1.5 Quadrillion Dollar Storm: EU Accuses 13 Banks Of Derivatives Collusion Citi,Goldman Sachs,Barclays,HSBC,JP Morgan RBS All Of Them Tuesday, July 2, 2013 8:31

(Before It's News)

Collusion is an agreement between two or more parties, sometimes illegal and therefore secretive, to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair advantage. It is an agreement among firms or individuals to divide a market, set prices, limit production or limit opportunities.[1] It can involve “wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties”.[2] In legal terms, all acts affected by collusion are considered void

https://en.wikipedia.org/wiki/Collusion

The European Commission said on Monday it suspected that 13 top investment banks including Barclays, Deutsche Bank and Goldman Sachs, colluded over derivatives trading in breach of EU antitrust rules.

A preliminary investigation showed that banks colluded to exclude exchanges from the over-the-counter market because they feared involvement by the exchanges “would have reduced their revenues from acting as intermediaries,” the Commission said.

The banks instead allegedly continued over-the-counter trading in the massive credit default swaps (CDS) market between 2006 and 2009 — an opaque business that was seen as contributing to the global financial crisis, the Commission said in a statement.

http://beforeitsnews.com/banksters/2013/07/1-5-quadrllion-dollar-storm-eu-accuses-13-banks-of-derivatives-collusioncitigoldman-sachsbarclayshsbcjp-morgan-rbsall-of-them-2433218.html