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Wed Jun 27, 2012, 09:24 AM

Barclays fined by FSA for manipulating key bank rates

The Financial Services Authority (FSA) has fined Barclays Bank a record 59.5m for manipulating the interest rates at which banks lend to each other.

Barclays chief executive Bob Diamond and three other of the banks' most senior executives will forgo their bonuses for this year.

Including the record FSA fine, Barclays has agreed to pay penalties totalling 290m to UK and US authorities.

http://www.bbc.co.uk/news/business-18612279

For some history search " planned changes to libor " and look for FT link. That is a big subject where apparently overall trades at stake exceed world GDP.



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Reply Barclays fined by FSA for manipulating key bank rates (Original post)
dipsydoodle Jun 2012 OP
Po_d Mainiac Jun 2012 #1

Response to dipsydoodle (Original post)

Wed Jun 27, 2012, 11:13 AM

1. A fucking wristslap :grr:

But, anyone that held a ARM pegged to the LIBOR should be contacting their lawyer.

Civil damages could easily be enough to break the pukes.

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