Wednesday, June 27, 2012

Bank Gets Off EasyWith A $450 Million Settlement

Barclays PLC and its subsidiaries have agreed to pay more than $450 million to settle charges that it attempted to manipulate and made false reports related to setting key global interest rates, HuffPo reports.

The rates indirectly affect the costs of hundreds of trillions of dollars in loans that people pay when they get loans to go to school, purchase a car or buy a house.
The U.S. Commodity Futures Trading Commission said Wednesday that the incidents occurred between 2005 and 2009 and sometimes took place daily. The $200 million civil penalty levied against Barclays as part of the settlement is the largest in the agency's history.

Barclays is also paying $160 million to the U.S. Justice Department and almost $93 million to British regulators…

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