Banks fined £2 billion for Forex rigging

Monday, 24 November 2014

Dr David Whyte of Liverpool University, writing in The Conversation, questions the disparity between how the criminal justice system treats the public and the elite. The recent scandal over manipulating foreign exchange rates led to £2 billion in fines for five of the big banks. 

In 2013, 40,000 people were prosecuted for burglary by the Crown Prosecution Service, whereas the Serious Fraud Office only prosecuted 20 people. He goes on to say;

'The way different social groups are policed – or not – betrays a bias at the heart of our justice system. It is not a bias that can be explained by individually corrupt judges or a lack of commitment on the part of the regulators that are charged with our protection. It is a bias that is embedded in a political system that has supported rapidly rising social inequalities for more than four decades.'