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BigRed

Banks Buy Their Way Out Of Currency Manipulation Scandal

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 BigRed    150

The Department of Justice of United States and the Federal Reserve closed a deal with five of the largest banks in the world, which will be fined $ 5.7 billion dollars for having manipulated currency exchange rates for five years.

It is the second reprimand derived from in less than six months. This time, the banks have also admitted guilt in the fraud, which can lead to criminal charges against its employees. Don’t hold your breath for those criminal charges, though. No single banker has gone to jail in recent history despite multiple and continuous violations of existing law.

The entities signing the pact with American authorities include JPMorgan Chase and Citigroup, the British Barclays, Royal Bank of Scotland and UBS Switzerland.

The banks were accused of packaging low-quality debt products that were at the center of the recent financial crisis and later were cited in the investigation into the manipulation of interbank interest rates.

(Bitly links are not allowed)

Here is the correct link to the story:

http://right.is/conservative-opinion/2015/05/banks-buy-their-way-out-of-currency-manipulation-scandal-1526.html

 

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