Citigroup, UBS penalised for interest rate manipulation

Bad foreign banks. A Japanese Bank would never do anything like that... (Yeah right!) Is the media trying hard to divert attention away from all of the corrupt Japanese businesses?

Interesting... it does not say anything about "the man" behind all the trouble. Was he fired... is he a local or foreign and where did he work before UBS? All the while Olympus' board members are still taking home paychecks.

This is the third time Citigroup was penalized by the Financial Services Agency.

I just stated a fact. They were penalized three times.

Tibor and Libor both need to be reformed; there was a good article about it recently in Bloomberg. This is just one example of why. The cynical take would be that the only difference between this guy and par for the course is this guy got outed by his peers.

Some context here http://www.ft.com/intl/cms/s/0/645da6a2-27d6-11e1-a4c4-00144feabdc0.html#axzz1gz082r40

hmmmm

Integrity and honesty are nowhere near priorities in Japan Inc. Japanese always complain when foreigners "adjust" all too well to life in Japan.

The penalty seems a bit light, but this might start another investigation somewhere where it counts. Wonder if the British trader is somewhere with no extradition.

LOL! atari mae!

Too bad the S.E.C. is in bed with them .Citigroup is one Unsavory outfit who will do Anything for a buck-take a look at Fannie May,and what's gone on state-side Ban them Outright!

@theResident

If a judge sentences you to two years in prison, does it matter when you start serving the sentence?

@theResident..... what else do we need to understand... manipulation of interest rates i to their advantage... is very clear stated by JT....hehehehe !!!.

i guess UBS and Citi workers get a long New Years holiday!

What?! Banks breaking the rules in order to squeeze out even greater profits in an economy crippled by, well, greedy banks? Say it ain't so!

SUSPENSION is not enough. Put the culprits in JAIL. They are ROBBERS and THIEVES.

Sir, It is unfortunate that Citi and UBS have drawn the attention of many countries for wrong reasons. In the name of globalisation, many banks wash their dirty linen on other shores and hide true colour and picture. The banks which involve in global money laundering are responsible for poverty and increasing corruption, besides collapse of many banks. The privatisation without accountability, business wtihout ethics, business leadership without moral responsibility, business leaders wtihout national spirit would lead to national disaster and global downfall. There are very few organisations and financial institutions which have contributed for growth and development for the people. In the name of wealth maximisation, profit is exported and profit alone is the criteria for efficicency. The business today is nothing but greed and individual growth at any cost-cost of people, community, nation, environment and natural resources

im starting to wonder if there are any honest companies in Japan at all lately?

again - please read the article! Suspension starts January 10th.

Too bad the S.E.C. is in bed with them .Citigroup is one Unsavory outfit who will do Anything for a buck-take a look at Fannie May,and what's gone on state-side Ban them Outright!

You 've got it right, Batholomew. Let me add another ones on the list: BOA and Chase. That's the reason I am totally against TPP talk. With current system, Japan has an option to remove them from Japan.

SEC and US Trade Commission need a total overhaul before conducting further talk on TPP. I have seen enough corruptions in US financial industry. Some of them are white color criminals and they steal your money legally. Enough said from USA. Good luck to Japan. They need to be punished to the fullest of law. 30 days suspenson is nothing, and I am afraid they wll do this again.

This is just a slap on the wrists, not enough punishment they deserve. If they violate again, they should be banned and removed completely from banking business in Japan. No more excuses are allowed. PERIOD.

@bajhista65: Do you even understand/have any concept of what they did to incur the suspension?

@ CrazyJoe:Nope - Citibank Japan Ltd, the retail arm has been penalised three times. This is a separate issue. If you don't understand Derivatives or cannot read an article properly, don't comment.

@Stanley: Haha - I'l take thatt with a pinch of salt. There will be few people who read this site who actually understood what happened. Hold your tongues.

Too little too late :(