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, driving financial stocks lower.
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, driving stocks in those groups lower....
Barclays CEO, Bob Diamond, announced Tuesday that he was stepping down, making him the latest victim of an interest rate-fixing scandal that has already seen the British bank charged with $453 million (360 million euros) in fines.
On the surface it may appear that the head of the FCA, the UK's financial regulator, Martin Wheatly resigned voluntarily yesterday. The truth is that here only "quit" after being told by George Osborne that he would not renew his contract when it expires in March.
What had previously only been hinted by the likes of former US attorney general Eric Holder who infamous said some banks are "too big to prosecute" shortly before resigning, became fact when a US Congressional report found that US officials refused to prosecute HSBC for money laundering in 2012 because of concerns within the DOJ that it would cause a "global financial disaster." The report also revealed that UK officials, including Chancellor George Osborne, added t
For a self-conscious country like Canada, it might even be a point of some pride that the big banks have grown in size and scale to the point where they are finding themselves in the crosshairs of global regulators. But with profit constraints on the home front, that added scrutiny is a complication that institutions like the Bank of Nova Scotia have to bear, as they continue their pursuit for growth outside the country.