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Major Banks Face Penalties for Manipulating Foreign Exchange

Five of the world's largest banks face around $5.7 billion in penalties for illegally colluding to manipulate prices in currency exchange. Wednesday, officials at the U.S. Department of Justice said currency traders at these banks worked as collaborators rather than as competitors, making or holding off purchases to manage the prices of dollars and euros. The group of traders called themselves "the cartel" and used electronic chat rooms and coded language to manipulate...

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