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RBS Fined $612m For Rate Rigging
612 million dollars. The fine Royal Bank of Scotland has to pay US and UK regulators for its role in the Libor interest rate-rigging scandal. More than a dozen traders in the UK, US and Asia manipulated the loan pricing rate from at least 2006 until 2010. The head of RBS' investment bank John Hourican agreed to leave after the misconduct of staff was uncovered. And RBS was only able to keep its US banking license by promising not to step out of line again.
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