Banking and Finance

The bankers’ let-out

Submitted by cathy n on 24 November, 2017 - 9:14 Author: By Gerry Bates
Wall Street bull

The big banks — UBS, Royal Bank of Scotland, JP Morgan Chase, Citigroup, Barclays, HSBC, and others — are nearing a deal with the EU over their rigging of foreign-exchange markets.

They have already paid American, British and Swiss authorities more than $10 billion for the rigging, and the EU over $2 billion for rigging interest rates.

The 2008 crash has been followed by a cascade of investigations and scandals, triggered by resentment built up against the banks by government authorities and non-bank capitalists.