In May 2015, Citicorp, JPMorgan Chase, Barclays, and the
Royal Bank of Scotland both acknowledged colluding to set the “fix” rate in
foreign exchange markets, and agreed both to change their internal cultures and
pay criminal fines of over $2.5 billion.[1]
The U.S. Attorney General, Loretta Lynch, stated that her department would “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
customers.”[2]
I submit that this does not go far enough, given the size and power of the
banks and the condition of the sector.
The full essay is at “Banks
Guilty.”
[1]
Loretta Lynch, “Attorney
General Lynch Delivers Remarks at a Press Conference on Foreign Exchange Spot
Market Manipulation,” The U.S. Department of Justice, May 20-, 2015.
[2]
Ibid.