[Occupymendocino] Let me know when somebody goes to jail.

[Mark Safron]

Big Banks Are Fined $4.25 Billion in Inquiry Into Currency-Rigging

By CHAD BRAY, JENNY ANDERSON and BEN PROTESS | November 11, 2014
 The traders called themselves “the players” and “the three musketeers” as they joined forces and shared information to “double team” their clients and manipulate currency rates.

“He’s sat back in his chair … announcing to desk …that’s why I got the bonus pool,” said one trader to a rival after they colluded on a rate, earning, according to regulators, a profit of $513,000 on the trade.

Citing chat room messages like these, replete with typos, jargon and vulgarities, United States, British and Swiss regulators on Wednesday fined some of the world’s biggest banks a combined $4.25 billion, accusing them of conspiring to manipulate the foreign currency markets.

The fines pose no risk to the health of the banks that settled — UBS, JPMorgan Chase, Citigroup, HSBC and the Royal Bank of Scotland — nor were any traders or executives charged with wrongdoing. And yet the settlements on Wednesday closed only the first chapter of what is shaping up to be a more damaging story for the banks.  

Full story:

http://dealbook.nytimes.com/2014/11/12/british-and-u-s-regulators-fine-big-banks-3-16-billion-in-foreign-exchange-scandal/?alg=4H7Q6
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