07/27/12

Permalink More banks face interest rate rigging investigation. And no one goes to jail - Video

A number of banks are being investigated and could face sanctions after Barclays was fined £290m ($450m) for trying to manipulate interest rates at which banks lend to each other. - Regulators in Europe, the US and Asia have said that investigations into other banks are "ongoing". The UK's Financial Services Authority said the early signs were that Barclays had not been the only firm involved. Barclays has said its actions "fell well short of standards". Its traders lied to make the bank look more secure during the financial crisis and, sometimes - working with traders at other banks - to make a profit. Chief executive Bob Diamond and three other top executives at the bank are to give up their bonuses this year.

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