It’s now well known that large British bank Barclays admitted to manipulating the benchmark Libor rate over a four-year period to make trades more profitable and to look stronger during the financial crisis.
The bank moved quickly to settle with the U.S. Justice Department, the Commodities Futures Trading Commission, and London’s Financial Service Authority. The regulators forced Barclays to pay $453 million in total fines and penalties, according to media reports, which is on top of the $155 million it says it spent on its internal investigation. The bank’s reputation has taken a major hit, with regulators saying the misconduct can be traced all the way up to senior management.
