"LONDON (AFP) - Barclays bank is to pay $452 million in fines following a probe into suspected manipulation by several banks of key markets for Libor and Euribor interest rates, the bank revealed on Wednesday.Barclays chief executive Bob Diamond said that in view of this, he and other senior executives at the bank would forego their annual bonuses due for work in 2012.
The Libor and Euribor rates are benchmark reference rates that indicate the interest rate which banks charge when lending to each other. They are fundamental to the operation of both British and international financial markets, the British Financial Services Authority said."
And it's only taken 7 years to find out too,
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