Five banks have been fined a total of £2 billion by UK and US regulators for traders’ attempted manipulation of foreign exchange (FX) rates over a five year period.
Barclays is to create a “bad bank” for its non-core assets next week as it attempts to revive its struggling investment banking operations.
Members of the British Treasury Select Committee, US congressional investigators, state attorney generals and class actions lawyers who are investigating just who knew what and when in the sprawling investigations into the manipulation of LIBOR, would do well to emulate the forensic skills of former Manhattan District Judge Milton Pollack.
Last week, the British bank Barclays was slapped with $450 million in fines and penalties for manipulating information used to set a critical interest rate. Here’s a little background on the scandal.