…Of course it’s true. The list of banks above are the same banks suspected, charged and convicted of a series of market violations over the last five years – from lying to investors about their risk exposure, to manipulation of asset prices and fixing interest rates….
Originally posted on EconoTwist's:
After two years and two months of investigations the EU commission have reached a preliminary conclusion: 13 major banks cooperated with the International Swaps and Derivatives Association (ISDA) and data service providerMarkit to prevent credit derivatives from being traded on public exchanges so they could maintain their lucrative income from the unregulated €10 Trillion over-the-counter (OTC) market.
“If, after the parties have exercised their rights of defence, the Commission concludes that there is sufficient evidence of an infringement, it can issue a decision prohibiting the conduct and impose a fine of up to 10% of a company’s annual worldwide turnover,” the EU commission says in a press release.
The European Commission has informed some of the world’s largest investment banks of its preliminary conclusion that…
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