Hi all. A lot of people complain about large players manipulating "free" markets, but there isn't a lot of dedicated attention to this unseemly topic.
This week it is Citibank. Some other week it is someone else. Libor. Gold. Stocks.
You name it.
Here is some hard news on the subject:
Citigroup to pay $100M to settle rate manipulation charges
1:39 PM ET, 06/15/2018 - Associated Press
NEW YORK (AP) — Citigroup agreed Friday to pay $100 million to settle charges that its bankers manipulated an important interest rate used to price everything from credit cards to mortgages.
It is the latest major bank to settle charges related to the manipulation of the London Interbank Offered Rate, better known as Libor.
Citi will pay $100 million to the New York State Attorney General's office and 41 other states involved with the investigation, New York Attorney General Barbara Underwood said Friday. New York has been leading the Libor investigations due to size of the banking industry and with Wall Street based here.
