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Posted by23 hours ago
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Posted by4 hours ago
Wholesome
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Posted by
Platinum | QC: CC 212
10 hours ago
Platinum

There is so much focus and FUD regarding Crypto lately, that the SEC and FED and everybody else forgot about the real heist that is going on in other Markets.

Here is a fun fact:

Over the past 15 months, the widespread and egregious illegal conduct by the six largest U.S. banks has continued. Their RAP Sheets now include 35 more new cases, which have resulted in $1,003,087,005 in additional fines arising from the banks’ ripping off, discriminating against, or financially endangering their customers, including the following:


  • In February 2021, Citibank agreed to refund $4.2 million to customers as part of a settlement of allegations brought by multiple state attorneys general that it overcharged credit card customers by failing to reduce APRs as required by federal law.

  • In March 2021, J.P. Morgan entered a conciliation agreement with a borrower who alleged that J.P. Morgan undervalued her home because of racial discrimination. This followed an enforcement action in January 2017, in which J.P. Morgan paid $55 million to settle allegations it engaged in racially discriminatory practices with regard to mortgages.

  • In May 2021, Bank of America settled a class action lawsuit for $75 million, based on allegations that it had ripped off customers by charging overdraft fees that it had no right to collect.

  • In January 2022, Morgan Stanley settled a class-action lawsuit for $60 million, based on allegations of widespread failures to protect customers’ personal data.

  • In May 2022, the CFPB ordered Bank of America to pay a $10 million civil penalty for illegally processing out-of-state garnishment orders against customers’ bank accounts.


If you want to find out more, here is a report I would highly recommend to explore this a bit more as there are some really interesting facts.

I agree that there needs to be some sort of "regulation" for cryptocurrency especially to tackle the scams that are happening on a daily basis, but the one thing I don't understand is the fact that the big financial institutions are rarely getting any heat publicly for their constant misconduct and fraud.

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Posted by4 hours ago
SilverAll-Seeing Upvote
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