Reckless Bank Saved by the Taxpayer Will Now Pay Cartel Fine

March 30, 2010

(by Andreas Stephan) British bank, Royal Bank of Scotland (RBS), has agreed to pay a fine of £28.6 million for price fixing. RBS employees shared confidential pricing information concerning commercial loans, with their counterparts at Barclays, who apparently adjusted their own pricing accordingly. The fact that RBS is 84% nationalised means that the OFT is effectively fining the taxpayer. Nevertheless, they should be applauded for not abandoning important enforcement principles. Read the rest of this entry »