November 12: Banks Fined More Than $3 Billion For Role In Forex ManipulationThese banks are CORKER WARNER JOHNSON CRAPO future of housing? WTF!!!
On Wednesday, a Federal probe into the role big banks played in a forex manipulation scheme resulted in huge fines for UBS AG (NYSE: UBS), HSBC Holdings plc (NYSE: HSBC), the Royal Bank of Scotland Group PLC (NYSE: RBS), JPMorgan Chase & Co. (NYSE: JPM) andCitigroup Inc (NYSE: C).
The banks will pay penalties totaling more than $3 billion because their traders worked together to manipulate foreign exchange rates. Using chat rooms and code names, traders from each bank shared confidential information detailing client orders through October 2013.