(Reuters) – Regulators fined six major banks a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a yearlong global investigation.
HSBC Holdings Plc, Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, Citigroup Inc, UBS AG and Bank of America Corp all faced penalties resulting from the inquiry, which has put the largely unregulated $5-trillion-a-day market on a tighter leash, accelerated the push to automate trading and ensnared the Bank of England.
Authorities accused dealers of sharing confidential information about client orders and coordinating trades to boost their own profits. The foreign exchange benchmark they allegedly manipulated is used by asset managers and corporate treasurers to value their holdings.Source: Reuters
The sun rose in the east this morning, and what do we know… another bank scandal. It’s getting to be the norm that a scandal is announced, some pittance of a fine is imposed, and the behavior continues on as though nothing happened.
What kind of punishment is a $4.3 Billion fine to a group that can generate that sum within a week? When are these motherf**kers going to start doing perp walks and doing hard time?
If I go and rob a bank for $20,000 or less, I will get prison time. If I go and rob Grandma Mary down the street, I’m going to get hard time. No judge is going to make me pay a $50 fine and walk away. So, why is it that these people from the banks can do that over and over again?
The striking thing about this currency manipulation scheme is that it started AFTER regulators began investigating the LIBOR scandal. I guess you can live and work like the nastyass honey badger when you know there is no punishment for your behavior other than making you keep the millions of dollars you earn in your scheme.
Too big to fail my ass… More like bought and paid for government. Notice that this kind of stuff happens in countries with “free markets” and not in countries where people get death sentences for doing this kind of stuff. Maybe its time for the everyday regular people to grab the pitchforks and start marching.