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Managers said to condone LIBOR manipulation

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xBiffx

Diamond Member
Aug 22, 2011
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Btw using the term rich here extremely loosely. Extremely.
I is rich!

The formatting of that page is abysmal. Still, it looks like the parties involved lost their jobs over the matter. This problem is definitely an issue but in this case it seems like all parties were accounted for.

RBS fired four employees last year for allegedly rigging Libor rates. So far no senior managers have been suspended or fired, according to a person with knowledge of the matter.
The bank is weighing disciplinary procedures against some employees, one person said.
 

bfdd

Lifer
Feb 3, 2007
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I is rich!

The formatting of that page is abysmal. Still, it looks like the parties involved lost their jobs over the matter. This problem is definitely an issue but in this case it seems like all parties were accounted for.
Technically me too, world standard at least.

Yeah, but fired? No jail time? If that kind of swindling went on in a little mom and pop shop people would be doing time for fraud etc.
 

xBiffx

Diamond Member
Aug 22, 2011
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Yeah, but fired? No jail time? If that kind of swindling went on in a little mom and pop shop people would be doing time for fraud etc.
If they broke the law, then sure. I am not an expert on the matter for sure but if they were fired and not arrested, then they must not have broken any laws. I would think the bank would be the first one to report them to authorities if that were the case. Bank doesn't want this coming back to them if there were laws broken.

Then again, that's the stuff that cover ups are made of.
 
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