RBS has sacked four traders over the Libor-fixing scandal

5corpio started a blog post RBS has sacked four traders over the Libor-fixing scandal
1 July 2012, 17:54

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RBS has sacked four traders over the Libor-fixing scandal

The Royal Bank of Scotland has sacked four traders over their alleged involvement in the Libor-fixing scandal, it has emerged. BBC business editor Robert Peston says the dismissals happened at the end of last year. RBS is one of a number of banks being investigated for possible rigging of the key bank lending rate. The news comes days after Barclays became the first bank to be fined for false reporting of it. Barclays was fined £290m ($450m) after the Financial Services Authority (FSA) found its traders had lied about the interest rate other banks were charging it for loans.....Read more here: RBS has sacked four traders over the Libor-fixing scandal
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- #1
  
  5corpio commented
  
  29 July 2012, 08:53
  
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  RBS pays more than £25m to businessman David Agar over interest rate swaps. Royal Bank of Scotland has paid more than €30m (£25m) to a businessman who claimed the bank mis-sold him an interest rate swap. The case could open the floodgates to hundreds of millions and even billions of pounds in claims against the taxpayer-backed lender and other banks. RBS’s Irish subsidiary last week agreed a settlement with Dublin-based businessman David Agar that will see it write-off swaps and loans worth €30m as well as covering Mr Agar’s legal costs, which are believed to total about €1m. The bank is expected to say it made a £1.2bn pre-tax loss in the first six months of the year when it announces its results on Friday. It continues to be hit by the cost of toxic assets, as well as....Read more here: RBS pays more than Â£25m to businessman David Agar over interest rate swaps - Telegraph
- #2
  
  5corpio commented
  
  26 September 2012, 18:43
  
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  Royal Bank of Scotland traders boasted about operating a “cartel” to rig Libor just weeks before the bank was rescued at a cost of more than £40bn by the taxpayer.
  
  Senior traders working for RBS’s investment banking arm openly discussed fixing the world’s key borrowing rate in the months running up to the bank's collapse, according to legal documents cited by Bloomberg. In one exchange in April 2008, Tan Chi Min, a former Singapore-based trader at RBS, messaged traders saying “Our six-month fixing moved the entire fixing, hahahah”.....Read more here: RBS traders boasted of Libor 'cartel' - Telegraph
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RBS has sacked four traders over the Libor-fixing scandal

RBS has sacked four traders over the Libor-fixing scandal