Came across the article from yesterday, perusing the news. Manipulation of forex rates? Simply shocking. If this does not pan out I see a bright future in retail brokerage.
American Express shares fell Wednesday after a report the Federal Bureau of Investigation is examining its foreign exchange pricing. Shares fell 1.4 percent.
The investigation out of the FBI's Washington field office is in its early stages and is focused on whether the card company's foreign exchange international payments department misrepresented pricing to clients to get more business, according to the report in The Wall Street Journal.
Amex recruited business clients with offers of low currency-conversion rates and then jacked up the rates without warning, the WSJ reported in August. The Office of the Comptroller of the Currency has also been looking into how Amex disclosed pricing to customers, the WSJ reported.