Libor Probe Was CFTC's Cash Cow In 2013

Law360, New York (October 24, 2013, 7:16 PM EDT) -- The U.S. Commodity Futures Trading Commission said Thursday it had secured a record $1.7 billion in sanctions in the 2013 fiscal year, with most of the fines stemming from an investigation into alleged London interbank offered rate, or Libor, interest rate manipulation by large financial firms.

Of the $1.7 billion in sanctions, about $1.1 billion came from civil fines against UBS AG, The Royal Bank of Scotland PLC and ICAP Europe Ltd. Those firms were accused of manipulating the Libor, a benchmark interest rate underpinning hundreds...
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