Skip to main content

Banks to pay $5.7 billion in fines over rate rigging, but no prison time for executives

Reuters - Five of the world's largest banks, including JPMorgan Chase & Co and Citigroup Inc, were fined roughly $5.7 billion, and four of them pleaded guilty to U.S. criminal charges over manipulation of foreign exchange rates, authorities said on Wednesday.

A fifth bank, UBS AG, will plead guilty to rigging benchmark interest rates, the U.S. Justice Department said.

U.S. banks JPMorgan Chase and Citigroup will pay $550 million and $925 million in criminal fines, respectively, as part of their guilty pleas.  Read more.

Comments

Popular posts from this blog

The Little-Known History of the Forced Sterilization of Native American Women

Two fifteen-year-old Native American women went into the hospital for tonsillectomies and came out with tubal ligations. Another Native American woman requested a “womb transplant,” only to reveal that she had been told that was an option after her uterus had been removed against her will. Cheyenne women had their Fallopian tubes severed, sometimes after being told that they could be “untied” again.  Read more.

Why African American Women Joined the Communist Party

During the 1930s, the New Deal’s efforts to drive economic recovery had a dirty not-so-secret. To get the support and votes of southern whites in Congress, President Franklin Roosevelt had to water down relief efforts for African Americans. Even with programs that attempted to be race-blind, the South’s white administrators did their best to deny federal assistance to African Americans. Discrimination and segregation were still the name of the game, even in economic collapse.  Read more.