It is so sad to say, but a reality never-the-less, there are so many major banking fiascos with such a wide range of willing participants that it is impossible to keep straight the players and disasters and fines based just on memory.
So, that means I have a spreadsheet to track the willful disasters I’ve been following.
My tally does not include all the billions of dollars paid to settle mortgage issues arising from the Great Recession. That is another massive set of disasters all by itself.
Here is my running tally of the amount of stockholder equity wasted for a range of different debacles. Amounts in millions of dollars:
| 26,342 | money laundering, US only |
| 5,300 | money laundering, other countries |
| 13,910 | FOREX manipulation |
| 10,399 | LIBOR manipulation |
| 870 | ISDA fix |
| 1,865 | Credit default swap |
| 5,664 | fake accounts |
| 5,554 | 1MDB bribery |
| 920 | spoofing treasuries and precious metals |
| 70,823 | total of above, without any mortgages |
Seventy-one billion. With a “b.”
Again, that does not include any of the gigantic settlements for mortgages.
The amounts wasted by bank, as accumulated on my spreadsheet, with amounts in millions:
| 93 | ICAP |
| 840 | BofA |
| 3,238 | JPMorgan |
| 3,394 | Citigroup |
| 613 | U.S. Bank |
| 5,664 | Wells Fargo |
| 14,774 | UBS |
| 2,376 | RBS |
| 3,440 | HSBC |
| 1,370 | 80 separate banks |
| 4,078 | Barclays |
| 4,204 | Duetsche Bk |
| 9,724 | PNB Paribas |
| 2,857 | Credit Suisse |
| 5,838 | Goldman Sachs |
| 714 | Bank of New York |
| 2,790 | Societe General |
| 530 | State Street |
| 1,221 | Rabobank |
| 640 | Standard Chartered |
| 787 | Credit Agricole |
| 1,454 | Commerzbank |
| 180 | Mega Bank |
| 70,823 | total of above, without any mortgages |
All that money wasted. Oh yeah, that is just money laundering, price/index manipulation, fake accounts, and 1MDB.