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’s largest banks –including Citigroup, JPMorgan Chase, Barclays, and the Royal Bank of Scotland– have plead guilty to “market manipulation” 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’ 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