Banks pay fines, but nobody goes to jail

I posted on this before. The Department of Justice was prosecuting banks for rigging the foreign exchange markets, and now banks agreed to pay fines, more than a billion for Citigroup and J.P. Morgan-Chase.

Fines now have exceeded 200 billion as a result of illegal activities, but nobody yet went to jail. Impunity persists. Full story here.

Banks colluded to alter the price of foreign currencies says USJD

Ramanan suggested to me that this is old news. If it is I missed it the first time. At any rate the Department of Justice is prosecuting banks now for rigging the foreign exchange markets.

Galbraith on financial fraud

Here are Jamie Galbraith's remarks on April 15 in New York at the Levy Economics Institute's 20th annual Hyman Minsky conference. The topic was financial fraud.