Lawsky (NY's top financial regulator) Said to Open Currency Probe of Over Dozen Banks

[kpete]

Source: Bloomberg

Lawsky Said to Open Currency Probe of Over Dozen Banks
By Greg Farrell Feb 5, 2014

Benjamin Lawsky, New York’s top financial regulator, has asked more than a dozen banks including Goldman Sachs Group Inc. (GS) and Deutsche Bank AG (DB) for documents related to their currency trading practices, a person familiar with the matter said.

Lawsky also requested information from Lloyds Banking Group Plc (LLOY), Royal Bank of Scotland Plc, Credit Suisse Group AG (CSGN) and Standard Chartered Plc (STAN), according to the person, who asked not to be identified because the investigation isn’t public. Lawsky has asked for traders’ e-mails and instant messages to review whether they manipulated currency rates, the person said.

At least 20 people have been fired, suspended or put on leave by banks since Bloomberg News reported in June that employees at some firms shared information about their currency positions with counterparts at other lenders. At least a dozen regulators and agencies on three continents are investigating the rigging allegations.

Spokesmen for Goldman Sachs, Deutsche Bank, Credit Suisse and Standard Chartered declined to comment, while spokesmen for Lloyds and RBS didn’t immediately respond to phone calls and e-mails.

Read more: http://www.bloomberg.com/news/2014-02-05/lawsky-said-to-open-currency-probe-of-more-than-one-dozen-banks.html

[Demeter]

1. Good! Without NY regulators, we'd be at the mercy of the Feds.

Who don't believe in regulation, at all....

[pnwmom]

2. I wonder what the other 6 banks are, of the dozen. And I wonder if this has anything to do with

the three suicides of bankers I heard about recently.

[JDPriestly]

3. Good questions. I'll be watching this story.

Thom Hartmann predicted another crash. I hope not, but then Hartmann is pretty smart.

[pnwmom]

4. Here's an article about the suicides.

http://rt.com/business/russell-investments-chief-economist-dead-564/

In another article, I saw Deutsche, RI, and JP Morgan listed as among the banks.

[loudsue]

5. That's what I'm wondering about, too, pnwmom. Either they were suicides or these

guys knew where the bodies were buried, and someone expedited their suicides.