Post by JRPaulsonon May 20, 2015 11:37am
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Post# 23744925
Corruption and it's been going on for years
Corruption and it's been going on for yearsCROOKS!!! Four big banks will pay $2.5 billion U.S. in fines and plead guilty to criminally manipulating the global currency markets going back to 2007. 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 settlement announced Wednesday between the banks and U.S. Justice Department. Currency traders allegedly shared customer orders through chat rooms and used that information to profit ahead of their clients. The criminal behaviour took place between December 2007 and January 2013, according to the agreement. Another bank, UBS, has agreed to plead guilty to manipulating key interest rates and will pay a separate $203 million criminal penalty. In 2012, HSBC avoided a legal battle that could further savage its reputation and undermine confidence in the global banking system by agreeing to pay $1.9 billion to settle a U.S. money-laundering probe. Another British bank, Standard Chartered, signed an agreement with New York regulators to settle a money-laundering investigation involving Iran with a $340 million payment. In 2014, the Bank of America reached a record $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis