Today the Justice Department announced that it was levying fines against some of the world's major banks for rigging the foreign-exchange markets. The fines announced totaled $2.8 billion. Yes, I know that's a lot of money, but the reality is it's just the cost of doing business for these banks.
If the Justice Department really wants to get serious on this issue I think they should put some of these bankers in jail, that's what they fear the most - not the money fines. Jail time is the answer to stamping out the illegal activity and white collar crime.
Meanwhile, Citigroup Inc. (NYSE:C), a stock I discussed last week as a buy, is practically unchanged for the day and remains higher for the week. The fines levied by the Justice Department against the banks were like water off a duck's back.
In today's video, I'm going to be looking at all the major markets including the three major indices. I will also be looking at gold, crude oil and the euro and time permitting, one or two stocks.
Tell us what you think, do you think that these bankers should go to jail or was the fine large enough to satisfy everyone?
Have a great day treating everyone.
Every success with MarketClub,