May 27, 2015
Six major banking organizations were fined nearly $6 billion for rigging foreign currency exchange markets and Libor interest rates. Citicorp, JPMorgan Chase, Barclays and The Royal Bank of Scotland agreed to plead guilty to felony charges of manipulating the price of U.S. dollars and euros, while Bank of America was included in Federal Reserve fines for the FX charges. Additionally, UBS agreed to plead guilty to and pay fines for Libor manipulation.
The guilty pleas to felony charges, criminal fines, and Cease and Desist orders reinforce the need to downsize these financial behemoths. Too-big-to-fail is one of CBAI’s top priorities in the 2015 congressional session. The mega banks have repeatedly proven, at great cost to American taxpayers, our financial system and the economy, that they are clearly too-big-to-behave and must be downsized. Read Federal Reserve Statement. Read Justice Department Release. Read CBAI’s 2015 Federal Policy Priorities.