5 Big Banks Get Caught Manipulating Markets for Billions, Yet Most Americans Don’t Even Care
[youtube=https://www.youtube.com/watch?v=ERZfn74TXmw]
- Published on May 21, 2015
On Wednesday, the Department of Justice announced that five major banks – Barclays, Royal Bank of Scotland, JPMorgan Chase, UBS and Citigroup – will be fined approximately $5.7 billion after pleading guilty to crimes involving the manipulation of global currencies and interest rates.
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The DoJ noted that four of the banks – Citigroup, JPMorgan Chase, Barclays and the Royal Bank of Scotland – have been forced to plead guilty to antitrust violations in the foreign exchange market, after they allegedly worked together to enhance their profits by manipulating the $5-trillion-a-day foreign exchange market to $10 billion.
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At a press conference on Wednesday morning, US Attorney General Loretta Lynch said that starting as early as 2007, currency traders at several multi-national banks formed a group they dubbed “the cartel.”
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