U.S. regulators are pushing for criminal charges against the Royal Bank of Scotland, RBS, over the 2012 Libor rate-fixing scandal. They want bank executives to admit guilt and pay a penalty, rather than simply settle.
RBS officials, meanwhile, don’t want to admit guilt, but say they will continue to cooperate with investigators for a settlement, The Telegraph reports. Penalties to the bank could reach $787 million, according to the report.
The Libor scandal hit at the major banks in London. Banks manipulated their interest rates, according to investigators, in order to profit in trades. The Financial Times reported in July 2012 that Libor manipulation had been occurring as far back as 1991.
In June, Barclays was fined $456 million for its Libor manipulation attempts.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at cchumley@washingtontimes.com.
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