What is happening here? If the windfall is much bigger than the fine, are we in effect telling these banks that it is ok to cheat the public? I think, aside from paying penalties they should be barred or suspended from the area of complicity say for 6 mos. or one year! Jim Sinclair’s Commentary Today’s rules are you pay to play. Lloyds fined £218m over rate rigging scandal Lloyds Banking Group has been fined £218m for serious misconduct over some key interest rates set in London. Lloyds manipulated the London interbank offered rate (Libor) for yen and sterling and tried to rig the rate for yen, sterling and the US dollar, said the US legal order. It also manipulated submissions for another short-term rate linked to the value of UK government debt. Lloyds said it condemns the actions of the individuals responsible. The fines were issued by the UK-based Financial Conduct Authority (FCA) and a US-based trading commission. A novel development, setting the bank aside from competitors that have already been fined for Libor-rigging, was its abuse of the government-backed Special Liquidity Scheme, said the FCA. It’s another step in the cleanup, said Christopher Wheeler, a banking analyst at Mediobanca. It is embarrassing for Lloyds, however, as it shows the bank is not as clean as people thought, he added. The FCA fined Lloyds £105m. It said the fine was the joint third-highest ever imposed by the organisation or its predecessor, the Financial Services Authority.
Posted on: Tue, 29 Jul 2014 12:12:18 +0000
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