Regulators in the US, UK, and Switzerland have levied fines on banks for rigging benchmarks used by fund managers to determine what they pay for foreign currency in the foreign exchange (forex) market. The fines add up to $4.3 billion in total so far – not exactly a heavy hit on the Too Big To Fail banks. Not even much of a disincentive to not do it again.
|By: DSWright Wednesday November 12, 2014 9:02 am|
|By: DSWright Wednesday September 18, 2013 12:25 pm|
Now the Commodities Future Trading Commission (CFTC) wants JPMorgan to admit to market manipulation after investigating the bank.
|By: DSWright Friday May 17, 2013 8:45 am|
Behold the power of finance capital. Despite shitting the bed and making us all clean it up, Wall Street will remain essentially the same as the Commodities Futures Trading Commission (CFTC) caved to the banksters and will continue to allow a cartel to control the derivatives market.
|By: DSWright Friday February 22, 2013 11:47 am|
Gary Gensler, the head of the Commodities Future Trading Commission (CFTC), has made a pretty depressing admission to the BBC. During an interview on one of the greater financial scandals in modern times, the rigging of the London Interbank Offered Rate (LIBOR), Chairman Gensler submitted that the global benchmark for interest rates is still “not clean” and was often “completely made up.”
|By: masaccio Sunday January 27, 2013 10:54 am|
Mary Jo White has a history of tough prosecution and strong representation of her Wall Street clients. Tough is good.
|By: DSWright Thursday December 27, 2012 11:25 am|
Step right up and Spin the Revolving Door – and what is your prize? Why, a nice job on Wall Street working for the people you used to regulate – you wrote in the loopholes, now you get the cash for exploiting them!
|By: masaccio Tuesday July 10, 2012 5:03 pm|
Two officers of Sentinel Management, a Chicago firm, were recently indicted in Chicago, Eric Bloom and Charles Mosley. The case was attributed to the phony Financial Fraud Enforcement Task Force, though the investigation was underway long before the alleged creation of that group. The case is typical of financial fraud enforcement today; there may be criminals in flyover country but ain’t no criminals on Wall Street.
|By: David Dayen Friday July 6, 2012 9:48 am|
In Britain, the investigations into Barclays Bank manipulating the benchmark Libor rate have begun in earnest. Parliament approved an official inquiry into the Libor scandal, though only at the Parliamentary level rather than an independent investigation.
|By: David Dayen Friday June 1, 2012 1:15 pm|
JPMorgan Chase will spin off a “special investments group” to isolate the Chief Investment Office that created the Fail Whale trades. Basically they are taking the salvageable remains out of the CIO and ring-fencing it, while curtailing the speculative trading that led to the massive losses.
|By: David Dayen Thursday April 5, 2012 11:20 am|
House Democrats have continued their efforts to keep the notion of oil speculation driving the run-up in gas prices at the head of the national conversation.