JP Morgan pays $920m to regulators

[Jimbuna]

The settlement is the third biggest banking fine by US regulators, and the second largest by UK regulators.

Will the bankers ever learn?

http://www.bbc.co.uk/news/business-24159801

[Fubar2Niner]

Why will they Jim. It's the only job I know where you can totally screw up and get a £xx,000 or more hand shake Bastidges

[Jimbuna]

Originally Posted by Fubar2Niner

Why will they Jim. It's the only job I know where you can totally screw up and get a £xx,000 or more hand shake Bastidges

Agreed...that is one of the most annoying aspects of this whole sorry financial system...in the UK anyway.

[Jimbuna]

Impose custodial sentences in addition to fines to those responsible and bring in tighter scrutiny and governmental control measures.

You?

[Armistead]

No they don't learn, because they know they can make more money breaking laws and regulations than the fines or lawsuits brought against them.

[Simmy]

Originally Posted by Armistead

No they don't learn, because they know they can make more money breaking laws and regulations than the fines or lawsuits brought against them.

Isn't this the truth?
Same with the drug companies. They make 2 billion dollars on a new drug then end up paying 300 million dollars to pay off the class action law suits.

[Armistead]

Originally Posted by Simmy

Isn't this the truth?
Same with the drug companies. They make 2 billion dollars on a new drug then end up paying 300 million dollars to pay off the class action law suits.

Look what they did with the bailout, given billions to help home owners, not only did they not loan, they simply stole numerous homes. Sure,, they paid millions in fraud lawsuits, but they made 100 times more breaking the rules. They create a problem, get a bail out and still give themselves millions in bonuses. Was anything solved, not really, they do the same thing and they're still too big to fail.

[Wolferz]

Fines? More like bribes.

Give a man a gun and he can rob a bank and go to prison for it. But, give a man a bank and he can rob the world and get paid handsomely for it.

[Sailor Steve]

Originally Posted by Simmy

Isn't this the truth?
Same with the drug companies. They make 2 billion dollars on a new drug then end up paying 300 million dollars to pay off the class action law suits.

Wouldn't it be nice if people did just a little research before they repeated what they've been told?
http://www.forbes.com/sites/matthewh...panies-ranked/#
http://en.wikipedia.org/wiki/Drug_development

On the other hand, and to be fair, a pair of economics experts question how much it really costs and come up with some numbers of their own.
http://content.healthaffairs.org/content/25/2/420.long

[Armistead]

Originally Posted by Sailor Steve

Wouldn't it be nice if people did just a little research before they repeated what they've been told?
http://www.forbes.com/sites/matthewh...panies-ranked/#
http://en.wikipedia.org/wiki/Drug_development

On the other hand, and to be fair, a pair of economics experts question how much it really costs and come up with some numbers of their own.
http://content.healthaffairs.org/content/25/2/420.long

I think he was trying to make a point...

[Simmy]

Originally Posted by Sailor Steve

Wouldn't it be nice if people did just a little research before they repeated what they've been told?
http://www.forbes.com/sites/matthewh...panies-ranked/#
http://en.wikipedia.org/wiki/Drug_development

On the other hand, and to be fair, a pair of economics experts question how much it really costs and come up with some numbers of their own.
http://content.healthaffairs.org/content/25/2/420.long

You misunderstood my reply.
No one said creating a drug was cheap or that it happens overnight.
Which is what your post seems to indicate I was implying.
And then of course everyone has a different set of numbers to show how expensive or inexpensive it "really" is.

The post was about the big bucks drug companies make off their wares while the patents are standing.
Pfizer I believe it was got caught paying another company $200 million "not" to make a generic brand of a drug whos patent had run out.

Since you love to look up things because you always think I'm so wrong about Everything. Look up what some of these drugs made in profit and then how much the drug company paid out in the lawsuits.
I hear Lipator is the latest to hit the skids. It must of been around for 10 years, now they claim it has very bad side effects.

I would do it for you, but I'm sure I would only screw it up.
But maybe You could tell me how if it takes so long to make a drug and so much money to get it market, and then hundreds of millions or even billions to settle the lawsuits, not to mention all the bucks to defend the company in court, how do these companies pay their CEO's and other execs that big bonus and still make those big big profits? The ones used to pay for all the R&D, testing, manufacturing, offices, plants, payroll.
Yes sir you got me feeling real sorry for them.

But I wonder if we should trust drug companies with providing the numbers when trying to get to the real cost. I mean they might have a good reason for making those numbers high. As in what they want to charge for the drug, the advertising for the drug, legal cost to get the drug going and maybe defend it in court. The bucks needed to show the board that we are in charge and making money for the big bonus, and all the money they have to pay out to investors and stock holders.

But no need to ask, I'm sure you have all the answers.

[Jimbuna]

Originally Posted by terryn

I think that's a chivalric approach, but I don't think it will eliminate the corruption. It might not even curb it.

I don't have an answer.

Well thanks for your honesty anyway.

I forgot to mention, strip them of their gold plated pensions and share issues as well because it is all about money and the greed for more.

[Fubar2Niner]

Originally Posted by Jimbuna

I forgot to mention, strip them of their gold plated pensions and share issues as well because it is all about money and the greed for more.

Whole heartedly agree Jim, will it ever happen? I doubt it, but hope I'm wrong.

[soopaman2]

That's a drop in the bucket.

How come someone who steals 100$ will go to prison, but steal a billion and you get interest free loans from the Fed?

Any free capitalists wanna explain that one to me?

[STEED]

JP Morgan is always being fined and they answer with this...


They don't give a hoot they are making millions every day.