Published On: May 30, 2015
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.
About the Author: Diane Drain
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.
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