NEW YORK - Ten of the world’s largest banks, including JPMorgan Chase and Bank of America, have been sued for allegedly conspiring over nearly 14 years to rig prices in the $9.6 trillion U.S. corporate bond market, costing ordinary investors billions of dollars.
Other defendants include Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Royal Bank of Scotland and Wells Fargo & Co, or their respective affiliates. This allegedly resulted in spreads 25% to 300% higher than on “round-lot” trades over $1 million, which are normally conducted by institutional investors, enabling the banks to reap higher compensation while boosting retail investors’ trading costs.
Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs and Wells Fargo declined to comment. Representatives of the other banks did not immediately respond to requests for comment.
that's insane
Oh no, the U.S. doing shady stuff?!! What a surprise...
What do we expect? When we remove all regulations and oversights and give these banks the jail free card to do whatever they want, this is what happens. The notion that big business will do right by Americans, therefore we should allow them to operate anyhow they want is baffling
Cool, the American taxpayer can now fund the banks' losses out of the money they'll get from our government.
say it ain't so..
By no means is this the only thing rigged. Tip of the iceberg.
Banks rigging the market? Never ever.
Take them down. Greed is a hell of a drug.
No way!
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