The banks — Citigroup, JPMorgan Chase, UBS, Barclays and Royal Bank of Scotland Group — were hit with $5.6 billion in fines and penalties.
collection

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.

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136 words|0.7 min read|Categories: Consumer Issues, scams|By |Published On: May 30th, 2015|Last Updated: May 29th, 2022|

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Diane L. Drain - Bankruptcy Lawyer

About the Author : Diane Drain

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