RBS bankers not taxpayers must pay Libor-rigging fine, chancellor says

[alp227]

Source: Guardian

George Osborne has told bankers they must give up their bonuses to pay international fines imposed for the Libor rate-rigging scandal.

The chancellor is understood to have "laid down the law" to state-backed Royal Bank of Scotland in recent days as it braces itself for a major penalty from US regulators.

Senior RBS figures were warned that leaving taxpayers to cover the US penalty for the bank's role in fixing the lending rate, which governs the price of more than $500tn of loans and transactions around the world, would be "totally unacceptable".

RBS is rumoured to be preparing to hold back some perks in preparation for the fines. The bank is thought to be close to reaching a deal with regulators in Britain, the US, Japan and Singapore and faces paying out an estimated £350m.

Read more: http://www.guardian.co.uk/business/2013/feb/02/rbs-bankers-taxpayers-libor-fine-chancellor

[iandhr]

1. WHAT A CONCEPT.

FROM A CONSERVATIVE NO LESS>

[Tuesday Afternoon]

2. about fucking time. K&R

[PSPS]

3. Big deal. This still stinks.

"Laid down the law" my arse. You know it's a crock when you see:

1. "reaching a deal with regulators" -- means crafting a stage play to "look good" in this era of "capture." The Reagan era's "sue and settle" charade is now standard practice except now they leave out the silly formality of "sue" since it was always a farce.

2. "faces paying out an estimated £350m" -- a paltry "cost of doing business." It's a mere 4% of their annual profit. If I rob a bank of $1 million, can I pay my "fine" of $40,000 and skate?

3. No mention of any jail time for anyone at all.

"Laws are for the little people."

[Angry Dragon]

4. How about a lot of prison time??

They will not learn until they look at some bars that do not serve drinks

[Demo_Chris]

5. Too important to prosecute. Prison is for proles

[The Wizard]

6. Seize their assets (NT)

[sendero]

7. These people committed serious financial fraud.

... and should be in JAIL - fines are a JOKE.

If you or I did something comparable WE WOULD BE SERVING PRISON TIME. When are people going to get upset about this? Never, they are sheeple.