• US regulator sues 16 banks for alleged Libor rigging
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[URL]http://www.bbc.com/news/business-26584942[/URL] [quote]A US regulator has sued 16 banks for allegedly manipulating the London interbank offered rate (Libor). The Libor rate is used to set trillions of dollars of financial contracts, including mortgages and financial transactions around the world. The regulator said the manipulation caused "substantial losses" to 38 US banks which were shut down during and after the 2008 financial crisis. The sued banks include Barclays, HSBC, Citigroup and Royal Bank of Scotland. The British Bankers' Association (BBA) has also been sued by the regulator - the US Federal Deposit Insurance Corporation (FDIC). "BBA participated in the alleged scheme to protect the revenue stream it generated from selling Libor licenses and to appease the Panel Bank Defendants that were members of the BBA," it said. The FDIC alleged that the banks mentioned in its lawsuit rigged the rate from August 2007 to at least mid-2011. Other banks named in the lawsuit include Bank of America, JPMorgan Chase, Deutsche Bank, Lloyds Bank, Credit Suisse, UBS, and Rabobank.[/quote] This thing's still dragging on. One can't help but feel $3.7bn in fines is chump change compared to the gains many of these companies made by manipulating it.
You stole 100$ that's illegal but give me twenty we'll call it even.
[QUOTE=zakedodead;44239570]You stole 100$ that's illegal but give me twenty we'll call it even.[/QUOTE] more like 100,000$ and you only have to pay 100$
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