Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Big Banks Fined* For Rate-Rigging Scandal | *Slapped On Wrist
Posted
December 8, 2013
Views
35,909
Likes
1,085
Comments
206
Engagement
3.60%
December 8, 2013
35,909
1,085
206
3.60%
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5:38Now Playing"EU antitrust regulators vowed to keep investigating rate- rigging on Wednesday as they slapped a record 1.7 billion euro ($2.3 billion) 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.
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."* The Young Turks host Cenk Uygur breaks it down.
*Read more here from Foo Yun Chee / Reuters:
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