Deutsche Bank Pays $2.5 Billion To Settle LIBOR Manipulation case

[redwing]

Too big to fail (or Jail)

Germany?s Deutsche Bank has been fined a record $2.5bn (?1.7bn) for rigging Libor, ordered to fire seven employees and accused of being obstructive towards regulators in their investigations into the global manipulation of the benchmark rate.

However, four of those employees were later re-instated by German courts

"Surprisingly, despite the severity of these offenses, the government concluded that these crimes should be punished only through a financial penalty." ?Bartlett Naylor, Public Citizen

No Jail time for anyone

The penalty follows a seven year investigation into how some of the world's largest financial institutions secretly conspired to rig benchmark interest rates to their benefit.

The LIBOR (London Interbank Offered Rate) is an average of what banks charge for lending to each other.

More here on Forbes

 

[DavidMc]

Dodgy.......

 

[Deltaberry]

Used to work for this mob

 

[DavidMc]

No Jail time for anyone

Might have something to do with this?

(WARNING - Tin foil hat alert!)