Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Recap of fines for major banking fiascos.

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Image doing that to seventy billion dollars. Intentionally. Image courtesy of Adobe Stock.

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.

Written by Jim Ulvog

October 26, 2020, 7:00 am at 7:00 am

Posted in Fraud, Other stuff

Tagged with ,

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