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Big Banks Settling Up On CDS Violations Before Justice Department Gets Tough...For Real This Time

One more $2 billion settlement, but then we're gonna start grounding people for weekends and everything. - Justice Dept.

Yesterday we heard that Wall Street better start clenching because the U.S. Government is done playing around, really. Stop giggling.

Seriously guys, this is last call for alcohol settling up on that credit default swap mischief from a few years back.

Some of Wall Street’s biggest financial institutions -- including Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc. and HSBC Holdings plc -- are close to a $1.87 billion settlement to resolve allegations they conspired to limit competition in the lucrative credit-default swaps market, a lawyer said.

Okay, from now on, heads are going to roll.

STOP giggling.

Wall Street Banks Reach Settlement on CDS Lawsuit, Lawyer Says [Bloomberg]



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