Big Banks Are Fined $4.25 Billion in Foreign Exchange Scandal – NYTimes.com.
Updated, 10:46 a.m. | LONDON — British, American and Swiss regulators fined some of the world’s biggest banks a combined $4.25 billion on Wednesday for conspiring to manipulate the foreign currency markets, the latest setback for an industry facing increased scrutiny and mounting legal costs for its past sins.
The fines come as regulators are increasingly targeting a business culture in the financial industry that they say encourages improper conduct by its employees. The banks could still face criminal charges in the matter.
At issue is the approximately $5.3 trillion traded each day in foreign exchange – the world’s biggest financial market. The exchange rates are set daily, and traders at the big banks that are being fined, as well as other banks still under investigation, were accused of rigging the rates so that their own banks could profit.
…click on the above link to read the rest of the article…
