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June 27, 2012
Barclays to pay $400M-plus to settle LIBOR charges
Barclays agrees to pay $400M-plus to settle charges it attempt to manipulate key lending rates
AP via Yahoo! Finance
Yes, Brooklyn, your arena is named for a thoroughly crooked financial outfit.
Barclays PLC and its subsidiaries have agreed to pay more than $400 million to settle charges that it attempted to manipulate and made false reports related to setting key global interest rates.
The rates affect the costs of hundreds of trillions of dollars in loans and investments such as bonds, auto loans and derivatives.
The U.S. Commodity Futures Trading Commission said Wednesday that the incidents occurred between 2005 and 2009 and sometimes took place daily.
The CFTC said Barclays senior management and multiple traders were involved in the matter and that they also coordinated with traders at other banks to make false submissions.
...Barclays President Bob Diamond also announced he and three senior bank executives were waiving any bonus for the year as a result of the case.
NoLandGrab: That's nice, but shouldn't Bob Diamond be waving goodbye as he heads off to jail?
Posted by eric at June 27, 2012 11:48 AM