Barclays to Pay $100 Million to Resolve States’ Libor Manipulation Claims

[jpak]

Source: Wall Street Journal

Barclays PLC agreed to pay $100 million to end investigations by 43 states and the District of Columbia into its alleged manipulation of the London interbank offered rate benchmark in the mid-2000s, authorities said on Monday.

The settlement comes four years after the British bank resolved similar charges with U.S. and U.K. authorities that had ignited a firestorm and led to the resignation of its top leadership. Attorneys general from multiple states led by New York and Connecticut launched their own probes in 2012 in the wake of those charges.

The states said government entities and not-for-profit groups in their states were “defrauded of millions of dollars” when they entered into swaps or other financial contracts based on Libor, without knowing that Barclays and other banks were working to manipulating the benchmark, according to a copy of the agreement announced Monday.

“There has to be one set of rules for everyone, no matter how rich or how powerful,” New York Attorney General Eric Schneiderman said in announcing the deal.

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Read more: http://www.wsj.com/articles/barclays-to-pay-100-million-to-resolve-states-libor-manipulation-claims-1470672628

[Astraea]

1. I'd like to stick it to those bastards

with their 25% interest rates, but I know this will just be passed down to consumers in terms of more/higher fees and interest rates.

Oh well. At least they were held accountable for something.

[onehandle]

2. Barclays paid Jeb Bush $14m over 7 years after leaving the governorship of Florida.

He was 'an adviser.'

Gave it up to get his clock cleaned by the Krazy Klown Kar.

[hughee99]

3. Barclays paid $100 million dollars (pennies on the dollar) to make 44 investigations go away.

It sounds like there is a different set of rules for the rich and powerful. Can the average person steal $100 and pay a dollar to end the investigation?