Banks settling up with regulators

Two Wall Street banks agreed to pay multi-million fines Wednesday without admitting guilt as usual.

Goldman Sachs was fined $120 million for rigging a key interest rate index, according to the Commodity Futures Trading Commission.

And JPMorgan agreed to settle charges and pay $30 million fine brought by Swiss financial regulators for rigging Libor and other European lending indices.

In the next two days we should have Deutsche Bank settling with the Department of Justice and the Securities and Exchange Commission over its mortgage-backed securities scam.

It appears the cost will be between $7 and $10 billion, according to sources I have spoken to. The SEC/ DOJ floated a $13 billion two months ago in order to jump-start talks with the multi-national German Bank.


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