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Is it any wonder people lose money in the markets with criminals running all over the exchanges.
Barclays, UBS among six top banks fined nearly $US6bn for rigging foreign exchange, Libor rates
Updated about 5 hours agoThu 21 May 2015, 6:12am
Photo: Barclays has been fined $US2.4 billion for its role in rigging foreign exchange markets and Libor interest rates. (Nigel Roddis, file photo: Reuters)
Related Story: Deutsche Bank to pay $US2.5b for Libor fixing
Related Story: UBS cheats target key Australian interest rate
Related Story: Royal Bank of Scotland fined $600m for fixing rates
Map: United States
US and British regulators fined six major global banks a total of nearly $US6 billion ($7.6 billion) between them Wednesday for rigging the foreign exchange market and Libor interest rates.
They said forex traders from the banks had met in an online chatroom brazenly named "the Cartel" to set rates that cheated customers while adding to their own profits in the massive global currencies market.
In the far-flung settlement, Barclays Bank, JPMorgan Chase, Citicorp and the Royal Bank of Scotland all pleaded guilty to US Justice Department charges of conspiring to manipulate the massive currency market.
Switzerland's UBS meanwhile pleaded guilty to violating a prior settlement of charges for rigging the Libor interest rate.
http://www.abc.net.au/news/2015-05-...ks-nearly-6-bn-for-forex-libor-abuses/6485510
