Six Banks Pay $5.8 Billion
In fines. Five Of Them Guilty Of
From Bloomberg Business News
Six of the world’s biggest banks will pay $5.8 billion and five of them agreed to plead guilty to charges tied to a currency-rigging probe as they seek to wind down almost half a decade of enforcement actions.
Citicorp, JPMorgan Chase & Co., Barclays Plc and Royal Bank of Scotland Plc agreed to plead guilty to felony charges of conspiring to manipulate the price of U.S. dollars and euros, according to settlements announced by the Justice Department in Washington Wednesday.
The main banking unit of UBS Group AG agreed to plead guilty to a wire-fraud charge related to interest-rate manipulation. The Swiss bank, the first to cooperate with antitrust investigators, was granted immunity in the currency probe.
The four banks that agreed to plead guilty to currency charges are among the world’s biggest foreign-exchange traders. They were accused of colluding to influence benchmark rates by aligning positions and pushing transactions through at the same time. Traders who described themselves as members of “The Cartel” used online chat rooms to discuss their positions before the rates were set and suppress competition in the market, the Justice Department said.
All of the banks that pleaded guilty said they received needed waivers from the Securities and Exchange Commission to continue managing mutual funds and raise capital quickly, a person familiar with the matter told Bloomberg.
So who really lost these Billions and who has the stealage now? RB
Meanwhile, over at that other, even larger bank, the Federal Reserve Bank (FED), an even larger crime, into many $Trillions... more like $Quadrillions, continues on since 1913, which has robbed ever single American since it was founded. This bank, which is NOT owned by the Federal Government, but by Banksters, has manipulated the U.S. dollar down from a buying power of 100 cents in 1913 to 13 cents of buying power today. Finally, after 98 years of theft, they have just about played out their usefulness to our government's paper printing currency and inflation con-game. RB
Here is the introduction of an article from Zero Hedge about the so-called FED.
Even Harvard Economists
Admit Fed Policy Has
"Created Dangerous Risks"
No lesser establishment economist than Martin Feldstein - Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research - has some warning words of wisdom for The Fed today: "...the Fed’s unconventional monetary policies have also created dangerous risks to the financial sector and the economy as a whole." When even The Ivory Tower is losing faith, you know The Fed is in trouble...