Citibank has agreed to a $100 million dollar settlement with 42 states for it’s involvement in manipulating the Libor rate. This rate is used to help set interest rates worldwide and the 42 states involved alleged that they were harmed by contracts they entered into that were knowingly manipulated by Citibank. Previously Barclays also agreed to a $100 million settlement and Deutsche Bank also agreed to a $240 million settlement in early 2018. $95 million from the Citi settlement will go to Governmental and not-for-profit entities that were affected, with the remaining $5 million used to pay for costs involved.
I’m reading a book about this right now – The Spider Network – The wild story of a math genius, a gang of backstabbing brokers and one of the greatest scams in financial history.
It is beyond fascinating and makes me so disgusted towards all the financial institutions and the way they do their gambles, screwing everyone (big and small) out there. Getting a few miles out of them here and there just seems like a must now 🙂
Will add it to my list of books to read. Thanks for the suggestion!
Thanks mightl take a listen Audible has it on Sale ATM for $6.19 -GPlaystore its $16.95. But not sure I want to get spun up and dredge up a bunch of negative emotions.
Yeah banksters are 10x worse than Atty’s got F’d over 20+ years ago by a LIBOR based ARM that a TBTF banker lied me into- payment doubled before pre-pay expired – we swung it but were treading water for 16 months.
“Bail-out” was even more insulting when it wasnt bankster executives that were being bailed out of jail. /Rant off
It’s actually very well written. Whenever I get a chance, I start reading and have a hard time putting it down.
that’s the way I rationalize doing what I do to banks. not all banks are abusive, but all banks, left to their own devices, would become large ones that would become abusive.
it’s a design baked into capitalism, yet people act surprised when over and over their malfeasance comes to light.
churning is taking a small bite back