Code of honor amongst banksters. Like the code of honor amongst thieves, I suppose.The European Commission has slapped record fines of 1.7 billion euro on eight major banks for manipulating lending rates that play a key role in the global economy. The penalties will add to already escalating costs for leading global lenders.
The EU fines marks the latest to be levied on banks and financial institutions for making profits or masking their problems by fraudulently rigging the rates that reflect the cost of lending money to each other.
The banks fined are Citigroup, Deutsche Bank, Royal Bank of Scotland, JPMorgan, Barclays, Societe Generale, UBS and RP Martin, the EC said in a statement.
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The fines from the EU are the first time a US bank has been involved in the rate-rigging scandal, as Citigroup has been fined 70 million pounds.
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The Libor rate is seen as an indicator of a lender’s stability. Put simply, the stronger the bank, the lower the interbank lending rate it has.
Barclays, RBS, UBS, Rabobank and brokerage ICAP have already paid out a total of $3.5 billion in fines to settle the accusations related to Libor rate-rigging, the Financial Times reported.
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Manipulation of the Libor rate is one of the largest scandals to hit the finance industry in recent years.
It forced both Barclays CEO Bob Diamond and chairman Marcus Agius to resign. Barclays’ new chief Anthony Jenkins has now insisted that employees sign a “code of honor” to avoid future rigging scandals.
RT
...but hey, do what you want...you will anyway.
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