from USA Watchdog:
The bankers have done it again. They committed an enormous global crime and only paid a fine.
JP Morgan, Barclays, Citigroup, Royal Bank of Scotland and UBS will pay $5.8 billion in penalties for rigging the $5.3 trillion a day currency market. Once again, nobody will go to jail, even though all these big banks plead guilty to criminal charges for rigging the Forex market. UBS received immunity from criminal prosecution because it blew the whistle on the crime. I did not know a bank can be a criminal and the humans running it be exempt from charges. This means the masterminds will pay nothing, and the fines will be paid by shareholders. Why should you care? This is a sign that the system is extremely weak and is being propped up by pure fraud and manipulation. My friend Gregory Mannarino says that the $5.8 billion fine is nothing and is the cost of doing business. Mannarino told me this is just a show to make people think the system is safe and regulated and points out, “There is a need to keep confidence in the financial system.” Mannarino says if the fine was nearly $6 billion, how do you know the bankers didn’t make $600 billion in this fraud.” Again, nobody at the banks goes to jail and shareholders pay the fines.
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