UK Justice Forum 🇬🇧

Off Topic and General Discussions => Off topic, general discussions and the Wide Awake Club. => Topic started by: John on June 28, 2012, 10:24:34 AM

Title: Barclays signed a NON PROSECUTION AGREEMENT with the Justice Department
Post by: John on June 28, 2012, 10:24:34 AM

Barclays signed a NON PROSECUTION AGREEMENT with the Justice Department.


Barclays will pay $200 million to settle allegations that rather than providing accurate submissions for the bank’s Libor and Euribor (the euro interbank offered rate), the firm “attempted to manipulate and made false reports concerning both benchmark interest rates to benefit the Bank’s derivatives trading positions by either increasing its profits or minimizing its losses,” according to the U.S. Commodity Futures Trading Commission.

Barclays, which also settled with the U.K.’s Financial Services Authority and entered into a non-prosecution agreement with the U.S. Department of Justice, said its total cost for the settlement will total £290 million (about $450 million).

Read more... (http://www.forbes.com/sites/steveschaefer/2012/06/27/cftc-says-barclays-manipulated-libor-to-boost-derivative-trades-protect-reputation/?feed=rss_search)

See attached document.

Title: Re: Barclays signed a NON PROSECUTION AGREEMENT with the Justice Department
Post by: EmmittBrownBttf1 on July 01, 2012, 10:43:35 AM

This smells like justice is being brought off. How much did Barclays profit from this manipulation?
[img src="https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash4/c0.0.400.400/p403x403/223860_394873370558603_382738181_n.jpg"][/img]