Faulty Finance

Many big banks have just agreed to pay almost $2 billion to settle allegations of rigging credit derivative markets. This comes on top of billions in penalties for rigging foreign-exchange, interest rate (LIBOR), and commodities markets. Worse, many were also penalized for homeowner foreclosure processing abuses, the violation of US sanctions, helping launder money, bogus tax avoidance schemes and misleading investors into buying toxic mortgage debt. Almost no jail terms!