Mark Carney to warn rogue City traders they should face 10 years in jail

The Guardian reports.

Mark Carney is to warn City traders that they should face up to 10 years in jail for rigging and abusing markets as he pledged to end “the age of irresponsibility” that has gripped the financial sector.

The Bank of England governor acknowledged the economic harm caused by what he described as the “ethical drift” that took hold in the fixed income, currency and commodities (FICC) markets before the financial crisis.

About $150bn (£96bn) worth of fines have been imposed on major banks since 2008, depriving the real economy of $3tn of credit and potentially holding back the global economy, he said.

Read the full story at The Guardian…

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