HSBC, Deutsche Bank pay penalties for FX rate manipulation
HSBC, Deutsche Bank pay penalties for FX rate manipulation from GATA
TDC Note – Say it ain’t so!?! HSBC AND Deutsche Bank paying more fines for market rigging! This means that if you have anything to do with currency anywhere on planet earth these two banks have admitted, again, they have been stealing from you. HSBC and Deutsche Bank just made a deposit into their “cost of doing business” fund and will continue stealing from everyone on the planet. Don’t you just love a completely corrupt system where NO ONE goes to prison? Just builds all kinds of confidence in the system and gives me the warm and fuzzies. hmmm, hmmm, hmmm. What a great day!!
From Zacks Equity Research
Monday, October 2, 2017
Two major foreign banks, HSBC Holdings plc HSBC and Deutsche Bank AG DB , resolved legacy business misconduct matters in the United States. The banks were accused of rigging foreign exchange (FX) rates.
HSBC was fined $175 million for its “unsafe and unsound practices in its foreign exchange trading business” by the Federal Reserve. The bank was accused of failure of oversight and internal control of its FX traders who buy/sell currencies “for the firm’s own accounts and for customers.”