In 2015, Barclays, Citigroup, JP Morgan, Royal Bank of Scotland, and UBS pleaded guilty to felony charges for conspiring to manipulate foreign exchange rates. Traders used private chatrooms with names like 'The Cartel' and 'The Mafia' to coordinate manipulation of currency benchmarks. They disclosed confidential client orders and agreed on trading strategies. Total fines exceeded $10 billion globally. The manipulation affected the world's largest financial market.
Five major banks pleaded guilty to rigging the $4.7 trillion-per-day foreign exchange market
βThe world's largest banks are rigging foreign exchange rates through coordinated manipulation in private chatrooms, affecting the $4.7 trillion daily FX market.β
π The Receipts
βοΈ The Record, Side by Side
What they said vs. what the evidence shows
β³ The Vindication Timeline
From βcrazyβ to confirmed
The Claim Is Made
This is the moment they called it crazy.
Confirmed: They Were Right
The truth comes out. Officially documented.
Confirmed: They Were Right
The truth comes out. Officially documented.
π How Right We Were
The People Speak(156)
No one's said anything yet. Be the first to drop your take.
Related Claims
PARTIALπ Finance & BankingBlackRock/Vanguard #1 investor in 84% of S&P 500 - own competitors
5.9K votes
Dismissed by β CNBC
DISPUTEDπ Finance & BankingSilverstein signed WTC lease with $3.55B terrorism insurance 7 weeks before 9/11
5.7K votes
Dismissed by β Snopes
PROVEN RIGHTπ Finance & Banking11.5M documents, 12 world leaders exposed - follow-up journalist car-bombed
5.3K votes
PARTIALπ Finance & BankingSen. Burr sold $1.7M in stocks after classified COVID briefing while publicly downplaying the virus
5.2K votes
Dismissed by β Sen. Burr spokesperson
PARTIALπ Finance & BankingGameStop revealed Wall Street's naked short selling problem -- stocks shorted over 140% of available shares
5.2K votes
Dismissed by β Citadel Securities CEO Ken Griffin
PARTIALπ Finance & BankingMembers of Congress consistently beat the stock market -- Nancy Pelosi's trades outperformed hedge funds while she shaped tech regulation
5.1K votes
Dismissed by β Speaker Nancy Pelosi