International Banking Practices Are Fixed - Nah No Way!
Posted on: 2012-06-29 05:41:41
Some of America's top banks are set to be dragged into a major criminal investigation of a global interest rate-fixing scandal about to engulf some of Wall Street's biggest institutions.
The worldwide probe centres on claims traders at Barclays colluded with rival banks to keep interest rates at levels to their benefit.
Barclays agreed to pay a whopping $453million in fines to the U.S. Justice Department and the UK's Financial Services Authority.
But it emerged tonight the bank had struck a deal of 'extraordinary co-operation' with regulators in Washington and London - potentially exposing collusion on interest rates among banks across the globe.