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Banks fined record 2bn pounds over foreign exchange rigging

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The corruption of the world’s biggest currency dealers has been spotted with regulators imposing fines of 2bn pounds on five banks for rigging the 3.5 pounds tn a day foreign exchange markets.

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Fine imposed on Royal Bank of Scotland, HSBC, Citibank, JP Morgan and UBS over past two years for Libor rigging.

Regulators said they spotted “free for all culture” on their trading floors that has allowed the markets to be rigged for 5 years.

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The chancellor, George Osbrone, said: “Today we take tough action to clean up corruption by a few so that we have a financial system that works for everyone. It’s part of a long term plan that is fixing what went wrong in Britain’s banks and our economy.”
Osborne will take a share of the fines for the Treasury and said they would be “used for the wider public good.”

The Bank of England also published its report into whether its officials knew about the behaviour of traders. It concluded that there was no evidence that any offical was involved in unlawful or improper behaviour but said there as an error of judgment by one official who knew that bank traders were sharing information

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