Record fines for currency market fix (BBC Article)
http://www.bbc.com/news/business-32817114
Select portions of above article pasted below:
Five of the world's largest banks are to pay fines totalling $5.7bn (£3.6bn) for charges including manipulating the foreign exchange market.
Four of the banks - JPMorgan, Barclays, Citigroup and RBS - have agreed to plead guilty to US criminal charges.
The fifth, UBS, will plead guilty to rigging benchmark interest rates.
Barclays was fined the most, $2.4bn, as it did not join other banks in November to settle investigations by UK, US and Swiss regulators.
Barclays is also sacking eight employees involved in the scheme.
US Attorney General Loretta Lynch said that "almost every day" for five years from 2007, currency traders used a private electronic chat room to manipulate exchange rates.
Their actions harmed "countless consumers, investors and institutions around the world", she said.....................
Separately, the Federal Reserve fined a sixth bank, Bank of America, $205m over foreign exchange-rigging. All the other banks were fined by both the Department of Justice and the Federal Reserve.......................
....The fines break a number of records. The criminal fines of more than $2.5bn are the largest set of anti-trust fines obtained by the Department of Justice.
The £284m fine imposed on Barclays by Britain's Financial Conduct Authority was a record by the regulator.
Meanwhile, the $925m fine imposed on Citigroup by the Department of Justice was the biggest penalty for breaking the Sherman Act, which covers competition law.
......Royal Bank of Scotland will pay fines totalling $669m (£430m) - $395m to the Department of Justice and $274m to the Federal Reserve - to resolve the investigations.
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What harm?
Anyway, I laughed through the whole article and got and even better bellyful of fun out the fines that went to: The Deviant U.S. Dept. of Justice, The Demented Feds, and some Yahoo UK authority. What are those F*tards going to do with the money? Certainly not put it to any good use I'm thinking. Just when people start having fun some high-horse juggernaut of strutting self-righteous yahoos clog up the system.
By the way, I think some game theory comes into play here - associated with risk scenarios etc. But I could be wrong.
As another aside, it was wonderful to see the Bank of Scotland and Barclays getting along together so well. Those UK'ers are a solid bunch. But they overreached, like so many do, and the bulges in their pants where detected. Too bad, but its an old, old, old story.
Last edited by Zeno; 05-20-2015 at 09:12 PM.