Conspiracy? No-ho-ho-ho! Just a few banks cooperating in secret to make big bucks.
Let it be known that $5.7 billion is small change to big banks – a tiny tap on the wrist from a Mother Superior. However humble, this is a good beginning. We can always pray for more, up to and including an audit and dissolution of the “FED”, a private financial institution that has posed as a federal agency and robbed us blind for over a century now. May we soon return the USA to interest-free currency, as provided for in the Constitution. We have been more than generous to give the secret owners of the FED so much of our hard-earned money, but we have to put our foot down sometime and now is as good a time as any.
On Wednesday, the Department of Justice announced that five major banks – Barclays, Royal Bank of Scotland, JPMorgan Chase, UBS and Citigroup – will be fined approximately $5.7 billion after pleading guilty to crimes involving the manipulation of global currencies and interest rates.
The DoJ noted that four of the banks – Citigroup, JPMorgan Chase, Barclays and the Royal Bank of Scotland – have been forced to plead guilty to antitrust violations in the foreign exchange market, after they allegedly worked together to enhance their profits by manipulating the $5-trillion-a-day foreign exchange market to $10 billion.
At a press conference on Wednesday morning, US Attorney General Loretta Lynch said that starting as early as 2007, currency traders at several multi-national banks formed a group they dubbed “the cartel.”
Lynch explained that almost every day for more than five years, traders in this “cartel” communicated through coded language in a private electronic chatroom to manipulate the market’s exchange rate between euros and dollars.
“They acted as partners, rather than competitors, in an effort to push the exchange rate in directions favorable to their banks, but detrimental to many others,” Lynch said. “The prices the market sets for those currencies influence virtually every sector of every economy in the world. Their actions inflated the bank’s profits, while harming countless consumers, investors and institutions around the globe.”
The New York Times noted that when one member of the “cartel” would “build a huge position in a currency and then unload it at a crucial moment, hoping to move prices,” other traders would agree to “stay out of each other’s way.”
Business Insider reported that this is an unprecedented settlement for the parent companies of so many major banks “to plead guilty to criminal charges in a coordinated action,” and that JPMorgan Chase and Citigroup are the “first major U.S. banks to plead guilty to criminal charges in decades.”
Read more and see video at 5 Major Banks Plead Guilty To Market Rigging, Fined $5.7B