HJ: Again, the momentum continues with the LIBOR Scandal. The banks are finally losing control of their grip on the world markets. Another canary in the coal mine signaling the death throes of the current debt-based financial system. – Truth
Barclays beset with new UK probe and US lawsuits
British bank Barclays faces a new regulatory probe at home and more lawsuits in the US over the Libor rate fixing case. The lender has officially apologized over its involvement in the scandal as it reported a multi-billion dollar profit.
The UK Financial Services Authority is investigating whether the bank made sufficient disclosures about the fees it paid under commercial agreements in June and November 2008. The investigation involves current and former senior employees such as finance director Chris Lucas.
The British lender also faces a number of lawsuits in US federal courts for its role in the US dollar Libor estimation. Last month Barclays paid a more than $450 million fine to the UK and US regulators to settle the investigation into the Libor rigging.
“We are sorry for the issues that have emerged over recent weeks and recognize that we have disappointed our customers and shareholders,” Chairman Marcus Agius said on Friday.
Read the rest of the article here: RT.com
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