Five big banks agree to pay more than $5 billion to settle regulatory charges
Key Excerpts from Article on Website of Washington Post
Posted: May 24th, 2015
Five of the worlds largest banks have agreed to pay more than $5 billion in fines to settle charges made by regulatory agencies and the Justice Department that the banks had acted in concert to manipulate international interest and foreign currency exchange rates. Attorney General Loretta E. Lynch said the banks had engaged in brazenly illegal behavior on a near-daily basis. The scale of the price-fixing scandal is hard to grasp. It touched ... almost every company and individual in the financial markets. By tweaking global benchmarks used to set foreign exchange and interest rates for a staggering number of transactions a day, the banks over several years bilked billions of dollars of extra profits by altering rates in their favor. Critics complained that the Justice Department had failed to prosecute any additional individuals. Wall Street watchdog group Better Markets called it a slap on the wrist, and Sen. Elizabeth Warren (D-Mass.) said in an e-mail: Thats not accountability for Wall Street. Its business as usual, and it stinks. Barclays, along with JPMorgan Chase, Royal Bank of Scotland Group and Citigroup, will plead guilty to conspiring to manipulate the price of U.S. currency and euros, authorities said. JPMorgan Chase said it had agreed to plead guilty to a single antitrust violation and pay a fine of $550 million. Under the resolution with the Fed, the firm will pay a fine of $342 million. The bank said it had previously set aside reserves for these settlements.
Note: When it comes to international banking, it appears that almost everything is rigged. For more along these lines, see concise summaries of deeply revealing news articles about the systemically corrupt financial industry.