36Another EHM Banking Scandal
The financial world was shaken by another major scandal in 2014. It included a couple of the banks that had been involved in the earlier Libor scandal and some new ones. Citicorp, JPMorgan Chase & Co., Barclays PLC, and the Royal Bank of Scotland pleaded guilty to rigging the price of foreign currencies and were fined more than $5 billion. Within a year these four banks, plus one other, UBS, would be fined an additional $1.6 billion, along with another $1.3 billion in the case of Barclays, to settle related claims.
The banks had operated what some of their members referred to as “the Cartel” since 2007. Found among the emails and chat room conversations of individuals involved were their own names for their group: ...
Get Confessions of an Economic Hit Man, 3rd Edition, 3rd Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
