to they can say that bitcoin can be worth whatever they wish or you know maybe they can just say fk it bitcoin is ilegal, which is something most governments can do. Bitcoin is still fiat currency, it is still based on trust and the anonymity it so promise is also gone as in many places you cannot even buy bitcoin without your ID so yeah, no.
@@islar7832 Crypto tech is evolving rapidly. Decentrialised exchanges and POS technology will deliver the financial freedom we are all hoping. Buy Ether... it's going to replace BITCOIN.
@@matthewfox1561 you don't know what you are talking about. Fiat is not backed. Bitcoin is backed by it's own design. You can not "mine" more than is allowed by design. Thus inflation becomes IMPOSSIBLE. Sure some sick bankster can buy up a lot of Bitcoin and crash sell it. But the amount of Bitcoin in existence will never be some surprise or manipulated by a central bank.
2:47 "it focused on the intense pressure on bank managers and individual bankers to produce ever-increasing sales and even mathematically impossible quotas" - it requires a pretty high level of evilness to target your own employees in such a way to practically force them to fraud.
@@javierjp8549 Archegos was exclusively long on all their positions. credit suisse forced archegos into a short basket to hedge all their long positions. The short basket basically includes all the extremely shorted stocks like GME and AMC.
@@javierjp8549 Because shorting stocks, whether you're in Wall Streets or a Robin Hood wanna-be, is shorting stocks all the same. Just because you do what you say that Wall Street shouldn't, that does that does NOT make you a good person if YOU do the same. It makes you a more *clever* person than wall-street folks, for the public see you as someone who "give money back"... NO, you're stealing money all the same. Shorting stocks is Wall-street style speculation... and it's legal, yes, as long as you don't spread misinformation; which, very clearly to me, had been spread. Tell me that making viral videos targeting a demographic of broke students telling them to "hold on" a mediocre-at-best stock for as long as they can is not "spreading misinformation". For all I care, I hope the person who started this movement end up in jail. I'm serious.
@@jas_bataille listen to yourself. You're literally blaming retail investors for playing the same game that Wall Street does. But Wall Street has all the advantages that retail doesn't. The rules are stacked in THEIR favor and is a no lose casino for them. Your argument is disingenuous at best. Shorting is a part of the market. Yes. It's needed for a healthy stock market. But when you have instituional banks, hedge funds and market makers abusing and blatantly commiting fraud in said short positions, it's not a fair market for everyone. You've obviously haven't done ANY research to support your position. Come back when ya got something, bud.
@@jas_bataille It's not a "mediocre" stock if it's got a lot of $$$ attached to it because a lot of people bet that Gamestop would fail. That's an opportunity
The fact that the gold futures volume is much larger than the existing gold is not a problem. It is cash settled, i.e. you bet on the price of gold with a counterparty, but no real gold is ever received, you rather receive the gold spot price at contract expiry
Unless there's a massive global economic downturn, or hyperinflation or some other disaster where people want to start collecting their gold because FIAT is useless. Seems like it'd be a run and would exasperate the problem by making the collapse of FIAT near instantaneous.
Liked the video because you actually had the link in the description like you said, so many youtubers just say that because it sounds nice and like “ohh yay hes giving credit” but do not actually do it, so thank you for actually putting the link in the description to your sources
That basically makes the justice system and accomplice. Why would we ask and accomplice to help solve a problem that the participate in. Reminds me of the fox and the chicken coop. We are the chickens the fox is the regulator. What is needed is a free market mechanism sort these concepts before they reach rod public acceptance. Though I can't identify the specific technology to do this I'm confident it already exists. Paul
@@gradeyundery4939 There is a free market it's simply latent or dormant it exists no matter what the problem is the free market is not being utilized. Think of the millions of transactions every day which take place from the simplest to the largest without any nefarious purpose and that fill the daily needs and requirements of most of us. There are some bad actors out there unfortunately some of them are very large and in fact many people. The technology is coming though where we can avoid this kind of thing be patient keep a good attitude you'll see Paul
I know there's tons of overhype around blockchain tech and crypto, but developers (not speculators) in this space are working towards what you're describing, among other things. Check out Cardano, which the founder describes as a financial operating system, one that allows distributed control, and cuts out the need for a trusted intermediary.
@@gradeyundery4939 This is the "free market". Deregulate! Government Bad! Was bullshit. It essentially created a power vacuum so that these blood sucking bankers can scam people, and parasitical monopolists can squeeze wages to the point of non-gainful employment. There is no such thing as a free market. It's as dumb as telling someone to go north of the north pole. Markets are neither free or not free. Markets are simply the manner in which people exchange something under agreed upon rules. "Free markets" or "deregulation" etc. just means to take away your participation in making of those agreed upon rules... with both hands. And giving it completely to the bankers and financial elites in this case. But it goes to all powerful rich elites. They want us all price takers. And they'll make the rules...aka market makers. And we must shut up. End of any democracy in shaping the agreed upon rules upon which the markets will function. Take that tired dogma of "Free market" mantra and burn it. It's an obvious toilet buzz word propaganda to get dip shits hot and bothered and agreeing to neuter themselves. To be a useful idiot to further exploit an entire people.
Always bank with credit unions. You are a member not a customer. (Share holders don’t run them) Always invest with vanguard. Unlike the others, vanguard is owned by its investors not stock holders.
I wasn't a victim of the Wells Fargo scam, but I've been planning to leave them ever since due to the principle of the matter. It's finally happening in a few weeks now that I've opened a credit union account.
