April Fools?

Big banks busted (again) for currency fraud.  A recent posting on Seeking Alpha:

Investors sue a dozen banks for currency manipulation

Tuesday, April 1, 4:43 AM ET | BAC, BCS, C, CS, DB, GS, HSBC, JPM, MS, RBS

A group of investors from across the U.S. and Caribbean have filed a class-action lawsuit against 12 banks for allegedly colluding to manipulate currency rates.\

The firms being sued include Bank of America (BAC), Barclays (BCS), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), Goldman Sachs (GS), HSBC (HSBC), JPMorgan (JPM), Morgan Stanley (MS) and RBS (RBS).

The investors include city and state pension plans such as the City of Philadelphia and the State-Boston Retirement System.

The suit adds to multiple investigations by international authorities into forex manipulation, the latest being the Hong Kong Monetary Authority.

Gee, who knew?

Well, maybe just about everyone.

So, tell me, where are the handcuffs?  If there is enough evidence for pension funds, including public pensions, to sue, where is the line of states attorney generals filing criminal charges?  Clearly there must be sufficient evidence to pursue a criminal case. 

Well, just like the...

LIBOR scandal

Precious metals manipulations

MF Global

High frequency trading

Nothing will happen.  Or maybe a fine amounting to just a fraction of the illicit profits garnered by these institutions.  

We are all truly in trouble when investors have to sue to recover money while regulatory agencies and law enforcement sit on the sidelines.

Perhaps if the Obama administration were told these institutions were run by the Tea Party, something would get done.  At least the IRS would be all over this.

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