Justice Department to reportedly charge banks, individuals over currency manipulation
The Justice Department is planning to investigate and charge several of the world's largest banks with crimes connected to the manipulation of currency exchanges, according to a published report.
According to The New York Times, federal prosecutors are planning to indict individual bank employees for currency manipulation, using instant messages as evidence. That is in contrast to recent investigations into securities-backed mortgage trading, which ended in multi-million dollar fines being paid by the banks themselves.
The Times reports that approximately a dozen financial institutions under investigation, including Deutsche Bank, Citigroup, JP Morgan Chase, Barclays, and UBS. Charges are expected to be filed against at least one bank before the end of the year, with several expected to plead guilty.
The Times also reports that any individuals charged in connection with currency manipulation would likely be traders and their immediate superiors, as opposed to chief executives of firms.
If this farcical 3 ring circus act wasn't so pitiful it would be comical.
You want to get serious about this bullshit?
Audit every financial institution on the planet clear down to their toilet paper purchases and then start throwing entire company boards in jail all at once, then start working your way DOWN, instead of starting at the bottom with the petty actors and working up.
These people are well aware of what is going on on their watch because if they weren't, the rate of mass firings would be making the headlines instead of this.