The Information Age is living up to its name in every way these days in these digital streets. Lies held as truths for decades are revealing themselves, and the keepers of the gate are being dragged into the town square to serve as tribute scapegoat. This week’s pound of flesh comes from the banking mafia that presently runs out country and government. Five banks have just plead guilty to market manipulation. The Justice Department not only announced the 5 guilty parties on Wednesday, but their billion dollar penalties as well.
From the Huffington Post~
Big Banks Plead Guilty To Market Manipulation, Will Pay $5.8 Billion
Barclays, Citigroup, J.P. Morgan and the Royal Bank of Scotland admitted to illegally distorting foreign exchange markets. The banks formed what they called “The Cartel” and aimed to set a key currency marker, known as “the fix,” at mutually beneficial values.
The fix is set every day at 4 p.m. London time and is used in the more than $5 trillion currency market to determine the price of trades and the value of large institutional holdings. Traders at the banks used instant messaging chat rooms to discuss where to set the fix.
In addition to admitting guilt, the banks will also pay fines. Barclays will pay $650 million, Citigroup $925, million J.P. Morgan $550 million and RBS $395 million. Barclays will pay another $1.3 billion to New York State, federal and U.K. regulators.
The Justice Department said it was charging the banks’ parent companies because the wrongdoing was pervasive, and that the banks’ punishment was “fitting considering the long-running and egregious nature of their anticompetitive conduct.” To put the fines in context, in 2014, Barclay’s net income was $3.5 billion, Citigroup’s was $7.3 billion, J.P. Morgan’s was $21.8 billion and RBS’ was $3.9 billion.
A fifth bank, UBS, pleaded guilty to manipulating the London Interbank Offered Rate, which is called Libor. Libor is the most important international interest rate benchmark. UBS will pay $545 million in fines to the Justice Department and Federal Reserve. The value of more than $300 trillion in debt is tied to Libor.
The five banks will pay a further $1.6 billion in fines to the Federal Reserve.
I guess the saddest part of all of this is their victims might not ever see a dime, and the criminals will never see the inside of a prison cell. These bankers are the true monsters under the bed and they are sucking this country dry. Who suffers the most? Minorities. Yet, even with this solid proof that the winners are cheating and manipulating the system for their own benefit, millennial racists will still be convinced that the system is fair, balanced, and that those who aren’t succeeding are failing due to some mortal deficiency. America really needs to get its shyt together. Because from where I stand it stands on smoke and mirrors!
Qmunity does it intimidate you knowing these criminals will be free to perpetrate these crimes another day? Where does your faith in the AmeriKKKan financial system lie on a scale of 1-10?
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