FROM
Huffpost Business
Click link below picture
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The age of multibillion-dollar bank fines with no admission of wrongdoing is over. The Justice Department announced Wednesday morning that five banks pleaded guilty to market manipulation, while also paying billions of dollars in fines.
Barclays, Citigroup, J.P. Morgan and the Royal Bank of Scotland admitted to illegally distorting foreign exchange markets. The banks formed what they called “The Cartel” and aimed to set a key currency marker, known as “the fix,” at mutually beneficial values.
The fix is set every day at 4 p.m. London time and is used in the more than $5 trillion currency market to determine the price of trades and the value of large institutional holdings. Traders at the banks used instant messaging chat rooms to discuss where to set the fix.
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Image: Breaking News and Opinion on The Huffington Post
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Click link below for article:
http://www.huffingtonpost.com/2015/05/20/big-banks-guilty-fined_n_7342808.html
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