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HSBC, Barclays, Credit Suisse, and NatWest Bank (Not Bitcoin Exchanges) Fined $390M For Market Manipulation

HSBC, Barclays, Credit Suisse, and NatWest Bank (Not Bitcoin Exchanges) Fined $390M For Market Manipulation



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9 Comments

  1. That fine isnt shit compared to the profits they made. Look at jpm bank… they get caught all the time, get fined, pay the petty fine and go back at it. Nobody goes to jail, just fined. I gaurentee you if a bank is being fined 390 million, they’ve made 10x that. The fines need to be much much higher to ensure it doesnt keep happening. And if it does, start locking people the hell up. If it was any ordinary average citizen that got caught manipulating markets, they would have the book thrown at them. I guess its only tolerated when a big organization does it.

  2. These being the same banks who the government are impotent to enforce regulation upon:

    “Two of America’s top law-enforcement officials, Attorney General Eric Holder and former Justice Department Criminal Division chief Lanny Breuer, confessed that it’s dangerous to prosecute offending banks because they are simply too big. Making arrests, they say, might lead to “collateral consequences” in the economy.”

    Reference (with paywall removed, though do subscribe they’re a great publication 🙂 )

    https://12ft.io/proxy?q=https%3A%2F%2Fwww.rollingstone.com%2Fpolitics%2Fpolitics-news%2Feverything-is-rigged-the-biggest-price-fixing-scandal-ever-82255%2F

  3. tldr; The European Commission has fined Barclays, UBS, Credit Suisse, HSBC, Barclays, and NatWest a combined €344 million ($390 million) for rigging the prices of the foreign exchange spot trading market. The banks engaged the services of some traders who shared sensitive information and trading plans that helped them to make important decisions about the currencies to buy and sell in the chat group.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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