Chat Room Boasts, Currency Manipulation, and $4B In Fines For Big Banks

Fast-moving chat conversations among colluding traders, laced with wisecracks and slang, have led U.S., British and Swiss regulators to impose more than $4.25 billion in fines against the world’s largest banks, for conspiring to manipulate foreign currency markets. UBS, JPMorgan Chase, Citigroup, HSBC and the Royal Bank of Scotland are all subject to fines. No traders or executives were charged with wrongdoing, but the New York Times reports that Justice Department officials are investigating possible criminal misconduct, as well. The fines are just the beginning of what could become an extended nightmare for the banks.