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U.S. Turns Up Heat on World's Biggest Banks in Foreign-Exchange Rig Probe

TheStreet

U.S. authorities are reportedly turning up the heat on some of the world's biggest banks. Talks are progressing between the banks including JPMorgan Chase (JPM), Citigroup (C) and Morgan Stanley (MS) with U.S. authorities to settle allegations of manipulating the foreign-exchange markets, according to Bloomberg. The UK's Financial Conduct Authority is already in talks with firms including Barclays (BCS), Citigroup (C), HSBC, JPMorgan, Royal Bank of Scotland and UBS (UBS). Bank of America (BAC) is also being probed. Anthem Blanchard is the CEO of Anthem Vault, the only U.S. based institution that provides retail investors with direct access to gold/silver bullion in the form of fractional ownership of 1 kilo bars. Blanchard thinks 'yet another price-rigging scandal is the imperative of the growth of banking alternative industry.' TheStreet's Susannah Lee has the details from New York.