Why the Fed Banned Former UBS Trader Matthew Gardiner

The video discusses a case involving FX traders from various banks who allegedly colluded to fix prices in the FX market. The Justice Department has been investigating this conduct for years, with no public charges against individuals yet. However, banks have settled for around $6 billion. Matt Gardner, a former UBS employee, has cooperated with the DOJ, potentially aiding in building cases against individuals. The video explores the implications of this cooperation for future cases.

What was surprising about the Justice Department's actions in the banking investigation?

• They settled with individual traders.

• No public charges had been made until now.

• They used electronic chatrooms for communication.

• They charged all traders involved.

What was the main method used by FX traders to manipulate the market?

• Electronic chatrooms

• Emails

• In-person meetings

• Phone calls

Which organization broke the story about the FX market collusion?

• Reuters

• Bloomberg

• The Wall Street Journal

• The New York Times

What role did Matt Gardner play in the DOJ investigation?

• He was a defense attorney.

• He was charged with misconduct.

• He was a cooperating witness.

• He was a lead prosecutor.

Which bank was the first to cooperate with the Justice Department?

• Deutsche Bank

• Goldman Sachs

• UBS

• JPMorgan Chase