One of the Fed's Owners, Caught in the crime, Settles with meager $3 Million Penalty!
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I @ronmamita read this criminal report from the Federal Reserve website today 27 Jun 2017:
The Federal Reserve Board on Tuesday announced a $3 million fine against Bank of New York Mellon Corporation for unsafe and unsound practices after the firm improperly assigned a lower risk weighting to a portfolio of assets, reducing the firm's risk-based capital ratios.
In 2010, following a change in the relevant accounting rules, BNY Mellon consolidated a portfolio of collateralized loan obligations onto its balance sheet. BNY Mellon incorrectly assigned the assets a zero-risk weighting, which was improper under the rules in place at the time. As a result of its improper treatment of the portfolio BNY Mellon understated its reported risk-weighted assets and overstated its risk-based capital ratios for nearly 14 quarters.
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The federal reserve board demanded immediate payment by bank wire and that is the end of the matter!
Or is there more to this story?
Ah, the law in a corrupt crony capitalist, or more accurately fascist state is a strange sort of inverted net. All the little fish (you and I) get caught, while the big fish (politicians and bankers) swim right through with impunity. Which is telling, as just in the days of the kings, true power is the ability to get away with criminality. If you want to know who holds the power, just see who is above the law.
@gregmurphy Thanks and don't fear to share truth 👍
The Federal Reserve and other financial powerhouses only ever end up paying fines for public image... it's not even a microscopic drop in their soar system-sized bucket for them. It's all theatre... the Fed can ruin entire nations with the stroke of a pen. They continue to devalue the USD and rape developing countries of their value.... they are sick people honestly.
Yeah. It goes something like a $20 million fine for a $2 billion fraud. They are in fact sick, and sociopathic. It's actually quite natural that they rise to power if you think about it. A sociopath has no empathy, and hence is willing to go further than a sane functioning person to gain power. Sick, but sadly logical.
@famcore Thanks! 👍
the criminals on Wall Street and the banking industry basically get a free pass. They have been declared too big to fail, too big to jail, and their stockholders pay out the 'slap on the wrist' fines. The companies make hundreds of times the cost of the fines via their bad behaviors, so the fine is just a small cost of doing business. The crime bosses get a bonus.
@binksmom True, unfortunately
Crime rules the world. It has already become familiar, and we just think that these are sick people.
True - thanks @igor-steem for the upvote!
That's how it goes. With power and corruption you can get a slap on the wrist for almost anything. Sad as it is. And this will continue until people push for real change.
@exavier thats why we are amplifying the awareness and remain silent no longer.
endthefed is a worldwide call that central banking's monopoly money must end.
Sounds like you are prepared for the coming market corrections.
Have you heard about the new Sapphire and ASUS GPU cards made specially for cryptocurrency mining?
I'm trying to be prepared. Think it's about time things change with the currency control and I think cryptos are the answer. Yes, actually was just reading about them. I don't think I'll be dabbling in mining myself most likely, but still very interesting.
We disagree about that - cryptos are not the solution and they are part of the plan to implement the globalists' digital global economy with the 4th industrial revolution - blockchain A.I., fintech, cashless society, etc. all engineered by design. But not many read the details and connect the dots.
but no worries - that script can be flipped too!