Far from chastening the world’s biggest currency trading firms, the multi-billion dollar fines levied by regulators on Wednesday are more likely to draw a line under the affair and gradually allow a return to business as usual.
A year into a wide-ranging industry probe into charges that banks routinely fleeced clients over currencies, industry observers and politicians were frustrated by a deal they said showed the affair will end just with fines rather than any reform of what they say is the Wild West of financial markets.
– From the Reuters article: Banks pay up and carry on after FX fines
While many readers will have likely already heard about the latest slap on the wrist fine received by the mega banks with regard to FX rigging (which will only encourage more criminality), there are two reasons I want to add my two cents on the topic.
First, it’s an incredible admission of the level of lawlessness that society is willing to put up with, that Reuters so matter-of-factly admits that absolutely nothing with change despite mega banks once again being caught in extraordinarily unethical behavior.
First, it’s an incredible admission of the level of lawlessness that society is willing to put up with, that Reuters so matter-of-factly admits that absolutely nothing with change despite mega banks once again being caught in extraordinarily unethical behavior.
Second, I want to point out that the article also admits the mega banks are essentially allowed to self-regualte in this market and will continue to do so.
Read More at:Â Liberty Blitzkrieg
