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Lenders near guilty pleas, billions in fines to settle forex charges

May 14, 2015 7:55 AM ETBarclays PLC (BCS) StockJPM, C, UBS, BCS, NWGBy: Stephen Alpher, SA News Editor10 Comments
  • "Guilty" is the new "neither admitting nor denying the charges."
  • Yes, the DOJ looks set to extract guilty pleas on felony charges from five big banks over forex rigging, but life will go on for the lenders without much of a hiccup (after paying billions in fines), according to DealBook.
  • Barclays (NYSE:BCS), JPMorgan (NYSE:JPM), Citigroup (NYSE:C), RBS, and UBS are the five whose holding companies will plead guilty, according to the report.
  • While the guilty pleas are a nice feather in the caps of prosecutors, they seem to me more symbol than substance - too harsh a penalty would imperil banking operations, and behind the scenes, bank lawyers are working the phones with regulators to assure the felons won't be barred from certain businesses.

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