Lloyds Bank fined for being despicable arseholes
The taxpayers had thrown the bank a lifeline to the tune of £25 billion when it was close to collapse.
Most of the fine was for short-changing the Bank of England which, at the height of the financial crisis, was helping to keep the firm afloat, the ungrateful arseholes.
Both British and US regulators demanded the massive cash penalty for what even the bank admitted was “extremely serious” rate rigging.
Lloyds had been taking advantage of taxpayer-backed funding schemes, but traders rigged rates on which a fee for using the lifeline was based.
Unsurprisingly, several of Lloyds' staff have been suspended, and there's talk of bonuses being rescinded.
And is if that wasn't enough, the Serious Fraud Office is going to widen its investigation into 12 individual bankers to include Lloyds.
Bank of England Governor Mark Carney was all seriousface, saying: “Such manipulation is highly reprehensible, clearly unlawful and may amount to criminal conduct.”
Andrew Tyrie MP, chairman of the Treasury Committee, said: "The banks were manipulating Libor (the rate banks charge each other for lending money ) and the Repo rate, deceiving the Bank of England in its taxpayer-backed support scheme. This settlement is part of the much needed clean-up. Implementing the Commission’s proposals will be another."
There's been more than £2 billion paid by banks to regulators over their deceit and manipulation, including £290 million by Barclays and £390 million by RBS.
What a bunch of shitheels.