8 banks agree to pay $2 Billion dollars, oh wow $2 billion bucks, thats it? Divided by 8....so lets see, that $2,000,000,000/8, $250,000,000 each, hmmmm, They should be fined $10 Billion each, how about that...its funny with all the fees they charge the consumer on bouncing checks, the high interest rates of 14% they charge you to use their credit cards.... the 0.10% interest rates you get on your savings at HSBC and CITI and $2+ at an ATM machine every time you take out your own money, they are already fucking the consumer and on top of that they now have to rig the currency markets to make a little extra in their piggy banks, corporate fucking greeeeeed..... Im sure with the rig job they did in the currency market sure fuck made them more than $250,000,000, again a little slap on the risk, and why the fuck they rig markets makes me question how reputable these banks actually are and why they think the have the power to do so, as I'm writing this Im sure these banks are involved in other schemes as well, its all a game thats all it is, its all about $$$ and fucking greed... 8 banks agree to pay $2B to settle currency rigging suits: Reuters CNBC.com staff | @CNBC 24 Mins AgoBreaking News This story is developing. Please check back for further updates. Lawyers representing investors said eight banks implicated in a U.S. currency rigging lawsuit have agreed to pay $2 billion in a settlement, according to Reuters. A lawyer speaking at a hearing in Manhattan federal court said the banks included Barclays, Bank of America, BNP Paribas, Citigroup, Goldman Sachs, HSBC, Royal Bank of Scotland, and UBS. A previously filed and related settlement with JPMorgan will be refiled in a few weeks. Settling banks agreed to provide substantial cooperation.
In total the currency rigging cost the banks over $8 billion, since this is a class action settlement based on last year's $4.3 billion regulatory fine. Barclays was fined over $2 billion separately in 2015. Goldman and BNP did not get fined the first time around. JPM was fined last year, but doesn't appear on this settlement list. http://www.reuters.com/article/2014/11/12/us-banks-forex-settlement-cftc-idUSKCN0IW0E520141112 Meanwhile, it will be interesting to see what the attorneys end up with from this settlement.
Bankers are above the law. See that kid who got busted for the flash crash? He lives in his parents basement, trading 50 lots..... The whole thing is rigged.
Yups!!! When I saw the 2billion, I jumped to think one whistelblower cashed in more than $700million ( 30%) tax-free. But here it is a class action lawsuit, so they should really find a way to ask for much more.
Where does the money go? There's a story about the $6 Billion the Feds want to lift from JP Morgan, that's 3/4 of the annual budget of the FBI, almost the SEC's budget too. I thought the SEC spent more like $50 million because people get away with so much naughty behavior, how did SAC Capital get Stevie Wonder off their radar list, pay a fine, sell out your analysts-trader you knew were trading 3x-the-Alpha but never thought they were using information obtained through ill gotten methods, why does the SEC punish the little traders and let the Whale get away? Where does all that cash go, are they going to pay back victims or pocket it while slapping a "We sign a no fault clause", just pay the man Sally! http://www.marketwatch.com/story/heres-where-all-the-bank-fines-go-2015-05-20
Looks like JPM paid $550 million. Total collected by the government was $9 billion if you include the 2014 fines. http://www.bloomberg.com/news/artic...8-billion-five-plead-guilty-to-market-rigging "The accords bring the total fines and penalties paid by the five banks to resolve the currency investigations to about $9 billion, the Justice Department said. In the settlement with the Justice Department, Citicorp parent Citigroup Inc. will pay $925 million, the highest of the banks penalized. Barclays agreed to a fine of $650 million. JPMorgan will pay $550 million, and Royal Bank of Scotland Group Plc agreed to a $395 million fine. UBS will pay $203 million."