Barclays to pay $400M-plus to settle LIBOR charges

Source: Associated Press

Barclays PLC and its subsidiaries have agreed to pay more than $400 million to settle charges that it attempted to manipulate and made false reports related to setting key global interest rates.

The rates affect the costs of hundreds of trillions of dollars in loans and investments such as bonds, auto loans and derivatives.

The U.S. Commodity Futures Trading Commission said Wednesday that the incidents occurred between 2005 and 2009 and sometimes took place daily.

The CFTC said Barclays senior management and multiple traders were involved in the matter and that they also coordinated with traders at other banks to make false submissions.

Read more: http://www.sfgate.com/news/article/Barclays-to-pay-400M-plus-to-settle-LIBOR-charges-3666511.php

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4 replies	Author	Time	Post
Barclays to pay $400M-plus to settle LIBOR charges (Original post)	Newsjock	Jun 2012	OP
remember the last time	onethatcares	Jun 2012	#1
Steal billions you get a little fine, steal 50 dollars from the 7-11 you go to prison.	Cronkite	Jun 2012	#2
That's the problem. You make a corporation a "person" and then assign blame to the "corporation"...	bluesbassman	Jun 2012	#3
Four more banks fingered in interest-rate investigation	Eugene	Jun 2012	#4

Response to Newsjock (Original post)

Wed Jun 27, 2012, 09:48 AM

onethatcares (6,683 posts)

1. remember the last time

you got to agree to pay a fine that was lower than the cost of doing business?

I think I'm gonna try it the next time I get a seat belt violation or some such nonsense.

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Response to Newsjock (Original post)

Wed Jun 27, 2012, 01:44 PM

Cronkite (158 posts)

2. Steal billions you get a little fine, steal 50 dollars from the 7-11 you go to prison.

This crap is unreal. The financial oligarchy can steal at will with no consequence (other than a fine that is just the cost of "doing business"). I guess as long as you have purchased your politicians you are above the law.

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Response to Cronkite (Reply #2)

Wed Jun 27, 2012, 03:17 PM

bluesbassman (12,910 posts)

3. That's the problem. You make a corporation a "person" and then assign blame to the "corporation"...

you can't put a "corporation" in prison. Yet the truth is, actual blood and bone people made those decisions and they walk free to do it all over again.

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Response to Newsjock (Original post)

Thu Jun 28, 2012, 10:17 AM

Eugene (15,682 posts)

4. Four more banks fingered in interest-rate investigation

Source: Associated Press

Four more banks fingered in interest-rate investigation

Updated 12m ago

LONDON (AP) – Four more global banks are being investigated for the alleged financial market manipulation that led to fines of $453 million against Barclays Bank, British Treasury chief George Osborne said Thursday, causing stocks in those groups to plummet.

Osborne said Citigroup in the U.S., Switzerland's UBS, and Britain's HSBC and Royal Bank of Scotland were also being probed for allegedly providing false figures on key interest rates upon which mortgages and consumer loans are priced.

On Wednesday, U.S and British regulators imposed the fines on Barclays for manipulating the interest rate — the London interbank offered rate (LIBOR) — to its advantage between 2005 and 2009.

-snip-

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