What most people don’t understand is that this type of corruption and collusion is what started the whole 2008 global collapse.
The settlement, worth about $2.3 billion and announced by European Union antitrust officials on Wednesday, relates to alleged actions by traders at some of the world’s largest banks, including Citigroup, Royal Bank of Scotland and Deutsche Bank. The banks were accused of fixing rates for the London interbank offered rate, or Libor, as it relates to the Japanese yen and the euro interbank offered rate, or Euribor.
E.U. Fines 8 Banks a Combined 1.7 Billion Euros for Fixing Benchmark Rates