Five Banks Admit Guilt, To Pay Fine

By Dean Starkman And Jim Puzzanghera Los Angeles Times - May 21, 2015

Washington — They called themselves the Cartel, and that turned out to be an appropriate name. Traders and sales agents used electronic chat rooms, prosecutors said, to conspire to manipulate prices in the $5 trillion-a-day foreign currency markets. They secretly marked up transaction costs, telling customers they hadn’t. “If you ain’t cheating,” said one trader at British bank Barclays Plc, “you ain’t trying.” The Justice Department,...