This blog is a layman's view of what's wrong with the world economy and, perhaps, how to correct them. Included in this blog will be renewables, green, sustainability and other such topics.
I hope some of these will be "good news".
Several unidentified banks under investigation for the suspected manipulation of Euro Interbank Offered Rate (Euribor) are reportedly cooperating with European Union antitrust regulators in the hope of lower fines, said two unnamed sources cited by Reuters.
When Barclays settled with US and UK regulators for a record fine of £290m for rigging Libor and Euribor, the bank received a 30 percent discount under the UK's Financial Services Authority's (FSA) settlement discount scheme. It paid the FSA £59.5m; without the discount, this would have been £85m.
The names of the banks under investigation have not been revealed. A total of 43 banks sit on the Euribor panel, which is hosted by the European Banking Federation.
Under the European Commission's leniency policy, the "whistle-blower" firm does not incur any penalty as part of an immunity deal and fines can be reduced by 30-50 percent for the next company to provide evidence of wrongdoing.
Fines can also be reduced by 20-30 percent for the next applicant and all subsequent applicants can get a reduction in any penalty of up to 20 percent.
First the LIBOR scandal, now Euribor. Is there a US and Asian equivalent? if so, when will their scandals emerge?