Last week five of the world largest banks, JPMorgan, Barclays, Citigroup, Royal Bank of Scotland and Union de Banques Suisses were fined by the American magistrates a total of $ 4.7 billion for rigging interest rate benchmarks. The banks had been setting those standards by themselves for five years after 2007. In another case the […]Big world banks to pay $ 4.95bn for cheating customers; Is it a punishment or a gentle caress?
May 25, 2015 by Leave a Comment
Last week five of the world largest banks, JPMorgan, Barclays, Citigroup, Royal Bank of Scotland and Union de Banques Suisses were fined by the American magistrates a total of $ 4.7 billion for rigging interest rate benchmarks. The banks had been setting those standards by themselves for five years after 2007. In another case the […]The EU Commission implicates major banks in cartel cases, threatens with devastating fines
May 22, 2014 by Leave a Comment
Three major international banking firms Crédit Agricole, HSBC and JPMorgan Chase came yesterday again under the watchful eye of the European Commission, for their role in financial sector cartels (interest rates and derivatives denominated in euro). It’s about financial products based on the Euribor (euro interbank offered rate), an interest rate benchmark. This interest rate […]Why the West supports the yen’s devaluation and Japanese over-indebtedness
May 13, 2013 by 1 Comment
While the ministers of Finance of seven major industrialised countries making up the G7 council agreed pompously last weekend that monetary devaluations should not be used as a home economy revitalisation tool, Japan doing exactly that got a pat on the back and was given the green light to continue on the same path. The […]Everybody against Germany over the expensive euro
February 6, 2013 by Leave a Comment
At last Francois Hollande said it. The French President in a strong statement yesterday said the Eurozone must have an exchange rate policy for the euro. It was high time that Hollande said that, because no other Eurozone leader has the weight to demand such a ground-breaking monetary policy change. So far all European Central […]Appreciation of euro to continue
January 31, 2013 by Leave a Comment
This January’s upwards trend of the euro parity with the other major currencies, the dollar and the yen, led today at a quote very close to the upper benchmark of 1.35, triggering worries about Eurozone’s exports. During this first month of the year the single European currency has appreciated at least 15% with the dollar […]
