Banks Hit With Record Fines For Forex Manipulation
The total fines add up to nearly $6 billion for the manipulation of foreign currency rates for the benefit of traders. The biggest hit this week was to Barclays PLC (NYSE:BCS) (LON:BARC), with the bank getting a $2.5 billion fine in the probe. Barclays, along with three other banks (Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), and RBS) had pleaded guilty to criminal charges for forex manipulation with the market prices for US dollars and euros. UBS AG (NYSE:UBS), the bank that was granted immunity in the antitrust case, did also plead guilty to manipulating LIBOR.
Banks Hit With Record Fines For Forex Manipulation
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Why fine the banks? Compare to those that robbed the world trillions in the CDOs era. They get to keep all the money, no legal action ever taken against them. It's like serial mass murders getting free while while kids stole some food get capital punishment.
At least here the banks are serving their clients interest. Compare to those investment bankers during the CDOs era, selling their client faulty products and take up position against them. The top management made billions, not only free but get every cents they cheated others. Their actions cause millions of people to lose their home, world recession, millions around the world lost their jobs and made all the banks they work face bankruptcy. Cannot imagine, these people were/appointed as Authorities or President advisers. AIG as part of bill out, was force to agreed not to take legal actions against the investment banks and all these devils. I guessed this is the best of America dream, robbed billions of dollars, screwed millions of life, not only walk free but US tax payers had to pick up the tap.
It is even more amazing, some of these devils become head and prof. of the best universities while others play key roles in the government, regulating the financial industry. The most disappointing is Obama, I thought he will make a different, with all his promises, nothing came about, worst he appointed them for the last eight years to make US worse..... FYI a French lady that head the IMF did a better job, at least she pushed to implement what was promised by Obama, she was successful as it is implemented across EC.
Agree with you, Karl, the CDOs and the banks behind them did so much damage and at most got their wrists slapped. And in the US we are back to the bad days of giving loans with nothing down, which improves home sales and drives prices up....sounds familiar. I'm a Democrat and was so hopeful about Obama but found it so disappointing that the banks were left in control of their version of our economy while the real economy suffers.
Maybe I was naived, but I really thought Obama will make a different. Just very disappointed. He is the first black president, I was hoping at least he took pride in that and make a different for the people.
Imagine next year, voting for either a Clinton or a Bush, what outlook for US can average people expect. Being rob and screw over again!
Image till today, hedge funds and investment banks can still bully the market in their favor. Investment banks can published articles that they don't need to be responsible for, just like GS forecast of oil for last 6 months, totally off, but they just keep going. Do they care about thousand of shale workers livelihood screw-up by them. We really floated with oil? Over 60% of the US oil reserve are still in well, while the shale companies that suppose to be drilling them had mostly stop! China asked Saudi for increment of supply for May and June, Saudi can't. Chevron director bought USD19 million of CVX shares, he has too much money to burn? I won't be surprise because of all these shale closing due to all these expert reports. A year down the road, oil price will sky rocket, the average people will be screwed again, as they need to pay ridiculous price to get their car moving.
We better teach our kids to kill, steal, cheat or sell your soul, do whatever it take to get to the top, only when you are on top, you can live above the law and be worshipped like gods. This is the new America dream.
In God we trust? I believe we passed that stage. God save us