LIBOR Fixing Investigation Appears to be Just BeginningTom
The Guardian has:
More than a dozen banks, including Royal Bank of Scotland Group plc (NYSE:RBS), are under investigation by regulators in the US, Europe and Asia for suspected rigging of the London interbank offered rate (Libor), which is used to price trillions of dollars of financial products. Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBC) chief executive Stephen Hester has already warned that the bank is likely to face fines. It is thought that Barclays PLC (LON:BARC) (NYSE:BCS) received a reduced fine for settling early.
Mann is asking George Osborne whether he or Treasury officials have been briefed on the issue, and when the FSA inquiry into Libor fixing at Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBC) began. He said: "It's not credible that UKFI, who represents the main shareholder ie, the taxpayer, was not kept informed of the investigation and it's seriousness. Either George Osborne is failing to run the Treasury properly or he is failing to tell parliament what he knows."
Now we are really moving into murky waters!
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