Barclays Bank took part in an international conspiracy that could mean customers have paid millions more than they should.Submitted by Jake Mellow on Wed, 06/27/2012 - 11:02
Barclays bank will pay penalties of £290m ($450m) for trying to rig the key interest rates at which banks lend money to each other.
The penalty from UK and US authorities followed "serious and widespread" misconduct, the Financial Services Authority said.
Barclays chief executive Bob Diamond and three other executives have given up this year's bonus as a result. Chief executive Bob Diamond will give up his bonus for this year - last year it was £2.7m
The British and US authorities said they had found evidence Barclays had attempted to manipulate a key borrowing rate for years, meaning that home owners could have paid millions more in mortgage payments than might otherwise have had to.
Traders at the bank were discovered to have engaged in regular attempts to determine the London Interbank Offered Rate (Libor) from as early as 2005.