What exactly does it mean for a big Wall Street bank to plead guilty to a serious crime? Right now, practically nothing.
But it will if California’s Santa Cruz County has any say.
First, some background.
Five giant banks – including Wall Street behemoths JPMorgan Chase and Citicorp – recently pleaded guilty to criminal felony charges that they rigged the world’s foreign-currency market for their own profit.
This wasn’t a small heist. We’re talking hundreds of billions of dollars worth of transactions every day.