Banks fined record €1.7bn over benchmark interest rate rigging cartel [View all]
Source: The Guardian
The commission said the Euribor investigation focused on the period between September 2005 and May 2008 and the settlement involved Barclays, Deutsche Bank, RBS and Société Générale. In yen Libor the banks involved in one or more of the infringements are UBS, RBS, Deutsche Bank, Citigroup and JP Morgan. The broker RP Martin facilitated one of the infringements by using its contacts with banks involved in settling Libor.
At a press conference to announce the fines, Almunia said more penalties would follow as some of the firms it had been investigating had failed to settle. "We would have preferred all the parties would have been ready to settle – it is easier for them and for us. Three banks and one broker informed us they were not ready to settle," he said.
This appeared to be a reference to Crédit Agricole, HSBC and JP Morgan in relation to Euribor and the money broker Icap in relation to yen Libor.
SNIP
"What is shocking about the Libor and Euribor scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other," said Almunia.
Read more: http://www.theguardian.com/business/2013/dec/04/banks-rate-rigging-libor-euribor-rbs-citigroup-jpmorgan
Shocking, I tell you! That's why these criminals are going to jail. Oh, wait.
No, that's why we're breaking them up. No?
Ah, it's why we're revoking their banking licences. Right?
What's the name for collusion between government and corporations again?
Record fine? Let's see what happens to us when we run a criminal conspiracy of global scale. We'll settle for a 1% fine on our profits, thanks in advance.
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