Big Banks Plead Guilty to Crime
On May 20, 2015, five global banks agreed to plead guilty to criminal felony charges and pay multi-billion dollar fines. The charge was that traders at the banks manipulated the price of U.S. dollars and euros in the FX Spot Market, a global market where currencies are bought and sold. It was - according to the plea agreements - a conspiracy. There were exclusive electronic chat rooms and even coded messages. What do these criminal pleas tell us about corporate crime and the government agencies that police it? What is “the Cartel”? Find out in this radio commentary from Verity Winship.