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....
Royal Bank of Scotland Group saw 1.3-billion pounds (US$2.1-billion) wiped off its value on Tuesday following a report that it could face criminal charges as part of an impending settlement over its role in a global interest rate rigging scandal.
The Wall Street Journal reported that U.S. authorities were pushing RBS to accept criminal charges as part of a settlement which will see it fined up to 500-million pounds for the attempted manipulation of the London interbank lending rate (Libor) and other benchmark interest rates.
By Simon Johnson
In the aftermath of the Barclays rate-fixing scandal, the most surprising reaction has been from people in the financial sector who fully understand the awfulness of what has happened. Rather than seeing this as an issue of law and order, some well-informed people have been drawn toward arguments that excuse or justify the behavior of the Barclays employees.
This is a big mistake, in terms of both the economics at stake and the likely political impact.
UK bank Barclays have been fined by US federal regulators with $453 million. RBC Capital Market, which is the investment branch of Royal Bank of Canada has appointed Darrell Uden for managing director. Chinese food producers are trying to restore customer’s confidence in their products. Google is launching a non-profit project in the UK that will give companies possibility to use free some of Google’s features like Adwords.
WASHINGTON — Britain’s ICAP PLC has agreed to pay about US$87 million to settle U.S. and U.K charges of manipulating a key global interest rate, the fourth financial firm sanctioned in the international rate-rigging scandal.
The U.S. Commodity Futures Trading Commission said Wednesday that ICAP, the world’s largest broker of trades between banks, engaged in rigging of the London interbank offered rate, or LIBOR, from October 2006 to January 2011.
Barclays Plc and four former traders were ordered to pay a combined US$487.9-million in fines and penalties by the U.S. Federal Energy Regulatory Commission for engaging in what the agency said was a scheme to manipulate energy markets in the Western U.S. from 2006 to 2008.