'the cartel'

U.S. Investigates Bank Trading

A group of traders from the world's largest banks nicknamed "the cartel" have been forming alliances and trading for their own profits, according to the suspicions of federal investigators. They allege the traders planned to change the prices of foreign currencies to aid their banks' investments, but hurt clients. “The manipulation we’ve seen so far may just be the tip of the iceberg,” said U.S. Attorney General Eric Holder. The case includes employees of Barclays, the Royal Bank of Scotland, and Citigroup.