Five Major Banks Agree to Parent-Level Guilty Pleas for currency manipulation


FOR IMMEDIATE RELEASE – Wednesday, May 20, 2015
Five Major Banks Agree to Parent-Level Guilty Pleas

Five major banksCiticorp, JPMorgan Chase & Co., Barclays PLC, The Royal Bank of Scotland plc and UBS AGhave agreed to plead guilty to felony charges.

Citicorp, JPMorgan Chase & Co., Barclays PLC, and The Royal Bank of Scotland plc have agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange (FX) spot market and the banks have agreed to pay criminal fines totaling more than $2.5 billion.  A fifth bank, UBS AG, has agreed to plead guilty to manipulating the London Interbank Offered Rate (LIBOR) and other benchmark interest rates and pay a $203 million criminal penalty, after breaching its December 2012 non-prosecution agreement resolving the LIBOR investigation. 

Attorney General Loretta E. Lynch, Assistant Attorney General Bill Baer of the Justice Department’s Antitrust Division, Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, Assistant Director in Charge Andrew G. McCabe of the FBI’s Washington Field Office and Director Aitan Goelman of the Commodity Futures Trading Commission’s Division made the announcement.

“Today’s historic resolutions are the latest in our ongoing efforts to investigate and prosecute financial crimes, and they serve as a stark reminder that this Department of Justice intends to vigorously prosecute all those who tilt the economic system in their favor; who subvert our marketplaces; and who enrich themselves at the expense of American consumers,” said Attorney General Lynch.  “The penalty these banks will now pay is fitting considering the long-running and egregious nature of their anticompetitive conduct.  It is commensurate with the pervasive harm done.  And it should deter competitors in the future from chasing profits without regard to fairness, to the law, or to the public welfare.”

Read more: http://www.justice.gov/opa/pr/five-major-banks-agree-parent-level-guilty-pleas

 

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Comments

  • guyaneseonline  On May 27, 2015 at 1:05 am

    From: Editorial Board, New York Times, May 22, 2015

    “As of this week, Citicorp, JPMorgan Chase, Barclays and Royal Bank of Scotland are felons, having pleaded guilty on Wednesday to criminal charges of conspiring to rig the value of the world’s currencies. According to the Justice Department, the lengthy and lucrative conspiracy enabled the banks to pad their profits without regard to fairness, the law or the public good.

    “Besides the criminal label, however, nothing much has changed for the banks. And that means nothing much has changed for the public. There is no meaningful accountability in the plea deals and, by extension, no meaningful deterrence from future wrongdoing.” … Editorial Board, New York Times, May 22, 2015

  • compton de castro  On May 27, 2015 at 3:15 am

    Surprise sur0rise….
    BANKS ARE TOO BIG TO CARE.
    Too small to exist 😈

    BIG is beautiful small is ugly.

    How naive the sheep in the flock that follows regardless of PASTOR.

    With the technology available today BANKS are past sell by date….
    AKA not fit for purpose.

    I do all my banking most of my shopping over internet on a TABLET
    ordered on internet delivered to my door next day £35 made in China by
    Robots for Robots.

    Que Sera Sera

    Sir kamtan lord of cherin by appointment to HRH QE2 UKPLC

  • Clyde Duncan  On May 27, 2015 at 6:39 pm

    I thought that I has better stick this one on the thread, while we are talking about corruption: FIFA in crisis amid corruption arrests and World Cup voting inquiry –

    Senior Officials Face Extradition From Switzerland: http://www.theguardian.com/football/live/2015/may/27/fifa-officials-arrested-on-corruption-charges-live

  • Gigi  On May 28, 2015 at 6:52 pm

    @ Clyde, this fine(s) is a drop in the bucket for these major US banksters and it’s business as usual. But the US is going after FIFA when it literally has no business doing so. Less than 5% of Americans are interested in football/soccer. American football, baseball and basket are majorly corrupt but it’s business as usual for these folks, too. Zerohedge has an article linking FIFA and Quatar to the Clinton Foundation and the story is that she is trying to put this scandal ridden connection out way before election season when it will be old news. But, another puzzler is that I recently read an article about Florida becoming the football/soccer capital/destination of the world and I’m wondering if there’s a connection. I know that both the US and UK were extremely unhappy with Russia and Quatar hosting the world cup in 2018 and 2022, respectively, and I’m wondering if this is a play to change the outcomes.

    Interestingly too, I just received an email from senator Bill Nelson of Florida (I used to contact him his office to voice concerns about issues affecting Florida and I’m still on the email list) and he wants Floridians to take action to stop proposed oil drilling off the coast of Florida. Florid is a vacation state and any oil disaster will not be good for tourism, especially if Florida is gearing up to become the football/soccer capital of the world.

  • compton de castro  On May 28, 2015 at 8:08 pm

    To add to above…
    Blabber will have to go regardless….it was on his watch that “corruption” occurred…..rightly so.
    On the 2.3 trillion possible fine of banks….yes they will recover that in no time at all….jailing a few bankers and football officials will certainly send out the right signal to potential criminals.
    As per Guyana s elections ….any candidates/parties that fight an “anti corruption”
    campaign more likely to win.
    Hilary s opposite may be colonel Saunders of KFC fame and he has the fortune
    to win…..money barks and bites in Obama land.

    Sad state of affairs in the land of the free and brave….
    Now gays can marry in 50 states….even catholic Ireland.

    HRH QE2 should recolonise america and Canada then tax their rich corporations
    into extinction…..
    Was it not tax avoidance / evasion that prompted republicianism ?

    God bless america
    Viva corruption.

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