Unless you
qualify for a subprime mortgage?
Big banks in the U.S. and Europe are stockpiling billions to pay for a
potential trans-Atlantic settlement of allegations that they
manipulated foreign-exchange rates as talks heat up with regulators on
both continents.
....Several people
familiar with the discussions said banks appeared more optimistic of
reaching a global settlement than U.S. regulators. One person said the
direction of the talks was changing by the hour.
Some of the
people familiar with the matter said they are skeptical that all the
U.S. regulators will go for a settlement alongside their U.K.
counterparts. Among the U.S. agencies, there are varying degrees of
enthusiasm for one big deal: The Justice Department, in large part
because it is handling criminal probes of the conduct, expects
resolutions of its probes to take months more, some of these people
said.
After all, what are banks for?
When the Federel Reserve manipulates inflation and interest rates, this is just good stuff.
ReplyDeleteThis reverses the usual sentiments of war. Economically gassing your own people is nuanced finance, while doing it to foreigners is a crime.