Today’s Forex news relates to what truly was a huge and brazen Cartel Caper:
May 20, 2015: Four major banks, Barclays, Citicorp, JPMorgan Chase & Co., and, The Royal Bank of Scotland plc, have agreed to plead to antitrust charges in the Forex investigation. UBS, has agreed to plead guilty to rate rigging charges in the Libor investigation. UBS had previously been given non-prosecution protection in Libor, but lost that because of its recidivism in Forex. In total, the five banks have agreed to pay more than $5.6 billion and plead guilty to multiple crimes related to manipulating foreign currencies and interest rates. The plea agreements are with various federal and state agencies.
In my opinion, charges against individuals are going to follow. The conduct was simply too egregious and costly to only take corporate pleas. And, the Forex cartel continued to operate during the Libor investigation. To get a flavor of the cartel’s operation, read:
The Department of Justice press release is here.
The remarks of Bill Baer at the press conference are here.
Related documents are below:
Royal Bank of Scotland Plea Agreement
Stayed tuned.
Anything that reduces our reliance on the big banks, is definitely worth exploring further.
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