Another day, another banking scandal. Last week the European Commission announced that it’s fining five big banks for rigging the international foreign exchange (forex) market. As many as 11 world currencies—including the euro, British pound, Japanese yen and U.S. dollar—were allegedly manipulated by traders working at Barclays, the Royal Bank of Scotland (RBS), Citigroup, JPMorgan and Japan’s MUFG Bank. Altogether, the fines come out to a whopping 1.07 billion euros ($1.2 billion). According to the press release dated May 16, the infringements took place between December 2007 and January 2013. Traders working on ... (full story)