Five of the world's largest banks including JPMorgan Chase and Citigroup will pay fines totaling $5.7 billion for manipulating foreign exchange rates. Four of the banks will plead guilty to U.S. criminal charges for their operation of a self-described "cartel" which regulators say defrauded consumers, investors and institutions around the world. We look at the settlement and its implications for future regulation of the global foreign exchange market.
Banks Plead Guilty, Pay Billions to Settle Currency Rigging Charges
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Ben Protess, reporter for The New York Times
Anat Admati, professor of finance and economics at the Stanford Graduate School of Business and author of "The Bankers' New Clothes: What's Wrong with Banking and What to do About It"