Deutsche Bank sentenced to a fine of 2.5 billion dollars
The institution was accused of manipulating Libor rates
The German bank was ordered to pay a record fine of 2.5 billion dollars – about 2.3 billion – after the investigations that were carried out in the United States and in the United States regarding the handling of interbank Libor rates.
According to Bloomberg, it was even possible to access some messages that bank employees will be changed to fix the fees. The same agency realized that the bank was forced to resign seven of its employees for misconduct.
“The employees of Deutsche Bank engaged in a widespread effort to manipulate the key interest rates in order to financial gain,” said Superintendent Benjamin Lawsky said in a statement quoted by the agency. “We must remember that markets do not handle themselves: an intentional infringement is necessary” by real people involved in the process
.
This was so far the heaviest fine imposed on a bank involved in this interest rate manipulation scandal. The second stay for UBS: 1.5 billion dollars. It is recalled that several institutions were caught in the scheme of Libor, including Barclays, JP Morgan and Lloyds Bank.
->
No comments:
Post a Comment