This week, five Wall Street banks pleaded guilty to felony charges related to interest rate rigging and foreign exchange manipulation.
The guilty pleas mean the banks are literally felons, and it’s a distinct shift in the way law enforcement has dealt with Wall Street in the past.
Lawsuits and legal fees are nothing new for the banks: since the financial crisis, they have essentially become the cost of doing business on Wall Street.
Now, apparently, that cost includes both legal fees and criminal charges. The thing is, no one seems to be fazed.
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