Three former employees of the bank Barclays was convicted today for the manipulation of the so-called Libor rate. Along with a fourth person, who admitted crimes, they receive notice of their sentences on Thursday.
The trial is the third in the UK with the rise in the scandal, which was revealed in 2012 when several banks fined by British and US regulators. In an earlier case has a bank manager sentenced to a long prison sentence, in another six defendants acquitted.
A fourth goal coming up in the fall.
Libor, which is interpreted “the London interbank offered rate “, regulates interbank loans and is an important reference rate for the international financial system. A variety of banking products are priced based on the interest rate calculated daily. There is a counterpart in the euro zone, known as Euribor.
No comments:
Post a Comment