Five Big Banks Plead Guilty

Notice that this isn’t an example of the evils of capitalism, as many will suggest. It’s an example of people doing bad things within a capitalist system. Capitalism emphatically relies on competition, and what individuals at these banks were doing was conspiring to avoid competing with each other. >>>

LINK: 5 Banks to Pay Billions and Plead Guilty in Currency and Interest Rate Cases

Adding another entry to Wall Street’s growing rap sheet, five big banks have agreed to pay about $5.6 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….

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