Well, what would you expect from a bank named after a tax cheating idiot plutocrat?
Internal BNY Mellon Documents Show Panic
By JEAN EAGLESHAM And MICHAEL SICONOLFI, The Wall Street Journal
DECEMBER 28, 2011
Five states, including Florida, and the Manhattan U.S. attorney have filed civil lawsuits over the past several months against BNY Mellon, seeking a total of more than $2 billion in damages. The suits allege the bank defrauded pension funds and other clients by systematically overcharging them on currency transactions.
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At issue in the suits filed against BNY Mellon is its “standing-instruction” service. That is when pension funds and other clients allow the bank unilaterally to handle their foreign-exchange, or FX, transactions. Clients could instead negotiate their own foreign-exchange trades, but that would require staff and technology.In the documents, Mr. Wilson described how a “transaction desk” collected currency trades for BNY Mellon’s “standing-instruction” clients and then later in the day set the price at which the bank would record those transactions. The prices often were at or near the day’s least-favorable exchange rates, state attorneys general and prosecutors allege, with the bank profiting from the difference.
And you may ask yourself ‘where have I heard about BNY Mellon recently?’ Why, they are the bank colluding with Bank of America to pay off Countrywide’s securities fraud at pennies on the dollar.
But this is a totally different scam for stealing from their customers.