Banks Fined $6 Billion

Good Morning from Upper Darby!

Still posting about these "bank fines" that are "supposedly" going to be paid by these White-&-White Jewish owned and controlled banks. Now? Correct me if I'm wrong but to intentionally tamper with global markets is probably a crime or two where some people REALLY OUGHT TO GO TO JAIL. Now? So far from what I've read there is little to NO TALK of jail time for these White Thugs dressed up in 3-piece suits with high class hookers. So slapping around some supposed fines isn't gonna cut it. Without JAIL TIME for these Whites and White-Jews involved in this then the reality is that this is a NON-ISSUE meant to make it appear as though Whites are going to punish OTHER WHITES ACCORDINGLY. NOTICE THAT NO NAMES ARE GIVEN OF THE ACTUAL GUILTY PEOPLE INVOLVED IN THIS. And once again Bank of America, a PERPETUAL SCAM ARTIST THAT WAS INVOLVED IN THE SUB-PRIME MORTGAGE SCANDAL, is once again in the mix of ripping people off or tampering with and manipulating the market.

I intentionally used Wesley Snipes as Blade because they damn sure did throw his Black-ass behind bars for not paying taxes here in Nazi-America, but these White-&-White Jewish Banks can literally cause COUNTLESS PEOPLE OF ALL RACES AND PLACES TO GET WIPED OUT AND THEIR HEADS NEVER COME ROLLING OFF TO PUT A STOP TO IT!

All I believe is going to happen is that these banks are going to find a way to swindle back any fees paid by stealing it from somewhere else or someone else and I wonder who they might target to try to recoup their money...? Hmmmmmmmmmm? First here is a DEFINITION of what Forex is, followed by the article;

Definition of Forex

An over-the-counter market where buyers and sellers conduct foreign exchange transactions. The Forex market is useful because it helps enable trade and transactions between countries, and it also allows an investment opportunity for risk seeking investors who don't mind engaging in speculation. Individuals who trade in the Forex market typically look carefully at a country's economic and political situation, as these factors can influence the direction of its currency. One of the unique aspects of the Forex market is that the volume of trading is so high, partially because the units exchanged are so small. It is estimated that around $4 trillion goes through the Forex market each day. also called foreign exchange market.

Major banks admit guilt in forex probe, fined $6 billion

 

By Karen Freifeld, Steve Slater and Katharina Bart46 minutes ago

NEW YORK/LONDON/ZURICH (Reuters) - Four major banks pleaded guilty on Wednesday to trying to manipulate foreign exchange rates and six banks were fined a total of nearly $6 billion in a settlement that substantially ends a global probe into misconduct in the $5-trillion-a-day market.

In total, authorities in the United States and Europe have fined seven banks over $10 billion for failing to stop their forex traders from sharing confidential information about client orders and coordinating trades to boost their own profits.

Traders at Citigroup , JP Morgan , Barclays and Royal Bank of Scotland , who described themselves as "The Cartel", used an invitation-only electronic chatroom and coded language to manipulate the price of U.S. dollars and euros between December 2007 and January 2013, according to U.S authorities.

The four banks pleaded guilty to conspiring to manipulate the foreign exchange market.

The misconduct occurred after regulators had started punishing banks for rigging the London interbank offered rate (Libor), an interest rate benchmark.

Britain's Barclays faced the biggest fine on Wednesday with a penalty of $2.4 billion because it did not join in an earlier November settlement with British and some U.S. authorities due to complications with its regulator in New York.

Barclays fired 8 employees as part of its settlement and New York's Superintendent of Financial Services warned that it was still probing the bank's use of electronic systems for foreign exchange trading, which make up the vast majority of transactions in the market.

“Put simply, Barclays employees helped rig the foreign exchange market. They engaged in a brazen ‘heads I win, tails you lose’ scheme to rip off their clients," Benjamin Lawsky said in a statement. "While today's action concerns misconduct in spot trading, there is additional work ahead."

Barclays had set aside $3.2 billion to cover any forex related settlement. Shares in the bank rose more than two percent.

Swiss bank UBS , which avoided a guilty plea over the forex debacle, pleaded guilty instead to one count of wire fraud and will pay a $203 million fine for its role in rigging Libor after its involvement in the forex scandal breached an earlier DOJ agreement. Switzerland's largest bank also had to pay $342 million to the Federal Reserve over attempted manipulation of forex rates.

The U.S. central bank fined six banks for unsafe and unsound practices in the foreign exchange markets, including a $205 million fine for Bank of America , which, like UBS, avoided a guilty plea.

UBS's penalty was lower than expected and this contributed to a more than three percent rise in UBS shares to their highest level in six and a half years. (Please note that BECAUSE UBS WAS NOT PUNISHED PROPERLY THEY ACTUALLY TURNED A PROFIT FROM BEING CAUGHT BEING DIRT-BAGS! YA-HA-HA! JUSTICE! >_< NOT!)

The global investigation into manipulation of foreign exchange rates has put the largely unregulated forex market on a tighter leash and accelerated a push to automate trading. Authorities in South Africa announced this week they were opening their own probe.

Transcripts of online chat rooms made public on Wednesday demonstrated the clubby, audacious nature of the dealing desks with one employee at Barclays remarking, "If you aint cheating, you aint trying."

(Additional reporting by Lindsay Dunsmuir in Washington, Joshua Franklin and Oliver Hirt in Zurich and Steve Slater in London; Writing by Carmel Crimmins; Editing by Jane Merriman)