Sat Feb 2, 2013, 12:40 PM

alp227 (20,510 posts)

RBS bankers not taxpayers must pay Libor-rigging fine, chancellor says

Source: Guardian

George Osborne has told bankers they must give up their bonuses to pay international fines imposed for the Libor rate-rigging scandal.

The chancellor is understood to have "laid down the law" to state-backed Royal Bank of Scotland in recent days as it braces itself for a major penalty from US regulators.

Senior RBS figures were warned that leaving taxpayers to cover the US penalty for the bank's role in fixing the lending rate, which governs the price of more than $500tn of loans and transactions around the world, would be "totally unacceptable".

RBS is rumoured to be preparing to hold back some perks in preparation for the fines. The bank is thought to be close to reaching a deal with regulators in Britain, the US, Japan and Singapore and faces paying out an estimated £350m.

Read more: http://www.guardian.co.uk/business/2013/feb/02/rbs-bankers-taxpayers-libor-fine-chancellor

7 replies, 1617 views

Reply to this thread

Always highlight: 10 newest replies | Replies posted after I mark a forum

Replies to this discussion thread

7 replies	Author	Time	Post
RBS bankers not taxpayers must pay Libor-rigging fine, chancellor says (Original post)	alp227	Feb 2013	OP
WHAT A CONCEPT.	iandhr	Feb 2013	#1
about fucking time. K&R	Tuesday Afternoon	Feb 2013	#2
Big deal. This still stinks.	PSPS	Feb 2013	#3
How about a lot of prison time??	Angry Dragon	Feb 2013	#4
Too important to prosecute. Prison is for proles	Demo_Chris	Feb 2013	#5
Seize their assets (NT)	The Wizard	Feb 2013	#6
These people committed serious financial fraud.	sendero	Feb 2013	#7

Response to alp227 (Original post)

Sat Feb 2, 2013, 12:42 PM

iandhr (2,250 posts)

1. WHAT A CONCEPT.

FROM A CONSERVATIVE NO LESS>

Reply to this post

Response to alp227 (Original post)

Sat Feb 2, 2013, 01:11 PM

Tuesday Afternoon (43,950 posts)

2. about fucking time. K&R

Reply to this post

Response to alp227 (Original post)

Sat Feb 2, 2013, 01:14 PM

PSPS (4,198 posts)

3. Big deal. This still stinks.

"Laid down the law" my arse. You know it's a crock when you see:

1. "reaching a deal with regulators" -- means crafting a stage play to "look good" in this era of "capture." The Reagan era's "sue and settle" charade is now standard practice except now they leave out the silly formality of "sue" since it was always a farce.

2. "faces paying out an estimated £350m" -- a paltry "cost of doing business." It's a mere 4% of their annual profit. If I rob a bank of $1 million, can I pay my "fine" of $40,000 and skate?

3. No mention of any jail time for anyone at all.

"Laws are for the little people."

Reply to this post

Response to alp227 (Original post)

Sat Feb 2, 2013, 01:55 PM

Angry Dragon (24,073 posts)

4. How about a lot of prison time??

They will not learn until they look at some bars that do not serve drinks

Reply to this post

Response to Angry Dragon (Reply #4)

Sat Feb 2, 2013, 02:04 PM

Demo_Chris (2,433 posts)

5. Too important to prosecute. Prison is for proles

Reply to this post

Response to alp227 (Original post)

Sat Feb 2, 2013, 04:39 PM

The Wizard (7,021 posts)

6. Seize their assets (NT)

Reply to this post

Response to alp227 (Original post)

Sat Feb 2, 2013, 04:48 PM

sendero (25,000 posts)

7. These people committed serious financial fraud.

... and should be in JAIL - fines are a JOKE.

If you or I did something comparable WE WOULD BE SERVING PRISON TIME. When are people going to get upset about this? Never, they are sheeple.

Reply to this post

Latest Breaking News (Forum)