Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: Colwyn on May 20, 2015, 15:18:51 PM
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Five banks under investigation by US and UK financial authorities have been found guilty of rigging the foreign exchange markets so that customers lost and the banks won. They have been collectively fined $5.7 billion with Barclays being the worst crooks and being fined £1.5 billion - say that slowly and roll it round the mouth ... one ... point ... five ... billion ... pounds. There is no suggestion that any bankers will go to prison, or even be prosecuted for this crime.
The story will be reported here:
http://www.bbc.co.uk/news/business-32817114
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No doubt a number of them were paid bonuses based on the fraud.
Never mind though. Lessons have been learnt.
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Good to see that one of the banks in this gang was the RBS. I wouldn't like to think that a bank that we own wasn't competitive in the racketeering market that rips off bank customers. I thought, being state owned, it might go soft and start treating people in an honest fashion. Nope, they are still good old-fashioned financial capitalists.
P.S Barclays shares are up 3.2 this afternoon. No doubt the shareholders think they've got away with it by only having a £1.5 billion fine.