According to Wall St Jornal reports an informant in a state fraud case against Bank of New York Mellon Corp. has provided prosecutors a rare inside peek into how the bank allegedly scrambled to contain the fallout from a fast-growing government investigation, according to hundreds of pages of confidential documents.
As investigators sought to determine whether the bank overcharged clients to execute their currency trades, a senior BNY Mellon executive nicknamed "Rambo" urged traders not to tell clients how much money they made on trading, according to the informant. Bank officials worried clients would switch to negotiating their own foreign-exchange trades, where the bank's profit margin was far lower, an internal bank memo states. The bank also altered its website, changing the wording of its trading practices.
And when a veteran bank official heard about the government investigation, she said: “It’s over, it’s all over,” according to the informant…
http://online.wsj.com/article/SB10001424052970204879004577108630218485566.html?mod=WSJ_hp_LEFTTopStories
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