The NYT reports today:
Adding another entry to Wall Street’s growing rap sheet, five big banks have agreed to pay more than $5 billion and plead guilty to multiple crimes related to manipulating foreign currencies and interest rates, federal and state authorities announced on Wednesday.
The Justice Department forced four of the banks — Citigroup, JPMorgan Chase, Barclays and the Royal Bank of Scotland — to plead guilty to antitrust violations in the foreign exchange market as part of a scheme that padded the banks’ profits and enriched the traders who carried out the plot.
Read more here.
In a statement, Public Citizen President Rob Weissman criticized the settlement as insufficient and urged more aggressive regulatory action: "[N]otwithstanding today’s announcement and others like it, these banks are not deterred from violating the law – indeed, they are literally not subject to the same standards as other banks and other companies. A democratic society cannot tolerate having banks above the law. There’s a solution to this problem: break them up." Read the whole statement here.