Apparently, Citigroup’s Libor manipulatin’ wasn’t all that bad after all.
Three years ago, when the Libor scandal broke, it seemed that Citigroup could be among the banks to pay some of the stiffest fines for seeking to manipulate the key banking rate. It won’t be.
On Monday, Citigroup reported in a quarterly financial filling that the Department of Justice had dropped its probe of the bank related to Libor rigging, and that the U.S. government has no plans to bring criminal charges against the bank in the matter. Citi had been one of six major banks investigated for manipulating the lending rate, which is tied to trillions of dollars of loans.
Citi hasn’t gotten away from its alleged Libor misdeeds totally free. It has already paid $80 million in fines to European authorities, and it could still pay civil penalties in the U.S. But whatever it pays, it will likely…
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