Benjamin Lawsky, New York State superintendent of financial services just said this about 5 major banks: “They engaged in a brazen ‘heads I win, tails you lose’ scheme to rip off their clients.”
That’s because those 5 banks fixed a major financial market in order to illegally benefit while throwing their clients—everyday men and women trying to responsibly invest their money—under the bus.
Thankfully these banks were caught this time. Here’s exactly what they were doing, how it happened, and how they’re being punished.
If you ever needed proof that the big banks—the dirty insiders—will do anything to get a leg up, including using YOUR money to earn themselves payouts, it’s just been handed to us on a silver platter.
5 of the largest banks in the world are now being forced by law to pay record fines in the amount of $5.7 BILLION for fixing the foreign exchange market.
Here they are:
- JPMorgan
- Barclays
- Citigroup
- Royal Bank of Scotland
- UBS- the biggest bank in Switzerland
The first 4 have all agreed to plead guilty to criminal charges…just imagine how much proof there is against these major banks in order for them to actually admit how dirty they are…
And they don’t care whom they have to hurt in order to make a buck. Their actions stemming back to 2007 harmed, “countless consumers, investors and institutions around the world,” according to U.S. Attorney General Loretta Lynch.
These banks were happily ripping off you and I (the public in general) through the use of a private electronic chat room where they would manipulate exchange rates in the forex market.
This apparently went on for 5 years as several currency traders formed a cartel. In a scheme called “building ammo,” 1 of the involved traders would build up a large position in a currency, before exiting that position at the desired time of the fix.
The other members of the cartel would know what was happening and would be able to profit from it.
This is actual proof of just how much the insiders can manipulate the financial market, and that they are more than willing to do so, even at the cost of the money you may have entrusted them with.
That’s why I track the insiders and expose them.
