THE CRIMES COMMITTED REPEATEDLY...YET NOT ONE HAS BEEN SENT TO PRISON...AND LIKELY NEVER WILL.... .........Six major world banks have been fined $4.3 billion, and more fines are expected. Working together through internet chatrooms, Traders reportedly manipulated currency benchmarks—the rates in which the value of currency is measured—in an effort to boost bank profits through the foreign exchange market. According to the Associated Press, they even went as far as congratulating each other for jobs well done with quirky little quotes such as “Yeah baby,” and “nice work gents…I don my hat.” Bank of America, Citigroup, HSBC (Hong Kong and Shanghai Banking Corporation, a British multinational banking and financial services company), JPMorgan Chase, Royal Bank of Scotland, and UBS (Union Bank of Switzerland, now merged with Swiss Bank Corporation), have all been fined so far. Barclays is still in the process of striking a deal with regulators The exchange market, also referred to as forex, FX, or currency market, is a global decentralized market for trading currencies. Around $5.3 trillion passes through the foreign exchange market every day. It’s unregulated, and dominated by a few elite banks.... Charges against individuals are reportedly underway, but many are angry that neither the British nor U.S. governments are willing to prosecute senior bankers for criminal fraud. The City of London is apparently unwilling to prosecute senior bankers due to the donations received by the Conservative Party from the financial sector. Not one board-level director in the banking sector, in either Britain or the U.S., has been charged with fraud since the 2008 banking crisis........
Posted on: Mon, 24 Nov 2014 18:05:08 +0000
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