Video Below – To say this a violation of a free market economy is a gross understatement. The public is given proof of an unfair advantage. According to several new sources, JPMorgan Chase, Citigroup, Barclays, The Royal Bank of Scotland, UBS, conspired with one another to fix rates on US dollars, and euros. It also includes fixing the LIBOR rates.
Six of the world’s biggest banks will pay over $5 billion in collective penalties. Five major banks Wednesday agreed to plead guilty to criminal tied to a currency-rigging probe as they seek to wind down almost half a decade of enforcement actions to settle charges their traders routinely manipulated the world’s foreign-exchange currency market for their own profit.
The world’s biggest banks agreed to pay more than $5 billion in penalties and plead guilty to working together to manipulate the currency markets where hundreds of billions of dollars and euros change hands back and forth.
Traders at JPMorgan Chase, Citigroup’s banking unit Citicorp, Barclays and the Royal Bank of Scotland were accused of working together to manipulate rates on the foreign exchange market, where hundreds of billions of dollars and euros change hands back and forth. These settlements were made with the Justice Departmen, the CFTC, and the Federal Reserve. Barklays reached a settlement with the UK regulator.
The fifth bank, UBS AG , received immunity in the antitrust case but pleaded guilty to manipulating the London interbank offered rate, or Libor. It will pay a fine for violating an earlier accord meant to resolve those allegations of misconduct, bringing the total the five banks agreed to pay to $5.6 billion.