Barclays shamed by £290m fine for market fixing
Stephen FoleyThe Barclays boss Bob Diamond will not receive his multimillion-pound bonus this year after the bank was caught taking part in a conspiracy to manipulate key borrowing rates for years. The exposure yesterday of the scandal will cost Barclays £290m in fines.
Investigators from the US and the UK discovered that Barclays traders routinely manipulated one of the world's most important interest rates, affecting everything from mortgage rates to the value of complex financial derivatives, all in the hope of increasing their trading profits and their own yearly bonuses.
At one point, Barclays was lying "on an almost daily basis" in the information it published to the market, according to a US regulator.
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"Barclays shamed by £290m fine for market fixing ", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), juin 2012. Consulté le 04/03/2024. URL: https://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/barclays-shamed-by-290m-fine-for-market-fixing-