U.S. Is Seeking Felony Pleas by Big Banks in Foreign Currency InquiryBy Ben Protess and Jessica Silver-GreenbergFebruary 9, 2015The Justice Department is pushing some of the biggest banks on Wall Street — including, for the first time in decades, American institutions — to plead guilty to criminal charges that they manipulated the prices of foreign currencies.In the final stages of a long-running investigation into corruption in the world’s largest financial market, federal prosecutors have recently informed Barclays, JPMorgan Chase, the Royal Bank of Scotland and Citigroup that they must enter guilty pleas to settle the cases, according to lawyers briefed on the matter.The pleas would be likely to carry a symbolic stigma, if limited actual fallout, in handing felony convictions to some of the world’s biggest banks...
10 February 2015
US Seeks Felony Pleas From JPM, Barclays, RBS, and Citi For Criminally Rigging Currency Markets
But they will still possess the right to use huge quantities of publicly subsidized funds to maintain large stables of servile politicians on retainer, which is a much more direct and efficient way of obtaining your political and regulatory will than by merely casting a vote, in the conventional human manner.
Will they be banned from any markets? Will they be subjected to more intense regulation? I don't know.
But they will carry a 'symbolic stigma.' This is quite the burden for our pampered princes. The horror!
I wonder why Eric Holder is unafraid now to pursue actual criminal charges this time, as opposed to the scores of other cases where banks, such as HSBC for example, have brazenly flouted the law, again and again and again, with deferred prosecution and wristslap fines?
Why now? What has changed? What line could they have possibly crossed, after so many other brazen and repeated offenses? What does the government see coming that they need to do this? No more bailouts for felons?
And what happens when they do it again? And again.
Do they get to keep the Presidential cuff links?
Posted by Jesse at 12:20 AM