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« WATCH: Holder Slams S&P With $5 Billion Fraud Lawsuit | Main | HOT LINKS: Should The SEC Hire Bounty-Hunters? »
Wednesday
Feb062013

RBS To Pay $800 Million Libor Fine, No Criminal Charges

No individuals will be criminally charged as the Justice Department announces its settlement with the bank, according to two people with direct knowledge of the matter.

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This story just hit the wires a few minutes ago.

Bloomberg

Royal Bank of Scotland Group Plc is set to pay 400 million to 500 million pounds ($783 million) in fines for manipulating interest rates, the second-largest penalty imposed in a global regulatory probe, two people with knowledge of the matter said.

An announcement may be made as soon as today, said the people, who requested anonymity because they weren’t authorized to speak publicly. An RBS unit will plead guilty to criminal charges as part of a deal with the U.S. Justice Department, a person familiar with the talks said. It’s the third fine to result from a probe into whether lenders rigged the London interbank offered rate, or Libor. Investment banking chief John Hourican also was expected to resign, the people said.

No individuals will be criminally charged as the Justice Department announces its settlement with the bank, according to two people with direct knowledge of the matter.

The penalty is the biggest blow to Chief Executive Officer Stephen Hester’s attempt to overhaul the Edinburgh-based bank after it took 45.5 billion pounds in a 2008 taxpayer bailout, the largest in history. The fine, the third to result so far from the global probe, would exceed the 290 million pounds Barclays Plc paid in June, and be second only to the $1.5 billion UBS AG paid in December. Chancellor of the Exchequer George Osborne said this week that RBS should pay the U.S. fines by clawing back bonuses from its investment bankers.

“The sight of money coming in from the taxpayer to pay RBS Libor fines would have caused enormous public anger,” Osborne said Feb. 4 during a question-and-answer session in Bournemouth, southern England. “I’ve made it very clear to the bank, and the bank management accept this.”

Continue reading...

***

Bloomberg on Libor arrests:

Libor Rate-Rigging Results in Record Fines, Arrests

Feb. 1 (Bloomberg) -- The London interbank offered rate is the basis for more than $300 trillion of securities. The banks that set the rate stand accused of rigging it for years to boost profits. Five years after alarm bells first sounded, regulators are handing out fines and criminal sanctions to those responsible for rate manipulation. This story is featured in the March issue of Bloomberg Markets Magazine.

 

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Reader Comments (8)

The world is living in a 2 tier justice system.. The Rich are untouchable, while ordinary people are prosecuted.
Feb 6, 2013 at 9:13 AM | Unregistered CommenterKevin K
Please note, none of the $ paid in fines will go to those robbed by these modern-day Barons. The money goes to the government! What a hoot!!!
Feb 6, 2013 at 9:28 AM | Unregistered CommenterAnaxamander P. Gormlay
If it is not announced yet, maybe we have time to make them reconsider. Please call and let them know how you feel about this:

Department of Justice
(202) 514-2000
Feb 6, 2013 at 9:40 AM | Unregistered CommenterClaire
So, once again the banksters Get out of Jail Free.
Once again a bank pays a fine which is a fraction of what their crime made them.
Status quo... ssdd... when will the people rise up in the streets and hang the theives?
Feb 6, 2013 at 10:22 AM | Unregistered CommenterThebes
U.S. and U.K. authorities have fined Royal Bank of Scotland PLC more than $610 million for its role in the manipulation of a key global interest rate.

http://www.marketwatch.com/story/royal-bank-of-scotland-settles-libor-charges-2013-02-06
Feb 6, 2013 at 11:51 AM | Unregistered CommenterDailyBail
RBS says wrongdoing was predominantly linked to 21 employees — all of whom have left the bank or been disciplined.

http://www.marketwatch.com/story/royal-bank-of-scotland-settles-libor-charges-2013-02-06
Feb 6, 2013 at 11:52 AM | Unregistered CommenterDailyBail
"RBS says wrongdoing was predominantly linked to 21 employees — all of whom have left the bank or been disciplined."

Yes disciplined with bonuses and better banking jobs, where they will find new ways of making stealing billions look easy.
Feb 18, 2013 at 10:58 AM | Unregistered CommenterJohn
German watchdog readies Deutsche Bank Libor report: source

http://www.reuters.com/article/2013/08/12/us-deutschebank-libor-probe-idUSBRE97B0AI20130812

BaFin and other regulators are investigating more than a dozen banks and brokerages over allegations they manipulated benchmark interest rates such as Libor and Euribor, which are used to underpin trillions of dollars of financial products from derivatives to mortgages and credit card loans.

The bank watchdog is continuing aspects of its probe, but has found no evidence of wrongdoing on the part of members of the management board, the source further said.

BaFin declined to comment.

Deutsche Bank on Monday said: "The Bank is cooperating in the various regulatory investigations and conducting its own ongoing review into the interbank offered rates matters."

The lender said that no current or former member of the management board had any inappropriate involvement in the interbank offered rates matters.
Aug 12, 2013 at 7:14 AM | Unregistered Commenterjohn

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