Barclays and Credit Suisse under criminal investigation

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The FT has reported that:

Lloyds TSB of the UK last week became the first bank involved in the inquiry to reach a settlement with US authorities. As part of a deferred prosecution agreement, Lloyds agreed to pay $350m (€260m) after admitting that it helped Iranian and Sudanese clients access the US banking system in violation of US sanctions. Lloyds falsified business records by altering wire transfer information to hide the identity of its client, prosecutors said.

Lloyds was not the bank involved in attempts to buy tungsten, prosecutors said.

The bank made a provision in 2008 to cover £180m related to the investigations. Lloyds, along with Barclays of the UK, and Credit Suisse of Switzerland, have disclosed that they were co-operating with US prosecutors.

So now we have Barclays also under criminal suspicion.

And there are a number of other European banks under investigation too.

It looks like my belief that banking is rotten to the core has some justification.