Criminal banking

Six major international banks have been fined by the US authorities over huge criminal manipulations of the foreign exchange markets. The banks caught in this huge fraud and well thought-out conspiracy to steal from the clients are: Barclays, Citigroup, JP Morgan, Royal Bank of Scotland, Union des Banques Suisses (UBS), and Bank of America. The overall fines amount to USD $5.6 billion.

Since 2008 a number of very serious malpractices and criminal actions have been uncovered in some international banks. The crisis and a closer scrutiny of the banking system have shown that many of these institutions have been unethical and unlawful. Violations of the law and the interests of the customers have been common practice. The Financial Times reports that in the last seven years banks have been fine over USD $160 billion because of their illegal activities.

It is a matter of huge concern. It is also a major worry that no top banking executive has yet faced a court of justice and be personally sanctioned with a prison term for his or her actions. The system fines the banks and lets the bankers enjoy their bonus. And by the way, the bonus paid during the last seven years or so by the banks the US has just punished come to a total very similar to the combined amount of today´s fines.