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EU Fines Financial Institutions $2.3bn Over Manipulation of LIBOR, One of Largest Bankin
The EU fined eight banks, including two US financial institutions, for their role in the manipulation of the LIBOR. Jubilee USA a faith based antipoverty organization released the following statement.
The European Union fined eight financial institutions a combined total of $2.3 billion
over their alleged role in the manipulation of the London Interbank Offered Rate
(LIBOR). The manipulation of LIBOR is one of the largest banking scandals of our
time. According to the Economist, when the rate is manipulated, it affects payments
for more than $800 trillion of financial instruments and 99 percent of all commercial
products including mortgages, credit cards and pensions, as reported by CNN. Five
other financial institutions, including Barclays, R.B.S. and UBS, have paid more than
$3 billion combined to regulators in the United States, Britain and Switzerland over the
manipulation of the LIBOR rate.
Eric LeCompte, Executive Director of Jubilee USA Network, a faith-based antipoverty
organization, releases the following statement:
"These fines are a step in the right direction. This behavior hurts all of us and destroys
the fabric of our economy.
"The religious community is concerned with how this manipulative behavior impacts the
Jubilee USA Network is an alliance of more than 75 US organizations, 300 faith
communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that
serves, protects and promotes participation of the most vulnerable. Jubilee USA has won
critical global financial reforms and more than $130 billion in debt relief to benefit the
world's poorest people. http://www.jubileeusa.org