8 EU Banks Fined for Rigging Interest Rates

BBC – The European Commission has accused JPMorgan, HSBC and Credit Agricole of colluding to fix a key euro benchmark borrowing rate – Euribor.

The European Commission has fined eight banks – including RBS – a total of 1.7bn euros (£1.4bn) for forming illegal cartels to rig interest rates.

JP Morgan and HSBC will fight the charges. Credit Agricole will study the European Commission’s findings.

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  • razer

    Rate rigging … money laundering … why are bankers (the employees who commit the crimes) immune from prosecution and prison while the rest of us would surely do time in prison if we did the same things outside the big bank context?

    • http://www.meebal.com/ meebal

      It’s funny you should make such a comment for we were thinking exactly the same thing. What is of course more offensive is the fact that all those involved will probably receive bonuses that would make your eyes water.

      Justice… not in the EU.