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Fannie Mae sues banks for $800m over Libor

Thrugelmir
Thrugelmir Posts: 89,546 Forumite
Part of the Furniture 10,000 Posts Name Dropper Photogenic
in Debate House Prices & the Economy
The bad news for the banks appears far from over. Are we witnessing the demise of the cartels?

All on the back of at least 10 European banks (including Barclays) currently being investigated for FX trading.
The mortgage financer is seeking more than $800m (£499m) in damages.

The nine banks being sued by Fannie Mae are Barclays, RBS, Rabobank, UBS, Bank of America, Citigroup, Credit Suisse, Deutsche Bank and JP Morgan Chase.

http://www.bbc.co.uk/news/business-24766326

Comments

  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    £50 odd million per bank - must be around 0.001% of the profits they made on the fraud (Carney won't even need to print anything to cover that).
  • chris_m
    chris_m Posts: 8,250 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    ManAtHome wrote: »
    £50 odd million per bank - must be around 0.001% of the profits they made on the fraud (Carney won't even need to print anything to cover that).

    They could probably pay it out of the bonus pot.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    chris_m wrote: »
    They could probably pay it out of the bonus pot.

    Hank Poulson's accumulated bonuses were $800 million in stock options when he became US Finance Minister. He could have paid that fine by himself without ever touching the cash part of his bonuses!
This discussion has been closed.
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