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WHICH BANKS ARE INVOLVED?
Traders at four banks — JPMorgan Chase, Citigroup’s banking unit Citicorp, Barclays and the Royal Bank of Scotland — conspired to fix rates on U.S. dollars and euros at the expense of clients from 2007 to 2013. Another bank, Switzerland’s UBS, agreed to plead guilty to manipulating key interest rates and will pay a separate criminal penalty.
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WHAT DID THE TRADERS DO?
The traders used chat rooms to coordinate currency trades to their advantage. They also shared confidential orders to position themselves to profit from those orders. In a hypothetical example, Company A could have told a bank to change $1 billion into euros. A trader at that bank could have told a trader at a rival bank to raise the price on euros. By knowing what a company wanted to buy, a rival trader could have positioned himself to profit handsomely.
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6 comments:
It is about corruption being allowed once again. Sure they pay a fine, but have made billions more. Great way to keep it from happening. How many of you would rob a bank for 100 BILLION if you only had to pay 5 billion to get away with it? EXECUTE THEM, and sieze the entire company and all assets, and see how many do it then.
No one goes to jail?Now that's a crime.These dirt bags lend money to the rich at 0% so they can live large while the working class gets 0% for their savings.
We are witnesses to the deliberate slow speed destruction of our free market done by design to collapse our economy and bring in a one world government model circa club of Rome documents and UN Agenda 21 conference documents
she looks like al sharpton maybe she is related to him???????
Steal billions. No jail time.
Steal $100 do years jail time.
The banking system is the most evil institutional theft in existence. They steal trillions while making money out of thin air.
We are never told what the Rothchilds and Rockfeller is worth.
Wonder WHO gets the money...
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