- "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.