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Tuesday, Sep 01st

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You are here News Economy Barclays will pay $450M for manipulating interest rates

Barclays will pay $450M for manipulating interest rates

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Barclays BankBarclays and its subsidiaries will pay more than $450 million to settle charges that they tried to manipulate interest rates that can affect how much people pay for loans to attend college or buy a house.

Barclays is one of several major banks reportedly under investigation for such violations.

The incidents occurred between 2005 and 2009 and sometimes took place daily, the U.S. Commodity Futures Trading Commission said Wednesday in announcing the settlement. A $200 million civil penalty levied against Barclays is the largest in the CFTC's history.

Barclays also agreed to pay $160 million as part of an agreement with the Justice Department's criminal division on a related matter. It will also pay nearly $93 million to British regulators.

The Justice Department said its related criminal investigation continues. Barclays has agreed to cooperate with that probe.

TVNL Comment:  When banks steal billions they get fined. When people steal anything they get prison time.  How fair is that?  Just asking....

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