RBS fined £390m for ‘widespread misconduct’ in Libor-rigging scandal

Guardian – Royal Bank of Scotland has been fined £390m for “widespread misconduct” in rigging the Libor rate until as recently as November 2010 – two years after it was bailed out by the taxpayer and even after regulators had begun to investigate the key benchmark rate. Publishing a series of embarrassing electronic exchanges between RBS traders and those at rival banks and interdealer brokers, the Financial Services Authority said it had found at least 219 requests of inappropriate submissions were documented and an unquantifiable number of oral requests. Some of this carried on until last year. Read Article

Source Article from http://openyoureyesnews.com/2013/02/07/rbs-fined-390m-for-widespread-misconduct-in-libor-rigging-scandal/

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