https://www.davesarcade.com/2019/09/13/jwej7uofo The European Commission has fined five banks, including the anti-Bitcoin JP Morgan, a total of over €1 billion for currency rigging. Traders clubbed together into ‘cartels’ to manipulate the foreign exchange market between 2007 and 2013.https://wildworldofanimals.org/kldimi5s3x1
You Can Trust The Big Banks… To Help Themselves
https://www.environmentalhealthproject.org/rlyf1zxf The “Banana Split” cartel involved traders from Barclays, RBS, Citigroup, and JP Morgan, which face penalties of €811 million in total. Traders from Barclays and RBS traders, along with MUFG, were also in the “Essex Express” cartel, and received €259 million in fines.http://champspublichealth.com/ngs4ecxtis
The traders used online chatrooms to exchange trading plans and co-ordinate strategies. This enabled them to “make informed market decisions on whether to sell or buy the currencies they had in their portfolios and when.”https://www.hackshed.co.uk/fh8ldql
https://www.mansmith.com/7ha1w7u0q6 In January, JPMorgan stated that Bitcoin would only be valuable in a dystopian environement after its CEO called it a ‘fraud.’Order Cbd Oil Florida
And It’s Hardly A One Off
http://ozdare.com/w8w8g4ldpmr But this is just the latest in a seemingly endless parade of fines imposed on the big banks for misconduct. From forex manipulation to money laundering, via straight-up fraud; if there’s money in it, a minor thing like illegality won’t stop the banks getting involved.http://www.anrc-uk.com/9ujdki1m6d http://santondownham.org/y6on6bnss
RBS has already said that its €249 million share of the fines is “fully covered by existing provisions.” Despite talk about strengthening procedures and implementing change, it seem that the banks have little incentive to alter their behaviour. Fines, it would seem, are just an occupational hazard.
http://maketodayhappy.co.uk/rku3ecw However, on this occasion, the Commission’s judgement could be an open invitation for impacted parties to sue the banks. According to lawyer, Lambros Kilaniotis:
http://www.anrc-uk.com/7afx66v26j If they haven’t already, any party involved in forex trading, such as institutional investors, pension funds and large corporates, should now be reviewing what losses they have incurred
The Same Big Banks Who Routinely Decry Bitcoin
http://santondownham.org/985i9vk Yes, the level of hypocrisy the big banks display is in some ways quite impressive. Whilst regularly bashing bitcoin as a tool for market manipulation, fraud, and money-laundering, they keep getting caught doing exactly what they accuse Bitcoin of enabling.
https://wildworldofanimals.org/wo5m1zd Should we ask the post office what they think about email? Or the taxi driver about Uber? No? Then perhaps it’s time to stop asking bankers what they think about bitcoin and just let them pay their slap-on-the-wrist fines.
http://www.himalayanecolodges.com/t9y6m671 Would bitcoin help curb fraud perpetuated by big banks? Share your thoughts below!