LIBOR investigation ends with spectacular fizzle | WHAT REALLY HAPPENED

LIBOR investigation ends with spectacular fizzle

Banker: “can we have a high 6mth libor today pls gezzer?” LIBOR Submitter, “sure dude, where wld you like it mate ?”

That’s just one of countless egregious examples of LIBOR manipulation. Yet, after countless months of investigation and worldwide scandal, the controversial LIBOR manipulation case has ended this morning with a fine but no jail time – a spectacular fizzle:

Moments ago the NY Department for Financial Services announced that Deutsche Bank would pay $2.5 billion “in connection with the manipulation of the benchmark interest rates, including the London Interbank Offered Bank (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”) and Euroyen Tokyo Interbank Offered Rate (“TIBOR”) (collectively, “IBOR”).”

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Most importantly for DB’s 98,138 employees is that while DB will “terminate and ban individual employees who engaged in misconduct” nobody will go to jail. Again.

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