The authorities are suggesting that a group of London traders, known as the “cartel” and the “mafia,” may have been illegally dipping into the $5.3-trillion-a-day currency trade.

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Source: NY Times

By Channon Hodge, Aaron Byrd and David Gillen March 11th, 2014

Category: Currency, Video

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3 Responses to “The Foreign Currency Fix”

  1. tg0610 says:

    You have to love the NYT. They shoot a video about FX market rigging in front of a currency exchange booth that charges customers a 5-10% spread to mid-market FX rates. Even Citibank or JP Morgan don’t screw their own retail FX customers that much.

  2. rd says:

    Ther past decade has shown that breaking the law is a good business practice, especially in the financial sector. This has been demonstrated over and over and over…..

    “The secret of a great success for which you are at a loss to account is a crime that has never been found out, because it was properly executed.” – Honore de Balzac

  3. DeDude says:

    And how much of that $5.3-trillion-a-day currency trade is actually needed for the smooth accommodation of international trade? – is it 1% or less. The rest of that trading is just rent seekers gambling with global stability and the lives of people in small con tries. Lets get a Tobin tax on currency trades, considering the small margins they live off that should get rid of most of the gamblers.