Comments
n3m37h t1_je18bmm wrote
Oh you better believe that's a paddlin
AltCtrlShifty t1_je27v2d wrote
If there isn’t jail time, it was worth the risk to them.
US_Witness_661 t1_je2dj1a wrote
At least here in the US, there isn't. You can bankrupt your bank and the FDIC will bail out the customers while you can sell off your stock and make millions.
Sufferment t1_je3c5vj wrote
Didn't svb stockholders lose everything?
captain554 t1_je3cv9r wrote
Trick is to sell right before the crash: "CEO Greg Becker sold over $3.5 million in company stock, an SEC filing shows. Less than two weeks before Silicon Valley Bank became the largest bank failure since the 2008 financial crisis, top executives at the company sold stock totaling several million dollars, according to federal disclosures obtained by ABC News"
RE5TE t1_je3q3oa wrote
Executives do that regularly. They're paid in stock, so they sell to get their money. The SEC can easily see if they sold an abnormal amount. I'm sure they're all under a microscope at this very moment.
herpaderp43321 t1_je3kkwi wrote
Makes it sound like they knew and this would be automatic jail time.
be0wulfe t1_je3cn5t wrote
Depositors got made whole, largely through asset sales and their deposits being bought by other banks.
I have as yet to hear of anyone getting investigated for insider trading, which they should, or negligence or wilful malfeasance, which they also should.
And the bank wasn't bankrupt. But I've explained this as far as I care to; go read some background reporting instead of spouting off silly sound bites.
gaukonigshofen t1_je07fg4 wrote
Now I'm beginning to understand why sone people hid (still hide) money in mattress
WanderingPickles t1_je0ech4 wrote
Why?
These people were making/retaining money (by reducing tax exposure) via shady means. They didn’t lose money in the trading activity.
Putting cash in a mattress is a sure way of losing value. $100/€100 in 2005 is now worth $64.92/70.68.
tretower424 t1_je0o4t6 wrote
Not to mention the amount you lose when the mice start snacking on it.
RubusDragon t1_je1y0jb wrote
And that's almost "good" compared to the current situation. With inflation rates soaring near 10%, $100 in 20 years will be like $15 and that's assuming inflation doesn't get WORSE.
gaukonigshofen t1_je0gx25 wrote
considering some people have bad luck with stock market, it might not be that bad
WanderingPickles t1_je0iw01 wrote
There is always risk. However, sitting on physical cash is a bad idea. I googled the inflationary changes and those numbers are correct.
The least bad option is to park cash in a savings accounts. At least you get a fraction of inflation.
GMN123 t1_je1zziz wrote
I think the lowest-risk long-term store of wealth, including inflation as a 'risk', is probably a global index fund or something similar. Cash is safe in nominal terms only.
Few-Swordfish-780 t1_je2vakk wrote
WSB would like a chat.
SourDi t1_je1mce9 wrote
Just a cost of doing business
TonySu t1_je37ch8 wrote
Pretty sure when HSBC got hit with the largest fine in history, they already had a budget for the fine, the fine came in under budget, they somehow got a tax deduction on it as an expense, and everyone got bonuses.
BadModsAreBadDragons t1_je2t66l wrote
$1.1 billion for a bank is like toilet paper, not to even mention multiple banks.
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Excellent-Wishbone12 t1_je38vqf wrote
Seize the assets of all senior executives current and former.
They need to return heir ill gotten profits from committing fraud on shareholders
The execs shouldn’t be allowed to live in luxury. It’s Madoff fraud.
[deleted] t1_je1jq5d wrote
[deleted]
Excellent-Wishbone12 t1_je36buh wrote
The banks should start by getting the money back from CEO’s (former and current) and Sr. Executives who personally profited from the corruption.
Shareholders shouldn’t pay the price
Excellent-Wishbone12 t1_je38bme wrote
Doesn’t HSBC not have a long history of money laundering?
Why aren’t the executives of banks not going to jail for fraud”
Excellent-Wishbone12 t1_je384w3 wrote
Oh, and any and all accounts internal , external and rating firms who aided in the fraud.
Individuals should be sued for costs.
MiserableLychee t1_je3yyv8 wrote
They should take that 1.1 billion, double it, and give it to me.
Skydreamer6 t1_je17jf0 wrote
Hiding crooks? That's a paddlin'......