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Fines are a Cost of Doing Business for Big Banks

The cost of criminality is built into the balance sheets of global financial institutions and accordingly priced into their stocks. Five of the world’s biggest banks -JPMorgan Chase, Citicorp, Barclays, UBS, and Royal Bank of Scotland – pleaded guilty to currency rigging in the $5 trillion a day foreign exchange market, and settled for fines totaling roughly $5.7 billion (representing the earnings of about a day or two for each bank).

They also received…

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