https://www.thejournal.ie/financial-services-firm-fined-5719740-Mar2022/
26 replies (most recent on top)
Better than I deserve.
@bnfs, self-made millionaire. Almost an UHNWI. You?
Wow, you’re certainly going somewhere in this life. Congrats.
Yeah, I bought a car and the salesman said I'd get the best price for my trade. Can I sue him?
Right, @agpo. They thought we were handing their FX exchanges for free out of the kindness of our hearts.
Look, the FX lawsuit is history. Focus on the current and dig deeper into the current GME puts in Brazil and all the other crazy orgisinations they're in bed with.
The customers were promised the current exchange rate, period. Instead BK routinely got the best deals and customers the worst. The consistent theme of the these scandals is pressure from senior leaders to generate more revenue than the product or service would normally provide.
You sound defensive and it’s odd to defend criminal conspiracy… were you involved in pressuring your department to outperform in FX? The facts are plain… customers routinely got the worst rates and BK routinely got the best. 10 seconds of googling finds the truth.
“The litigation stemmed from alleged deceptive overcharges imposed by BNY Mellon on foreign currency exchanges (FX) that were done in connection with custodial customers’ purchases or sales of foreign securities. Plaintiffs alleged that for more than a decade, BNY Mellon consistently charged its custodial customers hidden and excessive mark-ups on exchange rates for FX trades done pursuant to “standing instructions,” using “range of the day” pricing, rather than the rates readily available when the trades were actually executed.”
What isn't true, @aobs? Did any customers quit using our FX products? They are professionals and knew exactly what they were getting and a simple overzealous marketing pamphlet didn't lead them to believe they were getting anything different than they were.
As far as the Russian laundering goes, of course money was laundered and we were negligent for not having processing in place to prevent it. However, the Russian suit claiming damages for not collecting taxes on that is frivolous extortion.
Well, based upon the comments we can expect a slew of new ethics training classes this year.
Not true at all. This guy was a hero and he laid it all on the line. He embraced and embodied our old (now decimated to “outperformance”) “Shared Values”.
Love to hear your take on the Russian money laundering scandal and the IRS shredding scandal.
@5ozj, the FX lawsuits were fraudulent and invented by attorneys looking to cash in. Those customers who were supposedly ripped off knew what they were getting and continued to use our services even after the "whistle blower" came forward.
For whoever asked about BNY being subjected to Federal oversite for a number of years? Just good
This headline from the New York Times. I am quite sure the internal auditor was
From the Fed.
Bank Settles U.S. Inquiry Into Money Laundering
Seems to be a permanent culture of corruption. Don’t know why we seem to repeat our mistakes.
Laundering money for Russia
Shredding IRS tax forms by the thousands
Manipulating FX so we get the best exchange deal and the customer gets the worse.
Yes, I know that filing a code RAP is a career ender here. But the FX hero whistleblower was awarded $50 million. Ki----g your career by filing Code RAP versus or blowing the whistle to the regulators and being rewarded millions for doing the right thing? I’d go with doing the right thing for free if there were no repercussions. But receiving a windfall for doing the right thing would allow you to do many more and bigger “right things”.
https://newmanshapiro.com/sec-issues-its-largest-whistleblower-award-50-million-regarding-bank-of-new-york-mellon-over-charges-bny-paid-700-million/
Greasy is as greasy does.
Dogs in the street could see this one coming. Who is going to be made accountable for the mess? Head of Compliance? Head of Fund Accounting? Head of Trustee? Head of Shareholder Services? Answers please....
The management in Ireland is largely very poor. The 30% club is there to shoehorn females in to top jobs irrespective of ability and sometimes at the expense of those more capable of doing the job. Dublin office is subject to horrific management.
Wait!!! Where did you find anything about Feds flying over site for years?
This is terrifying.
Cite your sources please, and I don’t mean sight, I mean CITE your sources please.
MOSCOW -- Russia has reached a settlement with Bank of New York Mellon over a $22.5 billion lawsuit against the bank stemming from a 1990s money laundering scheme by one of its executives, Finance Minister Alexei Kudrin said Wednesday.
Is that the same Irish team after which their US counterparts are to model themselves ? This place is so F'ed it's not even funny anymore.
The amount will need to be recovered from the Irish business. I suspect the bonus puddle will evaporate.
Or FF will go.
Drop in the bucket...but somehow it takes 20 people meeting for several hours over weeks to discuss any loss over $100. Would love to see the resources that go into this.
I think Charlie will be OK because he surrendered all of his deferred comp when he resigned. Of course Wells Fargo made him whole but I suspect that his money is safe.
You can bet there are some executives that will need to give back some deferred comp over this. Things like this are the reason for the clause.
Drop in the bucket as far a BNY is
concerned.
Let us not forget about this one that caused them to be under Federal over site for years. News broke in 2009.
MOSCOW -- Russia has reached a settlement with Bank of New York Mellon over a $22.5 billion lawsuit against the bank stemming from a 1990s money laundering scheme by one of its executives, Finance Minister Alexei Kudrin said Wednesday.
Russia would receive no less than $14 million for court costs under the long-anticipated, out-of-court deal, Kudrin said — only a fraction of the billions it was claiming. But he said the government would also get a $4 billion discounted loan from the bank, an "act of goodwill" Kudrin insisted is not related to the case.
Wonder if this will show up as a scenario in one of the next Ethical Practices class we all have to complete like 2 or 3 times every friggin' year?
I wonder if they're going to cover this by clawing back compensation from Charlie and Todd.
We’ve been reading here about our issues in Ireland for quite some time. I guess we all kind of saw this coming.
This is what happens when you hide information to protect the interest of others, you get slapped with a fine .This news is all over the internet.
The Irish Times BNY Mellon Fund Services fined €10.78 million Euros over regulatory breaches.