1/ A large institutional investor asked me why people will trust Bitcoin over banks.
I showed the following data: The big banks have been fined upwards of $300B in the last decade for all sorts of appalling behavior.
US-only violation tracker:
violationtracker.goodjobsfirst.org/prog.php?major…
👇
I showed the following data: The big banks have been fined upwards of $300B in the last decade for all sorts of appalling behavior.
US-only violation tracker:
violationtracker.goodjobsfirst.org/prog.php?major…
👇
2/ Just this week, the UK fined banks $66 BILLION: "The commission paid by the bank to its staff for the sale was 87% of the premium. As the profits were so large, firms were prepared to risk a fine for mis-selling, according to the Financial Services Authority"
3/ Earlier in 2019, Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined $1.2 billion for rigging the spot foreign exchange market for 11 currencies.
In a similar case with U.S. regulators banks have pled guilty, and been fined more than $2.8 billion
In a similar case with U.S. regulators banks have pled guilty, and been fined more than $2.8 billion
4/ In 2013-15, banks attempted to manipulate LIBOR -- Libor Fixing Scandal: en.wikipedia.org/wiki/Libor_sca…
UBS pays $1.5 billion in fines, Rabobank pays $1B in fines, Deutsche Bank pays $2.5B in fines...
UBS pays $1.5 billion in fines, Rabobank pays $1B in fines, Deutsche Bank pays $2.5B in fines...
5/ Wells Fargo:
$20M fine for improperly repossessing cars from military members WHILE DEPLOYED.
$185M fine for creating 1.5M deposit accounts and 500k credit cards in customer names without their permission.
$1B fine for fake insurance on auto loans that people did not agree to!
$20M fine for improperly repossessing cars from military members WHILE DEPLOYED.
$185M fine for creating 1.5M deposit accounts and 500k credit cards in customer names without their permission.
$1B fine for fake insurance on auto loans that people did not agree to!
6/ The people working at banks are generally good people trying to earn a living.
But banks as organizations are dysfunctional. Instead of creating value first and monetizing later, they now exist only to make money -- through any means necessary.
Thus few people trust banks
But banks as organizations are dysfunctional. Instead of creating value first and monetizing later, they now exist only to make money -- through any means necessary.
Thus few people trust banks
7/ Government fines won't stop this bad behavior.
The real fix is disruption via entrepreneurs re-imagining banking, lending, credit, etc. on auditable infra
Until then, people will continue to hate banks for scamming our grandparents' pensions away 😡
The real fix is disruption via entrepreneurs re-imagining banking, lending, credit, etc. on auditable infra
Until then, people will continue to hate banks for scamming our grandparents' pensions away 😡
8/ Bonus tweet that I was just reminded of:
