Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (12991)	5/20/2015 11:47:16 AM
From: Goose94	Read Replies (1) \| Respond to of 203939

Buy Gold the real stuff and keep at home or safe spot. "No financial institution"... Always have cold hard CASH handy... After pleading guilty to currency-rigging charges, four international banks have been fined a total of $2.5billion. Wednesday, the Department of Justice (DOJ) announced that it has fined Citicorp, JPMorgan Chase & C0, Barclays Plc, the Royal Bank of Scotland Plc, after they plead guilty to manipulating the price of U.S. dollars and euro. In a separate case, UBS AG plead guilty to charges related in LIBOR and interest rate manipulation; however, the Swiss bank was granted immunity for currency manipulation charges. UBS AG said it was the first to report to the DOJ potential misconduct by banks in forex markets. According to the DOJ, the four banks fined for currency manipulation colluded through online chat rooms, discussing their positions and calling themselves members of “The Cartel.” “By agreeing not to buy or sell at certain times, the traders protected each other’s trading positions by withholding supply of or demand for currency and suppressing competition in the FX market,” the government said in a statement. Investigations show that the currency rigging took place between December 2007 and January 2013. In settling the investigation, Citigroup Inc. will pay a $925 million fine, the most out of all the banks penalized. Barclays will pay $650 million. JPMorgan will pay $550 million, and Royal Bank of Scotland Group Plc will pay $395 million. At the same time, UBS will pay the DOJ $203 million for rigging interest rates. The Swiss bank will also have to pay the Federal Reserve $342 million. Along with the U.S. fines, UK regulator, the Financial Conduct Authority (FCA), announced that it is fining Barclays more than $442 million for currency manipulation. “This is the largest financial penalty ever imposed by the FCA, or its predecessor the Financial Services Authority (FSA),” the FCA said in a statement Wednesday.Along with the U.S. fines, UK regulator, the Financial Conduct Authority The guilty pleas and fines from the DOJ have been long-expected. Last year the Commodity Futures Trading Commission fined those banks a total of $1.4 million for market manipulation. In total, the Federal Reserve said the major banks will have paid out more than $9 billion in penalties for manipulating currencies.