Bloomberg reports:
"Former employees interviewed by Bloomberg News said sales teams at Zurich-based UBS AG (UBSN) and London-based Barclays Plc (BARC) were aware of which companies were considered unsophisticated about currency trades and charged them more."
According to Bloomberg even investment banks like Goldman Sachs are now being caught up in these investigations.
A bank client would surely find these types of actions, if true, to be outrageous. But is it illegal for a bank to charge an unsophisticated corporate client more for the same service? Banks do it to people. For example, most unsophisticated consumers (and presumably ones most needing protection) are the ones most reliant on predatory bank products like payday loans or subprime mortgages. As Mitt Romney said, "corporations are people too, my friend," don't unsophisticated corporations have the right to be ripped off just like flesh and blood people?
"Former employees interviewed by Bloomberg News said sales teams at Zurich-based UBS AG (UBSN) and London-based Barclays Plc (BARC) were aware of which companies were considered unsophisticated about currency trades and charged them more."
According to Bloomberg even investment banks like Goldman Sachs are now being caught up in these investigations.
A bank client would surely find these types of actions, if true, to be outrageous. But is it illegal for a bank to charge an unsophisticated corporate client more for the same service? Banks do it to people. For example, most unsophisticated consumers (and presumably ones most needing protection) are the ones most reliant on predatory bank products like payday loans or subprime mortgages. As Mitt Romney said, "corporations are people too, my friend," don't unsophisticated corporations have the right to be ripped off just like flesh and blood people?
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