As promised, the Justice Department has extracted guilty pleas in FX rigging cases involving JP Morgan, Citi, RBS, and Barclays and as we said twice last week and once this morning, the banks received waivers which ensured that none of the penalties that should rightfully be associated with those pleas will actually apply to the banks.

What do traders say to one another when conspiring to rig a $5 trillion-a-day market you ask?  Here are some examples from the Barclays consent order:

One particular chat room, referred to by the participating traders and other traders as the “Cartel” included FX traders from Citigroup, JP Morgan, UBS, RBS and Barclays who specialized in trading the Euro.

One Barclays FX trader, when he became the main Euro trader for Barclays in 2011, wasdesperate to be invited to join the Cartel because of the trading advantages from sharing information with the…