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Federal Trade Commission
Whatever happened to antitrust?
Whatever happened to antitrust?

Last week's settlement between the Justice Department and five giant banks reveals the appalling weakness of modern antitrust. The banks had engaged in the biggest price-fixing conspiracy in modern history. Their self-described "cartel" used an exclusive electronic chat room and coded language to manipulate the $5.3 trillion-a-day currency exchange market. It was a "brazen display of collusion" that went on for years, said Attorney General Loretta Lynch. But there will be no trial, no executive will go to jail, the banks can continue to gamble in the same currency markets, and the fines -- although large -- are a fraction of the banks' potential gains and...

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