RBS Faces $400 million Fine over LIBOR

So, now the government in Britain is effectively suing itself.  I guess this is a new way to pay for the interest on all the bonds bought in the latest round of quantitative easing by the Bank of England.  Royal Bank of Scotland (NYSE:RBS) is facing another fine between 200 and 300 million pounds over their involvement in the rate-rigging fraud known as LIBOR, which is also good work if you can get it.

I mean, when you total up the number of transactions associated with the LIBOR and then estimate the amount the rate was being altered to suit various traders and dealers that the banks were dealing with, say 5 basis points, we come up with a number bigger than the total balance sheets of the 19 banks involved, including the three mega-sized U.S. banks JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC) and Citigroup (NYSE:C).  So, the BoE gives out with the left hand, the banksters steal a bit for themselves and then the BoE funds the fines that get levied against them, at a rate of 0.01% of what was stolen, which the British slave taxpayers ultimately have to work off.

It’s good to know that everything in the world of high finance is still running smoothly, we’d hate for there to be any worry about the stability of the system.

 

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Tom Luongo

About Tom Luongo

Tom Luongo is a professional chemist and self-taught economist who has been following and trading stocks for nearly 12 years. He has no formal ties to the financial industry and considers that an asset in his analysis of the interplay between monetary policy and capital markets.

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