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Eu Commission Fines Banks 1.7 Billion Euros For Benchmark Rigging

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http://uk.reuters.com/article/2013/12/04/uk-eu-bank-fine-idUKBRE9B309W20131204

EU antitrust regulators vowed to keep investigating rate- rigging on Wednesday as they slapped a record 1.7 billion euro (1.4 billion pounds) penalty on six financial institutions including Deutsche Bank, RBS and JPMorgan.

The fines by the Commission, which along with authorities around the globe has been examining the manipulation of London interbank offered rate (Libor) and its euro equivalent Euribor, takes the tally of penalties related to the scandal to almost $6 billion (3 billion pounds).

Confirming what a source familiar with the matter had previously told Reuters, EU Competition Commissioner Joaquin Almunia said he had been shocked at the scale of the scam and was sending a clear message that Brussels would fight and impose sanctions on cartels.

UK taxpayer contributing a little more to EU largesse.

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http://uk.reuters.com/article/2013/12/04/uk-eu-bank-fine-idUKBRE9B309W20131204

UK taxpayer contributing a little more to EU largesse.

A £1.7 billion Euros fine for a single bank wouldn't be very much, let alone between several of them. Either way, the taxpayers are funding the bonuses. How nice of them. :angry:

Edited by Eddie_George

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