E.U. fines three banks $520 million
Pre-reading questions: What is the most famous bank in your country? Are banks good or bad? Discuss. JPMorgan Chase, HSBC and Credit Agricole were charged by European Union officials a total of $520 million. They were fined for secretly working together to control the market. They also illegally shared important information to get more money. Four banks were fined for the same reasons three years ago. According to a European Union official, if banks continue to have this kind of control, only a few can benefit. Vocabulary: European Union [proper noun] – a union of 28 states that are located primarily in Europe charge [verb] – to ask an amount…
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