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M. Taibbi: Largest Banks Admit to Massive Crimes, Still TBTF

submitted by radx

9 years 5 months 2 weeks ago

Five of the world’s top banks will pay over $5 billion in fines after pleading guilty to rigging the price of foreign currencies and interest rates. Citigroup, JPMorgan Chase, Barclays and Royal Bank of Scotland pleaded guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the $5 trillion FX spot market. UBS pleaded guilty for its role in manipulating the Libor benchmark interest rate.

No individual bank employees were hit with criminal charges as part of the settlements.

We are joined by Matt Taibbi, award-winning journalist with Rolling Stone magazine. -- DN