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In rare admission of guilt, Wall St. banks say they rigged markets
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| Parent(s) |
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| Contributor | RP |
| Last Edited | RP May 20, 2015 04:13pm |
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| Category | News |
| Author | Kate Gibson |
| Media | TV News - Columbia Broadcasting System CBS News |
| News Date | Wednesday, May 20, 2015 04:20:00 PM UTC0:0 |
| Description | Five of the world's largest banks have plead guilty to federal charges including manipulating the global foreign exchange market and rigging a benchmark interest rate that affects the cost of credit card, vehicle and other loans.
Citicorp (C), JPMorgan Chase (JPM), Barclays (BCS) and Royal Bank of Scotland (RBS) agreed to pay more than $5 billion for conspiring to fix the price of U.S. dollars and euros, the Justice Department said Wednesday. The main banking unit of UBS Group plead guilty to charges tied to interest-rate manipulation.
"Almost every day for five years, they used a private electronic chat room to manipulate the exchange rate between euros and dollars using coded language to conceal their collusion," Attorney General Loretta Lynch said at a news conference to announce the settlements. "They acted as partners rather than competitors to push the exchange rate in directions favorable to their banks, but detrimental to many others."
"And with similar investigations into benchmark interest rate and precious metal price manipulation schemes still underway, there are likely to be more such to come," he said. |
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