news.cuna.org/articles/105943-news-of-the-competition

News of the Competition

May 15, 2015

NEW YORK (5/15/15)--Let the special treatment for big banks continue, The New York Times reported recently (May 13). Five of the world’s biggest banks will soon plead guilty to a constellation of antitrust and fraud charges related to rigging the foreign currency market, and subsequently cough up several billion dollars each for the illegal activity. But while several billion dollars may sound sizable, it’s likely these penalties have been crafted as mere slaps on the wrist for these mega-financial institutions. Too large of a hit could rock the global economy to which these big banks are so closely tied, The New York Times said. In fact, lawyers representing the banks, which include Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland, are seeking measures from federal regulators to be allowed to continue engaging in certain business practices even after the guilty pleas, “which would allow the banks to conduct business as usual, despite being felons,” The Times said, adding, “In reality, those accommodations render the plea deals, at least in part, an exercise in stagecraft” ...