Seeking Alpha

EU Commission fines banks €1.71B for rate-rigging

  • As flagged, the EU Commission has fined international banks €1.71B for the manipulation of inter-bank interest rates, including.
  • The banks fined are Citigroup (C) [€70M], Deutsche Bank (DB) [€726M], Royal Bank of Scotland (RBS) [€391M], JPMorgan (JPM) [€79.9M] and Societe Generale (SCGLF) [€446M].
  • UBS (UBS), Barclays (BCS) and Citigroup helped expose the cartels and so received immunity for their violations. UBS avoided a fine of €2.5B and Barclays €690M, while Citigroup's was €55M lower as a result.
  • The EU has opened proceedings against HSBC (HSBC) and Credit Agricole (CRARF), as well as against JPMorgan (JPM), for Euribor infractions. JPM's fine is for Tibor violations. (PR)
Comments (2)
  • brea
    , contributor
    Comments (49) | Send Message
     
    always curious to know where the proceeds of these
    slaps on the wrist these banks repeatedly consistently
    get? they need to put some prison time on the "penalties"
    as well. it is unfortunate the penalties are of course
    recovered through assessment(s) on the "customer".
    typically these "penalties" have been running a 10%
    tithe on the gross THEFT. doesn't really appear much
    of a deterrent, does it?
    4 Dec 2013, 08:48 AM Reply Like
  • bd4uandu
    , contributor
    Comments (2023) | Send Message
     
    Isn't this a coincidence? ... http://bit.ly/96VDBF
    4 Dec 2013, 12:21 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs