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Yet another dark cloud is looming over global banks as officials examine their behavior in the massive foreign exchange market, threatening to deal a new blow to earnings and reputations. Regulators in the U.S., Europe and Asia are in the early stages of investigating whether traders at the world's top banks manipulated foreign exchange benchmarks to profit at the expense of their clients. Goldman Sachs (GS, Fortune 500), Citigroup (C, Fortune 500), JP Morgan (JPM, Fortune 500), Deutsche Bank (DB), Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS) and HSBC (HBCYF)are among the firms in their sights. Financial lawyers say the probe could have steep and uncertain consequences as the impact of currency market abuse would reverberate far beyond Wall Street. It's unwelcome timing for an industry already fighting a raft of legal battles over foreclosure abuses, misleading investors over mortgages and payment protection insurance. And then there's the Libor scandal.
This article from SLATE is disgusting, by Posner
Americans need to learn that the rest of the world—and not just Muslims
—see no sense in the First Amendment. Even other Western nations take a
more circumspect position on freedom of expression than we do, realizing
that often free speech must yield to other values and the need for order.
I don't care to hit the link, but if said blogger is indeed being fined, there must be more than we are being told.
The elites in France have been creating their own version of reality for quite some time (think of all the Loius'). Not to disparage the French in general, they are a wonderful if sometimes aloof people possessed of a great culture and history. That is however, not a ticket to create your own dreamworld and demand that everyone else conform to their reality.
Mish should write them back saying "let them eat cake".
"France did it" ?
That's pish poor. It's like blaming the entire USA when Pensacola City Council fines someone for littering.
French are always doing dumbass things and most the time the EU courts tell them to back down.
edit on 21-11-2013 by crazyewok because: (no reason given)