Barclays fined for handling of gold prices
Source: AP-EXCITE
LONDON (AP) Barclays Bank has been fined by British regulators for management failings that allowed an employee to make inappropriate trades in the gold market.
The Financial Conduct Authority imposed a 26 million pound ($43.7 million) fine on Friday.
The regulator cited actions taken on June 28, 2012 when an individual trader "exploited the weaknesses in Barclays' system" to influence the gold fixing prices and profit at a customer's expense.
FULL short story at link.
Read more: http://apnews.excite.com/article/20140523/britain-barclays_fine-8f43cac13d.html
PumpkinAle
(1,210 posts)But at least they did have to answer.
leftyohiolib
(5,917 posts)isnt that blackmail or extortion. if my neighbor tells me he just robbed a bank and i said well give me a percetage or i'll involve the jusice system wouldnt that land me in jail?
justhanginon
(3,290 posts)were in any way relative to the profits made from the illegal activity. If they profited ten million and are fined just 5 million that means they made 5 million on the deal and can probably write off the fine as a business expense increasing their net profit even more. Since the morality of breaking the law obviously does not come into play, as a straight business decision it probably makes sense and certainly would not act as a deterrent which would be the purpose of the fine.