Five big banks are to pay billions in fines after a guilty verdict finally puts them in the face of their wrongdoing!

I think we can all agree this is a very positive step!

On Wednesday morning the Justice Department announced that Barclays, Citigroup, J.P. Morgan and the Royal Bank of Scotland had admitted to market manipulation.

These five big banks have been illegally distorting foreign exchange markets.

They formed something the self titled “The Cartel” and tried to set “the fix”, a currency marker to benefit them all!

Traders at these banks chatted over IM to set the fix and manipulate trade prices.

Here is the breakdown of the fines:

Barclays will pay $650 million
Citigroup $925 million
J.P. Morgan $550 million
RBS $395 million
Barclays will pay another $1.3 billion to New York State, federal and U.K. regulators.

The fifth bank is UBS. They manipulating the London Interbank Offered Rate and they will pay $545 million in fines to the Justice Department and Federal Reserve.

The banks will pay a additional $1.6 billion in fines to the Federal Reserve.

Read more here: http://www.huffingtonpost.com/2015/05/20/big-banks-guilty-fined_n_7342808.html