IT’S hardly news that British, US and Swiss banks have been rigging the foreign exchange markets and robbing their own business clients. Bears don’t use indoor toilets either, and the Pope isn’t a Scientologist.
The latest fines imposed on Barclays, RBS and the rest by the US Justice Department and Federal Reserve total $5.7 billion (£3.7bn) – but they represent no more than 6 per cent of the proceeds of their nefarious activities between 2007 and 2014.
Fiddling the international currency markets is not a victimless crime. Any person or organisation with financial assets could have lost out, not just those in the forex markets.
Yet nobody will receive any compensation.