Related Stories
Rabobank Fined $1.1 Billion Over Libor, Euribor Manipulation
Key Excerpts from Article on Website of Bloomberg Businessweek
Posted: November 5th, 2013
http://www.businessweek.com/news/2013-10-29/rabobank-fined-1...
Rabobank Groep, the co-operative formed in 1898 to lend to Dutch farmers, was fined 774 million euros ($1.1 billion) and the chairman resigned as the scandal over the rigging of benchmark interest rates ensnared a fifth firm. The Utrecht, Netherlands-based lender entered into an agreement with the Justice Department to accept responsibility for manipulation of Libor and Euribor to avoid prosecution. The fines are the largest-ever against the bank and second-largest over manipulation of the London interbank offered rate. Global investigations into banks attempts to manipulate the benchmarks for profit have led to fines and settlements for Barclays, Royal Bank of Scotland, UBS and ICAP. Rabobank derivatives and money-market traders influenced the lenders submissions to benefit their positions linked to Libor and conspired with employees of other banks to rig rates from May 2005 to January 2011. More than 500 attempts were made by Rabobank to manipulate Libor, according to the regulator. Thirty current and former employees of the Dutch lender were involved, Rabobank executive board member Sipko Schat said today. Five of them were fired, he said, while 14 are still working for the bank. The lender is also clawing back 4.2 million euros in bonuses, Rabobank said in a statement. The manipulation directly affected the rates referenced by financial products held by and on behalf of companies and investors around the world, Valerie Parlave, Assistant Director in Charge of the FBIs Washington field office, said in a statement.
Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.
Related Stories
Latest News
Key News Articles from Years Past
