Royal Bank of Scotland pays $612 million over rate rigging

  • Article by: BEN PROTESS and MARK SCOTT , New York Times
  • Updated: February 6, 2013 - 11:03 PM

Royal Bank of Scotland subsidiary plead guilty to a felony connected to manipulating the LIBOR rate.

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swmnguyFeb. 6, 13 9:56 PM

Probably not even 1/10 of 1% of the profits they made rigging the LIBOR-based interest rates. This doesn't even count as a slap on the wrist. I don't steal, but if I did steal $1000, and you let me keep it if I gave you 75 cents, I'd do that all day long.

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yeckelFeb. 6, 1311:43 PM

It's a parking ticket to these banks. Where are the felony indictments of the actual perpetrators of the fraud?

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granny47Feb. 7, 13 7:43 AM

@swmnguy: I totally agree! In February, Citigroup agreed to pay $158 million to resolve charges that its mortgage unit defrauded the FHA. Wells Fargo paid $85 million because it falsified loan documents, and on and on and on! That's pocket change compared to what they made on the fraudulent deals. A slap on the wrist is hardly sufficient punishment. The banksters need to go to prison, just like any citizen would for much lessor scams.

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yargadFeb. 7, 1310:13 AM

RBS profit, Q3 2012: US$3.14 billion (2b pounds sterling). RBS fine for helping rig the LIBOR, on which the world and his wife's mortgage rate, home equity loan, car loan, credit card debt, Blockbuster movie rental charge and tips to restaurant servers and newspaper carriers is based: US$612 million. RBS getting to promise never, ever to do such a thing again, cross our hearts and hope to die, we really and truly sincerely mean it this time . . . until the next time we do it: priceless. Too big to fail = too big to jail = too big to exist.

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dlzabzFeb. 7, 1312:01 PM

All we need is one CEO who is caught with his hand in the cookie jar to go to prison and this stuff goes away. Unfortunately we have laws with no teeth that punish the consumers twice, once on the front end and then again to pay the gov't to enforce laws that don't work.

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redblack30Feb. 7, 13 1:46 PM

Hurray! At long last-felony convictions! Keep going Lanny!

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