The LIBOR scandal is baaaaack as the Telegraph has discovered court documents which reveal internal messages between Royal Bank of Scotland traders who ‘boasted about operating a “cartel” that made “amazing” amounts of money by rigging interest rates‘.
Just when the banksters thought that had successfully removed the LIBOR scandal from the public consciousness thanks to assistance from the London Olympics, it appears the scandal is about to become greater than ever.
Senior traders at Royal Bank of Scotland boasted about operating a “cartel” that made “amazing” amounts of money by rigging interest rates, it has been disclosed.
Internal messages revealed in court documents apparently show how traders claimed they could manipulate Libor, which is used to set borrowing costs for millions of businesses, consumers and investors.
The messages, some sent just months before the taxpayer was forced to bail out RBS at a cost of more than £40bn, suggest the practice was condoned and encouraged by senior executives at the bank, and have now dragged the taxpayer-backed lender to the heart of the Libor scandal.
MPs have warned that the scale of RBS’s involvement in the scandal means it could face an even bigger fine than Barclays, which paid a record £290m in July after admitting attempting to manipulate Libor. The bank could also be hit with billions of pounds in damages claims.
Tan Chi Min, a former senior trader at RBS’s global banking and markets division in Singapore, has alleged that managers “condoned collusion” between staff to maximise profits by rigging Libor.
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Oh no! They might face an even bigger fine than 290 million?!? I’m sure they are shaking in their boots to pay back a fraction of a percent of the money they made on it.
So with one hand we give banks billions in bail-out money and with the other hand we receive millions in fines….
That’s bazarro world math. Get used to it as long as the cretins of corruption are in charge of the banks.
As I also remember. London Bridge Is Falling Down!
Eventually someone who is in the know is going to get their world in a vise and the only way out will be to squeal. We can only hope that the virus of whistle blowing will spread throughout the banking system.
Do they still have The Rack in the UK? If not, maybe now is an opportune time to bring it back. Stretching a few of these banksters would be a great lesson for the rest of them.
But bankers are wise and we are supposed to trust them with our money… yeah right, I don’t even trust my local bank after I found that JPM owns 60% of it.
I wouldn’t trust a bankster with the fuzz off a peach, let alone anything of value. :-(
they may not have the rack but hopefully they have some prisons … this is clear fraud and hard to see how they can avoid criminal charges …. oops sorry forgot they arent subject to crown law anymore they have their own legal system …. oh well at least they wont get bonuses this year … oh sorry forgot they have to have the bonuses otherwise they would never keep such talented crooks
max
Yeah, it always amazes me that they always say that they need hideously large salaries and HUGE bonuses so that they can keep the amazingly talented people who created the greatest financial F***UP in human history. One can only wonder what might have happened had they only had the 2nd or even the 3rd string in there. Insert terminal eye-roll icon here.
The only consequence that they will receive is a fine and no bankers are going to get arrested or their corporations won’t get shut down. That’s why they are doing it again! In my opinion, if they receive a real and bad punishment, they won’t do these scandals again.