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.