LIBOR, Forex-rigging bank fines now total $9B as of today… how much did it cost customers?
The DOJ slaps 5 U.S. and European banks with more fines (now totaling $9 billion) on Libor interest rate rigging and foreign-exchange manipulation. Three years probation? Couldn’t they just agree NEVER to break the law?
“Citicorp, Barclays, JPMorgan, RBS and UBS have each agreed to a three-year period of corporate probation, which, if approved by the court, will be overseen by the court and require regular reporting to authorities as well as cessation of all criminal activity. Citicorp, Barclays, JPMorgan and RBS have agreed to send disclosure notices to all of their customers and counter-parties that may have been affected…”
Does anyone have any estimates on how US dollar/Euro manipulation may have cost clients?