A few articles of note on the humongous settlements from five banks for manipulating foreign exchange rates. Oh, and a trivial $0.1B settlement from Barclays for manipulating yet another swap rate.
5/20 – Wall Street Journal – Barclays Fined $115 Million by CFTC for Alleged Manipulation of ISDAfix – Barclays tried to manipulate another index which is used to calculate pension payouts. This is an interest rate swap index. Game playing ran from 2007 until 2012.
Criminal guilty pleas for big banks are no longer a death sentence; more like a messy traffic incident that hit the papers. What that approach might look like in your life.
The banks that settled up for a massive coordinated effort to manipulate foreign exchange rates each agreed to plead guilty to one criminal count of violating anti-trust rules. That makes each of them a felon.
What that is no longer a big deal and then an analogy of what this approach might look like in the life of an individual. Read the rest of this entry »
Big settlement announced today to resolve the Forex manipulation cases. Big surprise for me is the NYDFS only came in at $485M, with all of that going against Barclays. I was guessing a higher amount with DFS wanting a settlement from all the banks.
Here are two articles with the details, then I’ll list the individual settlements: Read the rest of this entry »
Multiple reports indicate UBS will join previously expected Barclays, JP Morgan, RBS, and Citigroup in settling up on their forex manipulation behavior next week.
A guilty plea to a felony criminal count is expected for all 5 TBTFs.
Biggest rumor is that DoJ may tear up the deferred prosecution agreement with UBS.
My wild guess of the dollar amount of the settlement? Four and a quarter billion. Reports i have seen over the past few weeks leave me wondering if that is just the DoJ settlements and doesn’t include NYDFS. If not, add another billion or three.
A few articles for more details:
Here are two opportunities to get an introduction to the massive rewrite of financial reporting rules for NPOs. No travel. No cost beyond your time.
CliftonLarsonAllen is offering a free one-hour webinar about the exposure draft on Thursday, May 21 at 2:00 p.m. Central Time.
You can register for the CLA webinar here.
As I mentioned earlier, FASB is offering a free webinar on May 12 at 1:30 p.m. Eastern Daylight Time. Their session will run for two hours and is good for two hours of CPE.
You can register for the FASB webinar here.
Both free. FASB session offers 2 hours CPE.
(Cross-post from my other blog, Nonprofit Update.)