The banks — Citigroup, JPMorgan Chase, UBS, Barclays and Royal Bank of Scotland Group — were hit with $5.6 billion in fines and penalties.
Article in the Washington Post: Last week, Attorney General Loretta E. Lynch announced that five major banks were pleading guilty to criminal charges for what she described as a “brazen display of collusion” to manipulate the currency markets.
Sensibly, the banks were forced to plead guilty, not simply pay fines in settlements where they neither admitted nor denied the changes. But the charges still were brought against banks, not bankers. No banker was held accountable. The personal fortunes of the bankers who profited were not touched. Shareholders, not bankers, will pay the fines. The Justice Department would have us believe that criminal banks ran profitable criminal conspiracies without involving any bankers.
Read Washing Post Article….
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
In Case You Missed It
Published On: May 25, 2026
Debt Decisions Have Consequences: Slow Down Before You Act When money is tight, fear can take over. You feel as if a debt storm has caught you. People may feel pressured to make fast decisions: [...]
Published On: May 25, 2026
When the Economy Feels Unstable: How to Protect Yourself From Debt in an Unstable Economy Many families feel squeezed right now. Prices remain high, borrowing money is expensive, and many people are using credit cards [...]
Published On: May 2, 2026
Perils of Filing Bankruptcy by an Undocumented Person or Non-Citizen This post is based on an earlier post on by Richard J. Parker, (reprinted with permission - December 2017). Updated by Diane Drain: May 2026 [...]
Published On: April 11, 2026
Reaffirming Arizona Home Loan During Bankruptcy If you file bankruptcy in Arizona, you may be asked whether you want to reaffirm your home loan. That is an important decision because reaffirming means the debt will [...]
