Exclusive: RBS fined $612 million for rate rigging

Comments (16)
Lubestickers wrote:

hmm…. interesting news to read

Feb 06, 2013 4:02am EST  --  Report as abuse

More corporate criminals avoiding jailtime. They will just keep doing it until you make these offenses criminal in nature and charge them accordingly.

Feb 06, 2013 6:38am EST  --  Report as abuse
PhreeB4God wrote:

as if the millions in past bonus payouts will be nicked?? this so called ‘fine’ is an insult to the millions of people who paid more for their loans and instruments over those years! no wonder the traders continued to rape the customers while knowing they would be found out! abhorrent regulation!!!

Feb 06, 2013 9:02am EST  --  Report as abuse
Whittier5 wrote:

This proposed “fine” is perhaps 1/10th of the damages caused the Public!

Who is going to jail – for years – for THEFT???
Which Execs will have to pay back their Bonuses??

Feb 06, 2013 9:08am EST  --  Report as abuse
Jameson4Lunch wrote:

Commit fraud in the trillions against the public? No problem, pay a paltry fine, and have a couple higher ups retire with their golden parachutes. So long as you give the government it’s cut, justice will remain blind… to your actions.

Feb 06, 2013 9:59am EST  --  Report as abuse
Mott wrote:

I wonder at some point in future, organized social justice can evolve to replace the current form of easily corruptible justice that seem to serve the 1% well but not the rest.

Feb 06, 2013 10:50am EST  --  Report as abuse
Jameson4Lunch wrote:

Mott – No. Social justice is diametrically opposed to human nature. Greed is instinctual. Capitalism is the closest we’ve come to building a social order that takes human nature into account. There will always be inequity, because we are not clones living in identical environments. What we need is a return of ethical behavior and a sense of responsibility to those who have been able to do well for themselves. Usually, it takes masses with pitchforks to instill those values into a ruling class.

I look at the gun control debate as a push to get rid of some pitchforks.

Feb 06, 2013 11:14am EST  --  Report as abuse
Unchained wrote:

Libor is the Mother of all scandals. Goldman Sachs fine should be 10 times RBS’s.

Feb 06, 2013 11:30am EST  --  Report as abuse
Unchained wrote:

Libor is the Mother of all scandals. Goldman Sachs fine should be ten times bigger than RBS’s.

Feb 06, 2013 11:31am EST  --  Report as abuse
MikeFleming wrote:

What I don’t understand… There are actual people – you know, human beings – who did this, and at the other end of it are families losing their homes, and people losing their jobs.

How can a person, in good conscience, knowingly do stuff like this?

To me, this is different from violence because there is passion behind violence. This is almost worse in that it is cold and calculated – passionless.

Feb 06, 2013 1:41pm EST  --  Report as abuse
superbluff5 wrote:

Is time to do the same investigation in Wall Street and send to jail the people for manipulate the transactions.

Feb 06, 2013 2:09pm EST  --  Report as abuse
shawncle wrote:

RBS owns Charter One and Citizens Bank in USA

Feb 06, 2013 2:14pm EST  --  Report as abuse
BBoy705 wrote:

It takes a thousand million to make billion and a thousand billion to make a trillion. Losses to investor amounted to trillions, $612 million in fines is a drop in the bucket for these global financial institutions! Unfortunately as we are finding out, they are too big to fail and too big to jail. All of us will continue to get hosed with the rich getting richer and the middle class and poor getting poorer!

Feb 06, 2013 3:21pm EST  --  Report as abuse
yieldcurve wrote:

If RBS has to pay this size fine for rate rigging, imagine what Ben Bernanke will have to pay when he is fined for financially raping savers.

Feb 06, 2013 3:33pm EST  --  Report as abuse
MikeBarnett wrote:

“U.S. prosecutors have filed criminal charges against two former employees of UBS,” a Swiss bank. The US and Britain will split a $612 million fine against RBS, a Scottish bank. The failure of US regimes to prosecute US bankers are reasons that my partners advise investors to avoid investments in the US. Failures to prosecute did not make the financial acts legal; the Bush and Obama regimes became “accessories after the fact” to the crimes. The US economy remains in the hands of criminals; the Bush regime was a criminal organization; and the Obama regime is a criminal organization. It is unwise to trust investments in America until the US restores its legal system for all criminals.

Feb 06, 2013 5:00pm EST  --  Report as abuse
breezinthru wrote:

I presume that rate rigging happened because it was highly profitable. I’d like to see how much money the riggers were able to generate for their home offices in comparison to the amount of a fine that I consider to be far too small to spawn respect for law.

Feb 06, 2013 7:57pm EST  --  Report as abuse
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