Big Banks Known As “The Cartel” Plead Guilty To Felony Anti-trust Violations

Posted: May 20, 2015 in Economics

The Justice Department forced four of the banks — Citigroup, JPMorgan Chase, Barclays and the Royal Bank of Scotland — to plead guilty to antitrust violations in the foreign exchange market as part of a scheme that padded the banks’ profits and enriched the traders who carried out the plot. The traders were supposed to be competitors, but much like companies that rigged the price of vitamins and automotive parts, they colluded to manipulate the largest and yet least regulated market in the financial world, where some $5 trillion changes hands every day, prosecutors said. The fines total $5.7 Billion.

No one is going to prison and the fine is only a pittance of the total of ill gotten gains.

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