US regulators are reportedly pushing for criminal charges to be filed against Royal Bank of Scotland employees over LIBOR manipulation. Perhaps they should consider investigating and filing criminal charges themselves against any and all JPMorgan and BOA employees who participated in LIBOR rate fixing, as BOA and JPM’s submitted LIBOR rates were massively more extreme compared to the benchmark than Barclay’s over the same time period.
United States regulators seeking a settlement with Royal Bank of Scotland over alleged Libor manipulation want the bank to plead guilty to criminal charges in addition to paying a penalty, the Wall Street Journal reported.
RBS executives are resisting any guilty plea, the WSJ said, citing people close to the negotiations.
“Discussions with various authorities in relation to Libor setting are ongoing. We continue to cooperate fully with their investigations,” an RBS spokesman said.
The financial penalty is expected to be around £500m, the report said, with the settlement coming within weeks.
RBS would be the third bank after Barclays to settle allegations over the rigging of Libor, a benchmark interest rate used to fix the cost of borrowing on mortgages, loans and derivatives worth more than £288 trillion globally.
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http://www.truthdig.com/eartotheground/item/fed_geithner_knew_of_false_libor_in_2008_20120713/
The Federal Reserve and the U.S. government knew back in 2008 that Barclays was filing false reports about Libor, the interest rate that international banks charge one another for short-term loans, according to documents released Friday. The documents show that a staffer at the U.K.-based bank told the New York Federal Reserve—which was then run by current Treasury Secretary Timothy Geithner—more than four years ago about the false reports before the admission was circulated through the federal government.
Barclays has been fined about $450 million for its role in fixing the rate. The Libor (London Interbank Offered Rate) scandal has swept through the banking world, with other institutions, including Citigroup, JPMorgan Chase, the Royal Bank of Scotland and Deutsche Bank, all acknowledging that they are being investigated.
“Barclays has been fined about $450 million for its role in fixing the rate.”
Yes, they were. My question, though, is how much did they profit from this theft after the fine was paid?
I would also like to know if any US banks are targets of this probe or if it is being launched on their behalf.
Pricks, let’s bring criminal charges to the foreign banks, while the ones in the US skate. The balls on these assholes.
the lot should be brought to trial, then have the nearest gymnasium set up as gallows.
http://dealbook.nytimes.com/2013/01/25/top-jpmorgan-executive-takes-temporary-leave-amid-reshuffling/
JPMorgan, the nation’s largest bank, said Friday that its chief risk officer, John Hogan, would take a sabbatical. His departure follows a shake-up this week, when Martha Gallo was replaced as head of global compliance and regulatory management.
Talk about perfect timing right. He is going into hiding. More than likely tipped off about what is to come.
Yes, he’s probably “suffering” in Bora Bora as we speak. Poor fellow.
Frontline To big to jail
Well, who is charging who? The FED is charging its owners? It is game and the public is losing and the stackers are winning.
Big YAWN!
Aw, come on!
Wow. I’m so impressed, such bravery.
Picking on men wearing kilts.
Who ya gonna send? Chaz Napolitano?
Well, maybe that’s not such a good ideas. Scots are not known for letting anyone get the best of them. And Chaz might like it too much. Maybe she’ll stay.
What say ye, Charlie. A good whacking with a knobkerry and finish them off with a claymore. Maybe William Wallace can jump the pond and give Turbo Timmie some Scottish Justice. I hear he can shoot lightening bolts out of his arse. I’d like to see Timmie’s noggin sent to the White House in a wicker basket. HAHAHAHA
@AGXIIK Yes it’s amazing their going after all the small banks for very low fines and creating a diversion away from the Real Culprits. Maybe their going after them to take the blame away from the Bank of England because Scotland want their Independence. FREEDOMMMMMMMMMMMMM
So Here’s What The Scots Think of The US Regulators.
LOL! I must have some Scot blood in with my English blood, then, because that is pretty much what I think of those clowns too!
Anytime I see these so called fines. I wonder who do they pay and is a payment ever received? No it is purely theater. HSBC with its drug trafficking and money laundering. All under title 18 of the United States Code and yet not being enforced. Who was the head of the FBI not enforcing the laws of the land? I suggest you view the video brought to our attention by Frontline titled “Untouchables”
Corruption at its finest. Can’t take anyone from a US bank to court, it might trigger a panic run on that bank that could avalanche. So now the big US bankers know for sure they are above the law look for even worse breaking of them.
slap in the wrist as usual. there will be no real outrage intill gov’t announces cuts to ss, medicare, welfare, and govt pension funds. if the “regulators” actaully did their jobs and really went after the crooks with real jail time our inflated stock market would get deflated in a matter of days. free markets? lol never heard of it
More flunkies tossed on the rack to satiate the anger of the hoi poloi. It’s all a Punch & Judy Puppet Show.
The crooks in the JustUs Dept. only want their rightful “piece of the action”! After the pay offs, it will all just go away.