City Cuts All Ties With 5 Big Banks Over Corruption Charges [1]

It’s hard being a big private bank these days. Ongoing awareness of the role that Goldman Sachs played in the Greek debt crisis [2]; that Greek voters said no [3] to Europe’s harsh austerity demands; recent revelations [4] of unreasonably high fees and interest rates for lending to municipalities, and the role of big banks in the Baltimore crisis [5] and Detroit bankruptcy [6] all suggest that irresponsible finance ruins millions of lives.

And then there are the six banks [7] that manipulated exchange rates between euros and dollars and manipulated LIBOR, which sets the “benchmark” for what banks charge one another.