I don’t know about you, but this seems like a public ceremonial slap on the wrist for some people who should be thrown in prison.
via The Telegraph
Some of the world’s biggest banks are to be “fined a record €1.7bn” (£1.4bn) by European authorities to settle allegations of rigging benchmark borrowing rates used to set the price of trillions of dollars of financial products, according to reports.
The European Union competition authorities could announce the penalties as early as Wednesday, with up to 10 banks, including Royal Bank of Scotland, Deutsche Bank and Societe Generale, expected to settle cases, according to the Financial Times.
EU officials have been investigating claims that several large banks attempted to manipulate yen and euro-denominated Libor rates as part of an international probe.
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Deutsche Bank and RBS are said to be facing fines for manipulating both rates, while other banks will settle claims related to just one of the rates.