Libor Banks fined record €1.7bn over benchmark interest rate rigging cartel

[malaise]

http://www.theguardian.com/business/2013/dec/04/banks-rate-rigging-libor-euribor-rbs-citigroup-jpmorgan
<snip>
RBS, Citigroup and JP Morgan among banks fined by European commission for colluding to fix yen Libor and Euribor rates
The interest rate rigging scandal was reignited on Wednesday as the European commission levied a record €1.7bn (£1.4bn) fine on five major banks and a broking firm – including bailed-out RBS – for colluding to fix crucial benchmark rates.

Joaquín Almunia, the European competition commissioner, warned that further fines were on the cards as three banks and one broker had refused to settle on other claims being investigated by Brussels.


"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.

For the first time two US banks – Citigroup and JP Morgan – were named in the interest rate scandal while other banks that had already been fined received fresh penalties. Royal Bank of Scotland will pay another £300m on top of £390m already handed over to US and UK regulators, adding to its public relations difficulties following a systems meltdown earlier this week and recent allegations, which it denies, that it has abused its small business customers.

[rurallib]

1. that seems like just a slap on the wrist

considering the damage they did and their size.

[LuvNewcastle]

2. Yes, but how much did they steal?

I guess it's good work, if you can get it.