{"id":1509,"date":"2014-11-12T16:29:30","date_gmt":"2014-11-12T21:29:30","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1509"},"modified":"2014-11-12T16:29:30","modified_gmt":"2014-11-12T21:29:30","slug":"big-banks-are-fined-4-25-billion-in-foreign-exchange-scandal-nytimes-com","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1509","title":{"rendered":"Big Banks Are Fined $4.25 Billion in Foreign Exchange Scandal &#8211; NYTimes.com"},"content":{"rendered":"<p><a href=\"http:\/\/dealbook.nytimes.com\/2014\/11\/12\/british-and-u-s-regulators-fine-big-banks-3-16-billion-in-foreign-exchange-scandal\/?hp&amp;action=click&amp;pgtype=Homepage&amp;module=first-column-region&amp;region=top-news&amp;WT.nav=top-news&amp;_r=0\">Big Banks Are Fined $4.25 Billion in Foreign Exchange Scandal &#8211; NYTimes.com<\/a>.<\/p>\n<p class=\"story-body-text\" style=\"font-size: 1rem; line-height: 1.4375rem; font-weight: 400; font-family: georgia, 'times new roman', times, serif; max-width: 540px; margin: 0px 0px 1em 0px;\"><span id=\"t10h46s\" class=\"update\" style=\"color: #a81817; font-family: nyt-franklin, arial, helvetica, sans-serif; font-weight: bold; font-size: 0.8125rem; font-style: normal;\">Updated, 10:46 a.m. |\u00a0<\/span>LONDON \u2014 British, American and Swiss regulators fined some of the world\u2019s 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.<\/p>\n<p class=\"story-body-text\" style=\"font-size: 1rem; line-height: 1.4375rem; font-weight: 400; font-family: georgia, 'times new roman', times, serif; max-width: 540px; margin: 0px 0px 1em 0px;\">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.<\/p>\n<p class=\"story-body-text\" style=\"font-size: 1rem; line-height: 1.4375rem; font-weight: 400; font-family: georgia, 'times new roman', times, serif; max-width: 540px; margin: 0px 0px 1em 0px;\">At issue is the approximately $5.3 trillion traded each day in foreign exchange \u2013 the world\u2019s 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.<\/p>\n<p class=\"story-body-text\" style=\"font-size: 1rem; line-height: 1.4375rem; font-weight: 400; font-family: georgia, 'times new roman', times, serif; max-width: 540px; margin: 0px 0px 1em 0px;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Big Banks Are Fined $4.25 Billion in Foreign Exchange Scandal &#8211; NYTimes.com. Updated, 10:46 a.m. |\u00a0LONDON \u2014 British, American and Swiss regulators fined some of the world\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[63,1079,950,927],"class_list":["post-1509","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-foreign-exchange","tag-fraud","tag-manipulation"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1509"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1509\/revisions"}],"predecessor-version":[{"id":1510,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1509\/revisions\/1510"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}