Royal Bank of Scotland fined $612 mil for rate rigging; Japan unit pleads guilty to wire fraud

Crime Feb. 07, 2013 - 06:50AM JST ( 17 )

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17 Comments

-2

my2senseFeb. 07, 2013 - 07:10AM JST

Meanwhile the JFSA fines a few million yen with a wrist slap for dodgy institutions here. I like how the West spanks.
5

zichiFeb. 07, 2013 - 07:39AM JST

A major slap by anyone's standard.
-5

habibuFeb. 07, 2013 - 09:18AM JST

what about bank of japan ,what is he doing know a days, ( feel no gilt to brake routs if any in this financial system.
-1

walteryFeb. 07, 2013 - 09:59AM JST

The rich get richer and the poor get the picture, well some of them based on comments no one understands or cares.
0

wanderlustFeb. 07, 2013 - 10:00AM JST

RBS will cut 300 million pounds from its bonus pool to pay for it, but the bonus culture will carry on. They'll just be encouraged to find new ways to manipulate the system...
0

AKBfanFeb. 07, 2013 - 10:13AM JST

Bankers are still well paid but it will be going down year by year.
-2

MocheakeFeb. 07, 2013 - 10:18AM JST

I'd like to hear of just one bank that DOESN'T deal in underhanded or illegal practices. This only made the news because they got extra greedy and got caught.
-3

YubaruFeb. 07, 2013 - 10:24AM JST

A unit of the bank in Japan also pleaded guilty in the United States to one count of criminal wire fraud. The parent company avoided criminal liability in the United States, meaning it can retain its banking license there and avoid a fire sale of its U.S. business Citizens.

Any particular reason the name of the Japanese bank in question was not published?
0

YubaruFeb. 07, 2013 - 10:25AM JST

My mistake.......it has a branch office here in Japan, not a Japanese bank. Mea Culpa.
-3

Tiger_In_The_HermitageFeb. 07, 2013 - 10:29AM JST

RBS has got to be one of the worlds worse managed banks but still I think Western regulators are extorting money from banks as if there is no tomorrow. Kind of like communist china when it took over, they publictised bank buildings into state property.
0

GWFeb. 07, 2013 - 11:42AM JST

Gee financial deuche bags manipulating things...........what the, I thought thats what they all do 365days a year!

Oh & these filthy dirty dealing swindlers are the first to spout how they have "EARNED IT" nothing could be further from the truth, financial system is rotten to the core world wide & has been for ages, they are of very little use in reality
1

Droll QuarryFeb. 07, 2013 - 12:26PM JST

@zichiFeb. 07, 2013 - 07:39AM JST

I wonder how the fine stacks up against all the money that was made by manipulating the rates. It may have turned out to be a profitable devour. Just the cost of doing business.
5

zichiFeb. 07, 2013 - 12:30PM JST

Droll Quarry

Yes, I agree with your comment but it was a big fine for this bank and their PR image was also badly damaged, so in the end it'll cost more than just the fine.
0

WakarimasenFeb. 07, 2013 - 03:10PM JST

Yubaru. They mean the securities subsidiary of RBS here in Japan.
0

jforceFeb. 07, 2013 - 03:55PM JST

These banks always get off with a fine. I wish they'd drag some of these corporate criminals out into the street and give them public beatings.
-3

Tiger_In_The_HermitageFeb. 07, 2013 - 06:14PM JST

Its a funny legal system the West has, the poor go to jail when the rich get off with a fine.
0

wtfjapanFeb. 09, 2013 - 03:04PM JST

@Tiger LOL in Japan the rich get off with a fine!? um such a pathetic amount that it may as well be a slap on the wrist,