USA TODAY: The European Commission has fined a group of banks $2.3 billion for colluding to profit from derivatives linked to rigged interest rates.
Competition commissioner Joaquin Almunia said Wednesday the most shocking aspect of the cartel was the “collusion between banks who are supposed to be competing with each other.”
The banks named as participating were Barclays, Deutsche Bank, Royal Bank of Scotland, Societe Generale, Credit Agricole, HSBC, JPMorgan, UBS, Citigroup and RP Martin… (more)
