WASHINGTON - Four of the world's biggest banks agreed Wednesday to pay more than $5 billion in penalties and plead guilty to rigging the currency markets — a rare instance in which federal prosecutors have wrung an admission of criminal wrongdoing from a major financial institution.
Traders at JPMorgan Chase, Citigroup, Barclays and the Royal Bank of Scotland were accused of working together to manipulate rates on the foreign exchange market, where hundreds of billions of dollars and euros change hands back and forth.
The penalties are a victory for the government and reflect a broader effort by the Justice Department, long criticized as reluctant to prosecute big banks, to tackle financial misconduct.
In the past 18 months, prosecutors have brought criminal cases against banks accused of tax evasion and sanctions violations, and have reached multibillion-dollar settlements with several others for their roles in the 2008 financial meltdown.
WASHINGTON - Four of the world's biggest banks agreed Wednesday to pay more than $5 billion in penalties and plead guilty to rigging the currency markets — a rare instance in which federal prosecutors have wrung an admission of criminal wrongdoing from a major financial institution.
Traders at JPMorgan Chase, Citigroup, Barclays and the Royal Bank of Scotland were accused of working together to manipulate rates on the foreign exchange market, where hundreds of billions of dollars and euros change hands back and forth.
The penalties are a victory for the government and reflect a broader effort by the Justice Department, long criticized as reluctant to prosecute big banks, to tackle financial misconduct.
In the past 18 months, prosecutors have brought criminal cases against banks accused of tax evasion and sanctions violations, and have reached multibillion-dollar settlements with several others for their roles in the 2008 financial meltdown.
Banks know they own regulators and politicians...so make 100B in profits, maybe get caught and pay 5% back with a slap on the wrist.
And to think senate repubs are trying to weaken Dodd Frank even MORE...yeah banks are suffering so badly they need less restrictions and mean government regulation..they are struggling and need someone to make it easier to cheat.
Banks know they own regulators and politicians...so make 100B in profits, maybe get caught and pay 5% back with a slap on the wrist.
And to think senate repubs are trying to weaken Dodd Frank even MORE...yeah banks are suffering so badly they need less restrictions and mean government regulation..they are struggling and need someone to make it easier to cheat.
UBS Group up almost 4% today on the news. and up about 30% on the year. the attorney general's office really showed them.
ironically, spent much of the day working on a case where two kids got busted for an investment fraud related to forex trading. they pocketed about $800.000. no criminal record for either of them and they actually did make an attempt to trade forex for a while. they are both looking at 3-5 years.
UBS Group up almost 4% today on the news. and up about 30% on the year. the attorney general's office really showed them.
ironically, spent much of the day working on a case where two kids got busted for an investment fraud related to forex trading. they pocketed about $800.000. no criminal record for either of them and they actually did make an attempt to trade forex for a while. they are both looking at 3-5 years.
The number one priority of the United States is to further the agenda of large banks and large corporations. The law makers, law enforcers and military personel are there to protect their agendas first.
The number one priority of the United States is to further the agenda of large banks and large corporations. The law makers, law enforcers and military personel are there to protect their agendas first.
The number one priority of the United States is to further the agenda of large banks and large corporations. The law makers, law enforcers and military personel are there to protect their agendas first.
The number one priority of the United States is to further the agenda of large banks and large corporations. The law makers, law enforcers and military personel are there to protect their agendas first.
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