Global banks suspected of collusion in bond rigging probe; could face a fine of up to 10% of their annual worldwide revenue if found guilty

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At this point, it should be obvious why something like this is posted here. Time and time again we see global banks involved in some kind of market rigging, and the punishment just feels like a way for the commission doing the probe to collect in on the scam as well.

via MarketWatch:

Deutsche Bank, Credit Suisse and two other global banks could face a fine of up to 10% of their annual world-wide revenue if found guilty

The European Commission suspects Deutsche Bank AG, Credit Suisse Group AG and two other global banks of colluding to manipulate a multi-trillion-dollar government-backed bond market, escalating a long running probe.

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The European Union’s executive arm, which opened the investigation almost three years ago, said in a statement Thursday that banks will now lay out their defenses. If found guilty, they could face a fine of up to 10% of their annual world-wide revenue. The commission didn’t name the banks. Deutsche Bank and Credit Suisse confirmed they were among the four. Shares of Deutsche Bank DB, -0.50%DBK, +0.29% DBK, +0.33%  were down 5% and Credit Suisse CS, +2.04%CSGN, +1.38% shares were 3.1% lower Thursday.

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Other banks including Bank of America Corp. BAC, +0.39%  and France’s Credit Agricole SA ACA, -1.19%  , had previously said in filings that regulators had asked for information about their trading of such bonds. Bank of America declined to comment and Crédit Agricole didn’t immediately respond to requests.

 

 

h/t WildAnimus

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