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this is industry Wednesday every Wednesday we analyze a different industry today we're looking at 15 things you didn't know about the banking industry welcome to a lox calm the place where future billionaires come to get informed hello a lexer ism welcome back to our channel house luxury treating you lately we're so happy to have you back with us for another amazing video today we're talking about the institutions that keep our money safe or not and all the people and mechanisms behind them yes it's the banking industry we're talking about and have nothing but juicy facts to share with you the first form of banking was born in Assyria and Sumeria around the year 2000 BC in the form of merchants making grain loans to farmers and traders historians place the key point of modern banking system development to Medieval and Renaissance Italy and spread throughout the Holy Roman Empire and to northern European regions in the 15th and 16th centuries with a rise in telecommunication development the banking industry saw an impressive increase in size and geographic spread starting with the 20th century the financial crisis back in 2007 to 2008 was the cause for many banks to go bankrupt and provoked a wave of banking regulations understanding how banks work and what all of those financial terms refer to are key in making the best decisions regarding your money because who would want anything bad to happen with their savings this is why today we're uncovering some of the hidden secrets banks hold and the scandals that rocked the banking industry if you are new here welcome be sure to subscribe and follow us on instagram at a lux from day one to modern day we present you 15 things you didn't know about the banking industry number one US banks are the most regulated in the world wherever you are in the world you most probably use a bank for your allowance salary savings account or mortgage payments you need a bank services we use our debit or credit on a daily basis so we have to agree that banks have made our lives easier if you're traveling or moving to the u.s. keep in mind that all banks that are operating inside of or from America are highly regulated both at a federal and a state level the purpose there is to make most services equal across all over the country and they even have bank examiners that are employed to supervise banks and ensure compliance with those regulations make sure you know what you're in for in the bureaucratic world before leaving for the US number two rich people hide their dirty money in offshore accounts all over the world when you spend a lifetime making a fortune and building an empire it doesn't seem fair when the bank and the government comes and takes half of it away because of taxes and fees fortunately for the rich there are countries and institutions that understand this problem and have come up with solutions one of them is sending your money to an offshore account in Malta or Luxembourg countries that are called tax havens if you open an account in one of these countries and live there for a short period of time you get full benefits of the local citizens like lower taxes and zero fees that's why a lot of rich people seem like they don't have big fortunes because you can't track their offshore accounts other tax haven countries are Puerto Rico Belgium Cyprus and Gibraltar number three financial crises are cyclic even if you think a financial crisis is a once in a blue moon collective mistake learn that they have been around since the beginning of money and are actually cyclic in nature meaning they can be predicted the US economy has followed the same cycle of financial crises for up to two hundred years now and experts warn that if this pattern continues we can expect another financial crisis starting this year with a peak in 2019 financial crises don't always have a devastating impact on the economy and usually mean a loss of paper wealth due to a high level of debt the two thousand seven to eight crisis began as a crisis in the subprime mortgage area and ended up with a collapse of several investment banks leading to a general worldwide chaos number four Stockholm Syndrome gets its name from a bank robbery in Sweden's capital and the behavior of the thieves that carried out the crime robbing banks is often the most intense and entertaining part of a movie a lot of strategy and planning goes into it and the outcomes are not always happy endings psychologists have studied the behavior of thieves and hostages and they manage to understand how they communicate after they've been caught it all started in 1973 when four hostages were taken during the normal storag robbery in Stockholm Sweden after the police released them the hostages defended their captors and refused to testify against them this led to an academic interest in the phenomenon soon after called Stockholm Syndrome it means that hostages during captivity paradoxically form a sympathetic bond with their captors as a survival strategy watch out for this part in your next big robbery movie number five the wealthiest family in the banking world is the Rothschild family when you think of the richest man in the world Jeff Bezos immediately comes to your mind right that's correct but throughout history there were and still are families that have trillions of dollars worth this family might be the subject of conspiracy theories but the money they had was very real the Rothschild family is a wealthy family descending from Mayor arm shell Rothschild from Germany who established his banking business in the 1760s he founded in international banking families through his five sons who established themselves in London Paris Frankfurt Vienna and Naples during the 19th century the Rothschild family possessed the largest private fortune in the world as well as the largest private fortune in modern world history through multiple family members the fortune was gradually divided but history will never forget them and guess who's a part of the family now Nicky Hilton the sister of Paris Hilton number six Britain's biggest bank HSBC allowed drug lords and terrorists to use their bank to launder billions of dollars in every country there's a leading bank usually the first bank that was established there in the UK the most influential bank is by far HSBC you might remember their logos in airport halls they were accused of facilitating shady transactions for drug lords and potential terrorists HSBC has moved 881 million dollars for two drug cartels in Mexico and Colombia and accepted 15 billion dollars in unexplained bulk cash across the banks counters in Mexico Russia and other countries in exchange they got a 1.9 billion dollar fine for it and lost a lot of credibility but they still seem to be doing just fine number 7 Wells Fargo Bank is jumping from scandal to scandal Wells Fargo is unfortunately the bank that has been going through so many scandals in the past two years that bad news containing the bank's name no longer comes as a surprise but by far the most outrageous one in the recent period was the one with fake accounts the bank admitted to having created fake accounts for their clients and charging them with unfair mortgage fees and car insurance they didn't need after this major scandal came to light a lot of the upper management was replaced and they were forced to pay huge fines but no imprisonment or federal charges I wonder why number 8 Australia's biggest bank lost records of 20 million accounts another scandal that banks faced this time in Australia was for the Commonwealth Bank we don't normally hear a lot of bad things and scandals coming from the Aussies but this time it hit the news hard apparently the bank lost the records of 12 million customers which is almost half of the Australian population after two magnetic tapes were misplaced by an employer they came forward and confirmed the rumor and admitted that the data was completely lost CBA said the data included customer names addresses account numbers and almost 16 years of transaction information of those clients dating from 2000 to early 2016 incident happened in May of 2016 but they didn't want to alert the media nor the clients so they came clean a while after number 9 Ponzi schemes were invented by Charles Ponzi in 1919 he'll go ahead and assume most of you a Luxor's have heard of Ponzi schemes whether by being a part of one or working in companies that promote that kind of structure it's a simple scheme that Charles Ponzi invented in 1919 in order to get rich faster what he did almost 100 years ago is nowadays a well known trick and model some companies still use the unfortunate sign of this scheme is that in the end the chain breaks and innocent people lose money some people even faced jail time for frog with Ponzi schemes but after so many years of seeing so many get tricked it's amazing that people still get into them it's always a matter of time with these schemes so be careful number 10 the Industrial and Commercial Bank of China Limited is the largest bank in the world by assets do you know what bank is the richest which one has the most assets or by far is the most popular well it's not an American or European bank that's for sure the Industrial and Commercial Bank of China Limited big old China did it again the Industrial and Commercial Bank of China or ICBC is the Chinese multinational banking company it's the largest bank in the world by total assets and is the most valuable bank in the world by market capitalization since February 2017 there are part of the China's big four banks which are all state-owned and as of June 2015 they had assets worth three point six one six trillion dollars the bank is also the largest bank and public company that ranks number one on the bankers top 1000 world banks and a Luxor's if you want to learn some more about banks make sure to watch our related video named top ten richest banks in the world by clicking in the top right corner number 11 blockchain technology is revolutionized the banking industry blockchain cryptocurrency bitcoins schemes digital money they're all buzzwords you see in every article these days some are experts in these some use them and some struggle to understand them blockchain technology comes with big advantages of being decentralized and in essence it tracks and records each and every transaction that happens with a cryptocurrency back to its first user it has such a high potential that it can leave banks with no business and that makes banks pretty pissed off more than half of the Swiss banking sector revenue comes from fees and commissions making Switzerland at risk of losing money as blockchain technology makes cross-border transactions cheaper and faster it might take a while till we get there though number 12 banks worldwide have hidden fees when you use your credit card or debit card on a daily basis it's rather difficult to keep track of how much money you've spent or how much you've got left and if you have multiple incomes and transactions going on you'll hardly know if two or three dollars goes missing that's right the bank will charge you with just a few dollars or cents for using their services depending on the country you live in or the card you're using all this money adds up every month and most people don't notice but the average American spent three hundred and twenty nine dollars on banking fees in 2017 alone some banks still have hidden fees like maintenance or ATM withdrawals there are common fees that most people know about but some like emailing internet banking or redeeming points are also fees multiplied by thousands of clients and that right there is how a bank makes its money number 13 banks might make a lot of money but they spend most of their money convincing you to buy other services they offer you might think that your local bank is a good guy that keeps your money safe and gives you all of these payment options just so you keep using them and keeping your money within their accounts you might also think they only offer loans and saving options and that's it well that's true but there's more to banks than that in fact they spend a lot of money trying to convince you to buy more products developed by them like internet banking credit cards insurance prepaid cards downloading their app etc that's why you see so many advertisements and banners promoting all sorts of services because once they have you as a client they will try to sell you everything they have number fourteen Saddam Hussein robbed the central bank in Iraq for 1 billion dollars in a single day the biggest robbery in the world goes to the one and only now dead Saddam Hussein before the 9/11 incident and the whole Iraq war he was the president of the country and had quite a lot of money stashed just before the u.s. started bombing in 2003 Saddam Hussein is reported to have robbed the central bank of Iraq taking 1 billion dollars in just one day and hid them in the walls of his palace where they were recovered after his death Saddam Hussein also transferred nine hundred and fifty million dollars to a son Qusay but the money was never recovered since he died fighting American troops number 15 Colombian drug dealer Pablo Escobar had more money than banks could deposit the Netflix super hit show narcos has made millions of fans all over the world and brought to the screen the famous Colombian drug lord pablo escobar perhaps you've heard of him he was the biggest and most influential drug dealer in the world he managed to sneak tons of drugs into the u.s. by using all sorts of creative ways in their best days and at the peak of the cartels success they would make as much as seventy million dollars per day and around 25 billion dollars per year they would even spend over $1,000 per week just to purchase rubber bands to wrap the stacks of cash they stored in warehouses Pablo Escobar made so much money the banks could not deposit it and a fun fact Pablo's first deposit to a bank was of three million dollars by the age of 26 and that's it for today a lack sirs the banking industry is a mad one and we've only covered the surface of all the scandals and crazy things happening behind those curtains we're happy you stayed with us all the way to the end before you go we're curious have you ever been a part of a Ponzi scheme and how did that end up for you let us know in the comments and as always since you stuck with us all the way to the end here's your bonus fact number 16 Italian banks take parmigiano-reggiano aka Parmesan cheese as collateral for loans there is a bank in Italy that instead of having a safe with gold or diamonds they filled it with Parmesan cheese wheels since 1953 the regional bank ready to emiliano has accepted curious collateral for small business loans in the forms of giant wheels of parmigiano-reggiano cheese imagine just how many parm wheels they have that's pasta for life goals right there but they only accept this form of collateral only from the farmers in the region that are well known all over the world for the Parmesan cheese they make thank you for spending some time with us a Luxor's make sure to LIKE and subscribe so you never miss another video we also hand-picked these videos which we recommend you watch next thank you for being an a lexer and we'll see you back tomorrow