The whole system is rigged and this Kangaroo show is just the tip of the ice-berg and to re-assure the gullible masses that there is someone watching over these mega-banks, when the fact is that the whole Financial Industry is out of order.
Barclays has agreed to pay more than $450 million to resolve accusations that it attempted to manipulate key interest rates, the first settlement in a sprawling global investigation targeting many of the world’s biggest banks
The British bank struck a deal with regulators in Washington and London, as well as the Justice Department. The settlement is seen as the first in a series of potential cases against other major financial firms.
The broad investigation centers on the way Barclays and other big banks set key benchmarks for borrowing, lending rates that affect corporations and consumers.
An important barometer of the health of the financial system, the rate not only affects big banks and corporations, but also homeowners. Libor and similar rates are used to determine the price for more than $350 trillion worth of financial products, including complex derivatives, student loans, credit cards and mortgages.
- DealBook: Barclays Said to Pay Big Penalty in Regulatory Deal (dealbook.nytimes.com)
- Barclays settles allegations that it manipulated key lending rates (finance.fortune.cnn.com)
- Regulators Fine Barclays £290m For Misconduct (news.sky.com)
- Barclays fined over manipulation (oddonion.com)
- Executive Pay Rises 10% in Britain, Adding to Debate – NYTimes.com (nadernazemi.com)