Barclays to pay $453 Million Penalty for LIBOR Manipulation Attempts

While 16 banks submit daily offers for the various tenors of the London Interbank Offered Rates (LIBORs), and the top four and bottom four get thrown out before the remaining eight are averaged, Barclays admitted to attempting to “benefit Barclays’ trading poisitons” by submitting artificially low rates from 2007 to 2009.  Look for more banks to follow suit with settlements.  Barclays CEO Bob Diamond and three others will forego bonuses as well.   (Bloomberg)