Politics & Society
Department of Justice Again Allows Megabanks to Continue Business as Usual
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Five global banks agreed to pay more than $5 billion in combined penalties and plead guilty to criminal charges to resolve a long-running U.S. investigation into whether traders colluded to move foreign-currency rates for their own financial benefit. Not only are most of these fines tax-deductible, and many of them amount to less than the profits made from their law-breaking behavior, but the revolving door between executives and the Federal Government continues to spin.