This spring has seen a veritable festival of revelations of illegal, stupid, and dishonest behavior by some of the largest banks in the world. There’s the massive trading loss at JPMorgan, originally quoted at $2 billion, now up to $5.8 billion at latest count. There’s the laundering of drug and terrorism money by HSBC. And, most spectacularly, there are the admissions of LIBOR-rigging at Barclays, and ongoing investigations at many other banks.
Note that JPMorgan, HSBC, and Barclays were all supposed to be “good” banks that made it through the crisis wearing halos compared to the supposed “bad” banks like Citigroup, Bank of America, and RBS.
Source: The Atlantic