Fined a penny, pick it up....
"Barclays, Goldman, Merrill fined $1 million each" AP June 05, 2014
NEW YORK — The Financial Industry Regulatory Authority said Wednesday that it fined investment banks Barclays, Goldman Sachs, and Merrill Lynch $1 million each for providing incomplete and inaccurate information about trades the companies conducted.
For banks that make profits in the range of $2-$5 billion dollars each quarter, that is what, a 0.001% fine? (I did the math the old way). That is not one percent, that is one one-thousandth of a percent on profit of $1 billion.
Doing the math the old way really makes you appreciate the ob$enity of it all.
Finra said that the trading information is required to be submitted upon request but it said the data was missing, had incorrect customer names and contact information, or inaccurate details about the transactions.
Regulators use the trading data, known as ‘‘blue sheets,’’ to investigate potential insider trading or other manipulations of the market.
Looks CRIMINAL to ME!
The Wall Street regulator said that Barclays PLC, The Goldman Sachs Group, and Merrill Lynch neither admitted nor denied the charges by settling the cases.
Bu$ine$$ as usual six years after the cra$h that has enriched the wealthy beyond belief while leaving de$titution for the rest of us. What a great $y$tem.
Barclays, Goldman, and Merrill, which is a unit of Bank of America Corp., declined to comment.
Finra also issued a complaint against Wedbush Securities for the same reasons, but said that the case hasn’t been decided yet. Wedbush didn’t respond to a request for comment.
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That wasn't a slap on the wrist from Finra; that was a full on fellatio with $wallow.
