Over the past few weeks we’ve brought you several reports regarding the increasingly worrisome LIBOR scandal. The investigation into interest rate-rigging debacle is quickly snowballing and analysts have now begun wondering if “16 of the world’s largest banks have perpetrated the biggest fraud in history.”
Well this is terribly worrying. Yesterday, Barclays bank – one of the biggest banks in the world – was fined a record £290 million for attempting to manipulate the world’s benchmark borrowing rate – the Libor. This is a huge blow to the bank’s reputation and raises questions over the future of chief executive Bob Diamond. Up to 40 other global banks face being named and shamed too.
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The Financial Services Authority (FSA), the regulator of all providers of financial services in the UK, has today confirmed that Barclays was definitely not acting alone, nor was this an isolated case in the authorities’ probe of banks rigging a key interbank interest rate.
On the back of news that Barclays bank was punished with a record fine of £290 million by UK authorities for interest rate manipulation, comes the speculation that the crisis, said to involve numerous banks around the world, could help push investors toward South African shores.