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Thread: Justice Department Is Seeking Felony Pleas by Big Banks in Foreign Currency Inquiry

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    Justice Department Is Seeking Felony Pleas by Big Banks in Foreign Currency Inquiry

    When will the Govt start sending the organizers of such massive thefts to jail?
    http://dealbook.nytimes.com/2015/02/...T.nav=top-news

    Yet even as those cases head toward negotiations over potential plea deals — a development that has not been previously reported — additional currency misconduct has surfaced in a New York state investigation, confidential documents show. The documents, excerpts from online chat rooms reviewed by The New York Times, suggest that banks designed electronic trading platforms that effectively drove up the price of currencies sold to clients. In the chats, replete with expletives and industry jargon, employees described and even joked about how the platform would cancel trades that ceased to be profitable for the bank.

    The currency case is expected to ensnare traders but not top-level executives. As a result, it may add fuel to the criticism that prosecutors have not charged one top executive on Wall Street. Without charges to mollify the public anger over the financial crisis, the recent cases have presented little more than a pyrrhic victory for the Justice Department.
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    Re: Justice Department Is Seeking Felony Pleas by Big Banks in Foreign Currency Inqui

    Quote Originally Posted by JANFU View Post
    When will the Govt start sending the organizers of such massive thefts to jail?
    http://dealbook.nytimes.com/2015/02/...T.nav=top-news

    Yet even as those cases head toward negotiations over potential plea deals — a development that has not been previously reported — additional currency misconduct has surfaced in a New York state investigation, confidential documents show. The documents, excerpts from online chat rooms reviewed by The New York Times, suggest that banks designed electronic trading platforms that effectively drove up the price of currencies sold to clients. In the chats, replete with expletives and industry jargon, employees described and even joked about how the platform would cancel trades that ceased to be profitable for the bank.

    The currency case is expected to ensnare traders but not top-level executives. As a result, it may add fuel to the criticism that prosecutors have not charged one top executive on Wall Street. Without charges to mollify the public anger over the financial crisis, the recent cases have presented little more than a pyrrhic victory for the Justice Department.
    It is possible that the market could be manipulated. Solomon was able to queer the Treasury market. But that was only marginally and at least the large currencies are much, much larger and would require incomparably more money to move by any significant amount outside of special conditions.

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