Barclays Bank $453 million fine causes panic world wide among banks
Jun 29, 2012
This record fine on a prestigious bank appears to be a very big deal and could have an effect on many other banks including Citigroup and JPMorgan.
The bank admitted to manipulating key interest rates, increasing pressure on other banks to cooperate in a probe that could cost the financial industry billions of dollars.
The agreement came after coordinated investigations lasting years and is just the first in a series of potential cases against other financial firms, including HSBC, Citigroup and JPMorgan Chase.
But it is Barclays' decision to co-operate with authorities that has sent a wave of panic through financial institutions across America.
Dr. Stephen Jones