The European Commission (EC) handed down its largest fines ever, totaling $2.3 billion, for interest rate rigging. The following five global banks will be sharing that record fine: Citigroup, Deutsche Bank, Royal Bank of Scotland (RBS), JPMorgan and Societe Generale. These five financial institutions were found guilty of rigging either or both the Libor (inter-bank lending rate) and Euribor (inter-bank lending rate for unsecured funds) rates to improve profits on all sides. Only two of the banks, Deutsche Bank and RBS, were fined for rigging both sets of rates. Investors will have to sort out which of the five banks they should steer clear of, and which to still consider investing in.
Jim Woods has over 20 years of experience in the markets from working as a stockbroker,
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Jon Johnson's philosophy in investing and trading is to take what the market gives you regardless if that is to the upside or downside. For the past 21 years, Jon has helped thousands of clients gain success in the financial markets through his newsletters and education services: