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Son of Libor Entraps Deutsche Bank
Several Banks Probed for Possible Euribor Rigging.
[ by Melanie Gretchen ]
Euribor is emerging as the next rate manipulation scandal. German regulator Bafin launched investigations into 4 German banks, including Deutsche Bank, to determine whether any rigged Euribor interest rates. At least two of these German banks, Deutsche Bank and Portigon, also face possible charges for having manipulated the Libor interest rate.
So far, prosecution of two banks on Libor and/or Euribor manipulation charges - Switzerland's UBS AG and Britain's Barclays - have taken hefty tolls. UBS, cited for both Libor and Euribor manipulation, paid monetary penalties of $1.5 billion to settle charges by regulators; Barclays paid $453 million to settle its Libor charges.
Nevertheless, Bafin spokesman Ben Fischer wouldn't fuel the controversy by identifying any of the banks involved or to say how many are being investigated.
For further details, go to [Bloomberg, 1/28/13].
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