How The Biggest Banks Get Away With Fraud

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Producer: Dagogo Altraide

[midimusicforever]

"The fines were nothing compared to the money they made"

How surprising.

[iamscherzo]

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...

[victorbellew]

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.

[Sythemn]

"The fines were nothing compared to what they made" - At that point it's effectively just another tax on doing "business".

[Mastermind]

As someone from Iceland, don't ever trust your bank, and never ever, absolutely never trust anything someone who works for the bank tells you.

[EmilyKresl]

My mom told me back in the late 90s' ; "It's easier to steal $1 from a million people than it is to steal $1 million dollars from 1 person.."

[XykcTepa]

"Justice will be served over time..." That's the most hopelessly optimistic thing I heard all year. Still if I'm wrong, that will be great!

[mylom]

Modern economics turned into the world's best casino where the banks are the house and we are the players.

[pawarl.o.s.]

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.

[sf]

What's amazing is that they probably got away with way worse nobody knows about

[uchicha]

"traded more gold that has ever been mined" the fact that they dared to approach such an absurd number is insane.

[ToanTran-mmuv]

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.

[rivenraven]

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?

[connecticutaggie]

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.

[hakimbuildingleaders]

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

[DanyCesc]

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.

[Rays_Bad_Decisions]

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

[minh-tuanp]

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

[kod-s]

Sometimes I feel that the entire world economy is built on the idea of infinitely delaying the payment of bills.

[shantanupednekar]

When you have money, you can get away with a lot.