Citigroup on Wednesday became the latest big bank accused of trying to manipulate global interest rates, a reminder of Wall Street’s wide-ranging abuse of power in these markets.
The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street, announced $425 million in penalties against Citigroup, covering two overlapping cases.
And yet Citigroup faces no criminal charges. In an unexpected move, the Justice Department confirmed on Wednesday that it had closed its investigation into Citigroup and some of the other banks suspected of manipulating an interest rate benchmark commonly known as the Isdafix.
(Read the rest here.)