Six World Largest Banks Have Been Fined For Rigging Scam

[Nadita]

Six of the world’s largest banks have been fined a total of about $4.3 billion for conspiring last year to rig foreign-exchange rates, financial regulators in the U.S., Britain and Switzerland announced on Wednesday
.
Reaching settlements with the regulators were Bank of America (NYSE: BAC), J.P. Morgan Chase (NYSE: JPM), Citibank (NYSE: C), HSBC Bank (NYSE: HSBC), The Royal Bank of Scotland (NYSE: RBS) and UBS AG (NYSE: UBS).

Citigroup and J.P. Morgan are each on the hook of an array of global regulators for about $1 billion apiece for their role in the alleged manipulation. Barclays PLC (NYSE: BCS), also a major player in the foreign exchange market and a target in the international probe, declined to join in the settlements announced Wednesday.

The fines are the first wave of penalties stemming from a year-long global investigation into charges that traders at many of the world’s biggest banks colluded to boost exchange rates paid by hedge fund managers and others who speculate in the $5.3 trillion currency markets.

The traders then skimmed the illicit profits to boost the bottom lines of their banks.
The investigation is ongoing and more civil fines are expected against numerous other banks.......

http://www.foxbusiness.com/industries/2014/11/12/six-big-banks-fined-43b-in-fx-rate-rigging-scam/

[gymrat76541]

"fined a total of about $4.3 billion" - stole trillions! Sounds like good profits to me! Whats to stop them from doing it again?????????????????

[caz1104]

If this was the Gov they'd get raises & promoted. Gov screws us daily for a heck of a lot more...............and we just keep on a takin it

[Nadita]

The questiion is what currency they manipulate..? 

[caz1104]

Good question.............by the video piece quite possibly many different currencies were involved because not one specific was mentioned.

Edited November 12, 2014 by caz1104

[Nadita]

They can't just mention one currency otherwise there will be an uproar they don't want to deal with

[caz1104]

I agree

[mskimsto]

AND NOBODY GOES TO JAIL......

[Jaxinjersey]

"fined a total of about $4.3 billion" - stole trillions! Sounds like good profits to me! Whats to stop them from doing it again?????????????????GR

GR... they stole and profited, but not trillions.  The $5.3 Trillion is the market size.  Stealing. non the less!

[MiuraDude]

Banks don't commit crimes. People that work at/for banks do. Greedy people. Extremely greedy people.

 

As long as there are no consequences for them specifically, this type of activity will continue.