Global banks fined billions in currency probe

[Omaha Steve]

Source: AP-EXCITE

By DANICA KIRKA and MARCY GORDON

LONDON (AP) — U.S., British and Swiss regulators have fined five global banks $3.4 billion for attempting to manipulate foreign exchange markets — the latest penalties for an industry previously criticized for rigging interest rates and for their role in triggering the global financial crisis.

The U.S. Commodity Futures Trading Commission, the U.K. Financial Conduct Authority and the Swiss Financial Market Supervisory Authority said Wednesday that Citibank, JPMorgan Chase Bank, Royal Bank of Scotland, HSBC Bank and UBS had agreed to settlements totaling almost $3.4 billion. The FCA said it is continuing to investigate Barclays Bank.

"Today's record fines mark the gravity of the failings we found, and firms need to take responsibility for putting it right," said Martin Wheatley, chief executive of the FCA. "They must make sure their traders do not game the system to boost profits."

Some $5.3 trillion changes hands every day on the global foreign exchange market, with 40 percent of trades occurring in London. Currencies including dollars, pounds, euros and yen trade in the loosely regulated market dominated by a group of elite banks. But those trades have an even wider impact because companies around the world use market prices to value assets and manage currency risks.

FULL story at link.



Read more: http://apnews.excite.com/article/20141112/banks-fines-407f2b3f9c.html

[dixiegrrrrl]

1. No admission of guilt

NO criminal charges for Ricco and other crimes

FIVE years of this particular fraud, with a daily amount of.." $5.3 trillion changes hands every day"

The settlement will be in the range of 10% of any fraudulent earnings, if past settlements are a guideline,
and none of the banking heads will roll, a few jr. traders might be fired.

They we wonder why this crap continues.

[markmyword]

3. Jail Time!

When are these bankers ever going to jail?

They are CRIMINALS, and they should be put away for a long time.

All those CEO's on Wall Street and their banker friends, should have been prosecuted by the Justice Department. You wait and see, Holder will go out the revolving door from the Justice dept and land himself a fancy job on Wall Street!

If you're an unemployed person, or just poor and you STEAL money to feed your family, you get JAIL time! On the other hand, if you're the top 1% and you steal millions, cause massive foreclosures and nearly break the American ecomony that's ok,and nothing happens to you.

These guys HAVE to be made accountable for what they've done. Besides currency manipulation, some banks LAUNDERED DRUG CARTEL MONEY!!!!!!! They only got a fine BIG DEAL!

Fines are paid by the shareholders AND are a TAX DEDUCTION!!!!!!

[L0oniX]

2. Crack dealers are taking note of global bank practices.

[Rex]

4. Always the Usual Suspects.

Does JPMorgan actually do anything that is not crooked?