Oppressed Peoples Online Word...The Voice Of The Voiceless

Dedicated to disseminating news & information not found in mainstream media....

Six banks agreed a $4.3bn settlement with UK, US and Swiss regulators on Wednesday for allegedly attempting to

http://www.independent.co.uk/incoming/article9177569.ece/alternates/w620/wall-street.jpg

manipulate the foreign exchange market. But for them and at least half a dozen other banks and their legal and public relations, the exposure is far from over as US and European investigators continue to pursue cases.

The US Department of Justice is investigating numerous banks, former traders and salesmen for allegedly manipulating the $5.3tn forex market and overcharging customers, while evidence obtained by Europe’s top competition authority, people close to the probe said, is of “startling quality”.

The investigations, which are expected to play out over the next year or longer, will probably result in large fines and criminal findings from the DoJ, these people say.

If history is any guide, banks can look to settlements that resolved allegations that financial institutions manipulated Libor and other benchmark interest rates. The DoJ collected $1.2bn in fines and admissions of wrongdoing from UBS, Royal Bank of Scotland, Barclays, Rabobank, and Lloyds in settlements. That was part of a total $4bn in fines by US, UK and other national regulators.

The European Commission can levy fines of up to 10 per cent of a company’s global turnover and has hit banks with €1.8bn in fines connected to Libor and Euribor.

“The US Justice Department’s Criminal and Antitrust Divisions have an active, ongoing investigation into possible manipulation of foreign exchange rates,” a DoJ spokesman said on Wednesday, declining further comment. The Federal Reserve said it was “continuing to investigate in the foreign exchange markets in co-ordination with other authorities, including the Department of Justice”.

JPMorgan Chase, Citigroup, Deutsche Bank , Barclays and UBS have each disclosed criminal investigations by the DoJ.

The DoJ had been in negotiations with UBS but those talks have slowed and a settlement is not expected until next year, according to one person familiar with the matter. It is possible the DoJ reaches a deal with another bank, possibly a US one, before then although it increasingly seems likely there will not be a deal until next year, a person familiar with the matter said.

US bank fines: get the data


Stacks of U.S. $100 bills are arranged for a photograph in New York, U.S., on Thursday, Feb. 7, 2013. The U.S. dollar advanced in trading today to the highest in almost three weeks against a basket of major currencies. Photographer: Scott Eells/Bloomberg

Banks have paid more than $100bn in legal settlements with US regulators since the financial crisis, data compiled by FT reporters shows.

In an attempt for leniency, banks have been queueing up to give the European Commission information. In the case of Libor, UBS avoided a €2.5bn penalty by winning immunity.

The idea of the global settlement began over the summer when banks approached the UK’s Financial Conduct Authority for a one-shot deal. Part of their argument was they wanted the negative headlines to be shared out across the banking sector.

It was a strategy that carried risk. Barclays pulled out of the UK-US settlement on Tuesday night after New York’s Department of Financial Services, its New York regulator, said it would not participate in the deal. The UK bank said on Wednesday it preferred a settlement with all of its regulators over a piecemeal approach.

The DFS is investigating about a dozen banks for possible forex manipulation and installed monitors at Barclays and Deutsche Bank as part of that probe. Standard Chartered is one of the banks being investigated.

Full Article:  http://www.ft.com/intl/cms/s/0/3f33027a-6b51-11e4-9337-00144feabdc0...

Views: 136

Comment by Bilal Mahmud المكافح المخلص on November 13, 2014 at 3:38pm

We Desperately Need Your Support To Stay Online...

Visit our Photo Gallery:  http://bilalmahmud.zenfolio.com/

Click on:  My Photographs link/ All My Photos

Select Photos tab...purchase what you like...Thank You...

Please Donate Today... If you have enjoyed this presentation please consider becoming a supporter of this effort.  Donate today on paypal= jabal51@hotmail.com or send your contributions to :  OPOW, Post Office Box 1241, Conley, Ga. 30288-7018

We Thank You For Your Support...No Contribution is too small or too large..

                          

                                       اليدين في الهواء

http://storage.ning.com/topology/rest/1.0/file/get/2394128972?profile=original

More News Briefs OPOW:  http://oppressedpeoplesonlineword.ning.com/forum/topics/news-brief-...

Support Oppressed Peoples Online Word

http://www.drericmeyer.com/images/paypal-button.jpg

https://www.paypal.com/

Support Oppressed Peoples Online Word on Paypal:  https://www.paypal.com/webapps/mpp/send-money-online

Send To Email Below: 

Email at Paypal:  jabal51@hotmail.com

Donations Not Tax Deductible

 

Oppressed Peoples Online News and Information Updates 

Facebook:  https://www.facebook.com/Bilal.Mahmud?ref=tn_tnmn

OPOW Google Plus:  https://plus.google.com/113418710349404662486/posts

Twitter:  https://twitter.com/AbuRuyaa

P.O. Box 1241, Conley, Ga. 30288-7018

Comment by Bilal Mahmud المكافح المخلص on November 13, 2014 at 3:40pm

Visit our Photo Gallery: http://bilalmahmud.zenfolio.com/

Click on: My Photographs link/ All My Photos

Select Photos tab...purchase what you like...Thank You...

Comment by Bilal Mahmud المكافح المخلص on November 13, 2014 at 3:41pm

Comment

You need to be a member of Oppressed Peoples Online Word...The Voice Of The Voiceless to add comments!

Join Oppressed Peoples Online Word...The Voice Of The Voiceless

Blog Posts

Forum

Allah's Guidance!

 Allah says: “Know well that the life of this world is merely sport, diversion, adornment, an object of your boasting with one another, and a rivalry in the multiplication of riches and children. Its…Continue

Started by Al Haj Karriem el-Amin Shabazz in Sample Title Sep 2.

Allah's Guidance!

What Allah says about Racism!Thus, the notions that the two will ultimately meet the same end, is utterly false. In the end, the believer has been likened to the living, and the stubborn, disbeliever…Continue

Started by Al Haj Karriem el-Amin Shabazz in Sample Title Aug 14.

Allah's Guidance!

What Allah says about Racism!Thus, the notions that the two will ultimately meet the same end, is utterly false. In the end, the believer has been likened to the living, and the stubborn, disbeliever…Continue

Started by Al Haj Karriem el-Amin Shabazz in Sample Title Aug 14.

Allah's Guidance! 1 Reply

 As salaam alaikum, I'd like to find a solution to the problem of under-funded, poorly staffed Islamic schools. Even the ones in beautiful buildings with under-qualified faculties, and unprofessional…Continue

Started by Al Haj Karriem el-Amin Shabazz in Sample Title. Last reply by Bilal Mahmud المكافح المخلص Aug 10.

Badge

Loading…

Groups

© 2020   Created by Bilal Mahmud المكافح المخلص.   Powered by

Badges  |  Report an Issue  |  Terms of Service