Last week five big international banks were found guilty of rigging international currency markets and fined $5.5 billion. The very next day, the Securities and Exchange Commission issued the banks waivers from automatic punishment so they could continue business as usual. SEC Commissioner Kara M. Stein did not agree with letting the banks off the hook and issued a scathing dissent. The banks UBS, Barclays, Citigroup, JPMorgan Chase & Co, and the Royal Bank of Scotland had already been granted a total of 23 waivers after previous wrongdoing. Bank traders actually met in an online chat room called "The Cartel" or "The Mafia" and conspired to rig rates. The scheme ran for years. According …
Commissioner blasts SEC for allowing criminal banks to continue business as usualRead More