Barclays guilty of market manipulation
moneyweek, 27 June 2012
Barclays Bank is to pay a 290 million pound fine following an investigation by UK and US regulators into manipulation of inter-bank lending rates.
The bank’s top executives, including Chief Executive Bob Diamond, have agreed to waive their bonuses this year as a result. City watchdog, the Financial Services Authority (FSA), said Barclays’ regulation breaches were “serious, widespread and extended over a number of years”.
It accused the bank of having inadequate systems and controls in place until June 2010 and of failing to review its systems and controls at a number of appropriate points. Continue reading “Article: Barclays guilty of market manipulation”
