Monday, May 11, 2015

Banks, crooks, and two news stories that say it all

"I am not a crook". And if you
believe that one, I have 
another: the banks are not 
crooks, either.
The following are excerpts from two Reuters news stories that appeared on the the Reuters website on Monday, May 11th:
Banks prepare defense for anti-Wall Street campaigns - WSJ
May 11 (Reuters) - Top executives from the biggest U.S. banks, concerned about anti-Wall Street rhetoric that is already bubbling up on the 2016 campaign trail, are working to push back against the prevailing narrative that "banks are bad", the Wall Street Journal reported, citing people familiar with the matter….

… The banks that took part were JPMorgan Chase & Co , Citigroup Inc , Goldman Sachs Group Inc.,Bank of America Corp., Morgan Stanley, Bank of New York Mellon Corp., and State Street Corp.
Citigroup says could plead guilty to settle FX probe
Citigroup Inc said it could plead guilty to an antitrust charge to resolve a U.S. Department of Justice investigation of its dealings in foreign exchange markets…. 
…Citigroup is one of six major banks that have been under investigation over the past year by global authorities, including the DOJ, for trying to manipulate rates in the $5-trillion-a-day foreign exchange market…. 
…The banks have been accused of sharing confidential information about client orders and coordinating trades from 2008 until October 2013 to boost their own profits.
Any questions?

1 comment:

Patricia said...

So, why did Martha Stewart go to jail again? Bankers won't.