portland independent media center  
images audio video
newswire article reporting global

economic justice | government

EU Fines Financial Institutions $2.3bn Over Manipulation of LIBOR, One of Largest Banking

The EU delivered fines to eight banks for their roles in rigging the LIBOR benchmark interest rate, including the first US banks to be penalized. Jubilee USA a faith based antipoverty organization released the following statement.
The European Union fined eight financial institutions a combined total of $2.3 billion
over their alleged role in the manipulation of the London Interbank Offered Rate
(LIBOR). The manipulation of LIBOR is one of the largest banking scandals of our
time. According to the Economist, when the rate is manipulated, it affects payments
for more than $800 trillion of financial instruments and 99 percent of all commercial
products including mortgages, credit cards and pensions, as reported by CNN. Five
other financial institutions, including Barclays, R.B.S. and UBS, have paid more than
$3 billion combined to regulators in the United States, Britain and Switzerland over the
manipulation of the LIBOR rate.

Eric LeCompte, Executive Director of Jubilee USA Network, a faith-based antipoverty
organization, releases the following statement:

"These fines are a step in the right direction. This behavior hurts all of us and destroys
the fabric of our economy.

"The religious community is concerned with how this manipulative behavior impacts the
most vulnerable."

Jubilee USA Network is an alliance of more than 75 US organizations, 300 faith
communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that
serves, protects and promotes participation of the most vulnerable. Jubilee USA has won
critical global financial reforms and more than $130 billion in debt relief to benefit the
world's poorest people. www.jubileeusa.org

homepage: homepage: http://jubileeusa.org

prepare to pay more 09.Dec.2013 11:14


if you use a bank, or buy / sell something from an entity that does you a bank, prepare to help pay that fine.

what a hoot 10.Dec.2013 08:57


Pennies to dollars/euros, whatever. A joke, really, and the monthly support of central banks dwarfs this 'fine' all to make it look like everything is 'fine'.

Like trading glass beads to the indigenous for furs. We get a dummy hung on the streetlights, they get the ability to do it all over again and warned not to be so obvious for a while.