Citigroup Fined $425 million for Rate Rigging
Citigroup became the latest bank accused of attempted manipulation and misreporting of Libor. The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street announced the $425 million in penalties against Citigroup. Despite the findings, Citi looks set to avoid criminal charges.
“The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street announced the $425 million in penalties against Citigroup.”
~ The New York Times
US authorities have issued fines running into several billion dollars over Libor to several European banks, including Deutsche Bank, Royal Bank of Scotland and Lloyds Banking Group.
About The Commodity Futures Trading Commission
The mission of the Commodity Futures Trading Commission (CFTC) is to foster open, transparent, competitive, and financially sound markets, to avoid systemic risk, and to protect the market users and their funds, consumers, and the public from fraud, manipulation, and abusive practices related to derivatives and other products that are subject to the Commodity Exchange Act.
In carrying out this mission and to promote market integrity, the Commission polices the derivatives markets for various abuses and works to ensure the protection of customer funds. Further, the agency seeks to lower the risk of the futures and swaps markets to the economy and the public.
About Citigroup Inc
Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool.
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