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Banks get slapped with $220M in fines over economic crisis

By
Carleton English
Published Dec. 22, 2016, 12:49 a.m. ET

Big banks are getting slapped around for their actions during the financial crisis.

Regulators in the US and Europe levied roughly $220 million in fines on Wednesday to settle various rate-rigging probes that looked into bank actions that occurred before, during and — in some cases — even after the financial crisis of 2008 and 2009.

Goldman Sachs took the biggest hit and will pay more than half of total fines.

The Commodity Futures Trading Commission ordered Goldman to pay a $120 million penalty to settle a probe into its manipulation of a benchmark interest rate used in derivatives trading.

Goldman, which did not admit any wrongdoing in the settlement, looked to benefit its own trades “at the expense of its derivatives counterparties and clients.”

During a five-year period ended in March 2012, Goldman traders falsely reported the interest rates on certain derivatives, the CFTC said.

The bank tried to force the rates higher on days when it expected to receive contract payments from counterparties and lower on days when it would be making payments, according to the original allegations.

Such actions would falsely inflate the amount of money due Goldman and lower the amount of money Goldman owed its clients.

“A small movement of the benchmark [rate] higher or lower could result in meaningful gain for Goldman on its cash settlements,” the CFTC said.

“Rather than submitting rates and spreads that reflected Goldman’s honest view of the true costs … Goldman at times knowingly made submissions with the intent to move [interest rates] higher or lower in order to benefit Goldman’s trading positions,” the CFTC said.

The CFTC has already fined Citigroup and Barclays for similar charges in May.

“We are pleased to have resolved these matters and have already taken steps to enhance our policies and procedures,” a Goldman spokesperson said.

Separately, a Swiss regulator fined several US and European banks $97 million for various crisis-era currency rigging activities.

JPMorgan, which did not admit any wrongdoing in the settlement, took the biggest hit and was fined $33 million.

JPM colluded with Royal Bank of Scotland between March 2008 and July 2009 to move the Swiss franc Libor benchmark in their favor, the regulator originally alleged.

RBS received full immunity for tipping off the regulator.

“We are pleased to settle this matter,” JPM said in an emailed statement.