Once again, major banks are behaving more like cartels -- in fact, the traders at the center of this investigation literally referred to themselves as “The Cartel.” This morning five banks, Citi, J.P. Morgan, Barclays, RBS, and UBS, plead guilty to conspiring to manipulate foreign currency rates -- communicating using coded language in an online chat room in a coordinated effort to move rates.
It reminds me of the 2003 mutual fund scandal when the Bank of America colluded with hedge fund and mutual fund companies to purchase mutual fund shares hours after the markets had closed. That's like being able to bet on yesterday's horses! It also reminds me of why we need regulation when it comes to our "trusted" financial institutions.
My tea party opponent says we need less regulation and less oversight, and of course that is his position because he's a member of the financial elite who profits off of shady market practices. In Congress, I will work for the People, not big banks, and I will sponsor meaningful legislation that provides oversight where it's needed.
That is just one plank in the platform I'm running on. To read more about me and my positions, please visit: http://www.AprilFreeman.com