Thursday Dec 22, 2016
Buried on page B8 of today's WSJ is a short headline, Goldman Pays up to Settle Rates Probe.
Click here to read the article.
We study ethics in ACCT 5308 each spring. One of the questions is, as Wanda Sykes asked about abusive Priests,
What does it take to get kicked out of this club? Here is what we mean
Goldman paid $120 M to settle claims its traders worked to manipulate the interest rate swap benchmark ISDAFIX.
Citigroup paid $250 M to resolve similar claims
Barclays was fined $115 M in a similar case.
J P Morgan Chase paid more than $5 billion to resolve proes as to whether its traders colluded to move foreign currency rates for their own benefit.
We read that big banks regularly make big bucks in their so called 'trading rooms.' Perhaps the better title would be 'fixing rooms' aka the fix is in!
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