Podcasts News Politics BeHeard Talk Another Slap on the Wrist: How Much are Big Banks Getting Away With?

Another Slap on the Wrist: How Much are Big Banks Getting Away With?

Published: May 24, 2015, 5:44 p.m.

The U.S. Justice Department announced that five of the world\u2019s largest banks \u2013including Citigroup, JPMorgan Chase, Barclays, and the Royal Bank of Scotland\u2013 have plead guilty to \u201cmarket manipulation\u201d in the foreign currency exchange. However, instead of getting jail time for this federal offense, they are being forced to pay $5.7 billion in fines. We explained the banks\u2019 corrupt practices, their penalties, and debate whether anything has changed within the banking system since the U.S. financial crisis in 2008, featuring Dr. Michael Mandel, the Chief Economic Strategist at Progressive Policy Institute