They are repeat offenders and as long as the revolving doors between Wall Street and public offfice continue to spin at light speed, we can only expect more of the same.
Rigging the markets and getting away with it every time.
By Russ Martens and Pam Martens of Wall Street on Parade
Three years ago this month the U.S. Department of Justice brought felony charges against two of the largest Wall Street banks, JPMorgan Chase and Citigroup, for their involvement in rigging foreign currency markets. On the same date, two foreign banks, Barclays PLC and the Royal Bank of Scotland (RBS), were charged with felonies in the same matter. A fifth bank, UBS, was charged with a felony for its role in rigging the interest rate benchmark known as Libor. All five banks pleaded guilty to the charges.
Citigroup was fined $925 million by the Justice Department for its foreign currency conduct that ran from as early as December 2007 until at least January 2013, roughly five years. JPMorgan was fined $550 million for rigging activity that ran from as early…
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