JPMorgan and Citi among four big banks that rigged currency markets

[enhanced_deficit]

Free markets:

JPMorgan and Citi among four big banks fined $5BILLION after pleading to criminal charges that they rigged currency markets

• JPMorgan Chase, Citigroup, Barclays and The Royal Bank of Scotland will pay heavy penalties and plead guilty to rigging the world's currency market
• The banks conspired with one another to fix rates on US dollars and euros
• A group of currency traders, who called themselves 'The Cartel,' shared customer orders through chat rooms
• Traders used the information to profit at their clients' expense
• The four banks will pay a combined $2.5 billion in criminal penalties to the DOJ, according to the agreement
• The Federal Reserve is slapping them with an additional $1.6 billion in fines, as the banks' chief regulator
• Barclays is paying an additional $1.3 billion to British and U.S. regulators for its role in the scheme
• Switzerland's UBS has agreed to plead guilty to manipulating key interest rates and will pay a separate criminal penalty of $203 million

By Associated Press

Published: 09:21 EST, 20 May 2015 | Updated: 12:52 EST, 20 May 2015


A group of global banks will pay more than $5 billion in penalties and plead guilty to rigging the world's currency market, the first time in more than two decades that major players in the financial industry have admitted to criminal wrongdoing.
JPMorgan Chase, Citigroup, Barclays and The Royal Bank of Scotland conspired with one another to fix rates on U.S. dollars and euros traded in the huge global market for currencies, according to a resolution announced Wednesday between the banks and the Department of Justice. .
A group of currency traders who called themselves 'The Cartel' allegedly shared customer orders through chat rooms and used that information to profit at the expense of their clients.
The resolution is complex and involves multiple regulators in the US and overseas.
http://www.dailymail.co.uk/news/article-3089530/Banks-fined-2-5-billion-plead-guilty-market-rigging.html

[UWDude]

Finally, some bankers jailed for insider trading and manipulation!

Wait, no jail times at all.

oh.

Yeah.

Forgot.

America.

[CPUd]

http://www.ronpaulforums.com/showthr...20#post5876020

[muh_roads]

So is the fine more or less than the profit that these banks made? Billions of dollars in fines...lol That had to be some crazy sick profit.

And nobody went to jail, how shocking. Crony corporatism at its finest. Not surprising because HSBC got off laundering billions to violent drug cartels and not a single prison sentence there either. Meanwhile peaceful people that chill out with Doritos after consuming a personal plant are locked in the cage.

Charlie Shrem, former owner of BitInstant, unknowingly sent a mere $1m in bitcoin by comparison indirectly to Silk Road via their customers. He got 2 years in prison. That wonderful Just-Us system working for the people.

And Hillary pretends that she can't figure out why people are feeling a "fun-deficit". We just need more parks and less caring about the people behind the curtain.

[otherone]

Finally, some bankers jailed for insider trading and manipulation!

Wait, no jail times at all.

oh.

Yeah.

Forgot.

America.

America is busy right now, commie...



etal.

[Ronin Truth]

"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." -- Lord Acton

[Smaulgld]

The crimminally rig the Forex markets but NO WAY would they ever manipulate the gold and silver markets!