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June 28, 2012

Barclays Fined $453 Million for Rate Manipulation 
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The banking giant Barclays has agreed to pay a $453 million fine to U.S.
and British authorities for manipulating key interest rates. A British
probe found Barclays conspired to manipulate the London Interbank
Offered Rate, or LIBOR, which provides the basis for rates on trillions
of dollars in transactions across the globe. The manipulation meant
millions of borrowers paid the wrong amount on their loans. A Justice
Department probe of Barclays is continuing and other banks are expected
to be implicated.

 

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