2015-05-21 15:48:58

No Jail Time After World’s Largest Banks Admit to Global Financial Crimes

Five of the world’s top banks will pay over $5 billion in fines after pleading guilty to rigging the price of foreign currencies and interest rates. Citigroup, JPMorgan Chase, Barclays and Royal Bank of Scotland pleaded guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the $5 trillion FX spot market. UBS pleaded guilty for its role in manipulating the Libor benchmark interest rate. No individual bank employees were hit with criminal charges as part of the settlements.

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Big Banks Citi Bank JP Morgan Matt Taibbi

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