The official global-government-sponsored highway stick-up continues.
The latest version,taking a page from their American counterparts, Brussels fined banks 94 million euros for alleged collusion.
In a kind of payback time to American officials, recalling what happened to French bank BNP Paribas, JP Morgan was forced to pay the highest sum, nearly 62 million euros for allegedly participating in a cartel scheme to manipulate the Swiss franc Libor benchmark interest rate between early 2008 and mid-2009, according to the Financial Times.
This is not the first times European bureaucrats have opened their palms demanding money. Late last year the EU commission issued a combined fine of 1.7 billion euros to six banks for allegedly trying to rig two other Libor interest rate benchmarks, the Japan yen and its sister European Euribor.
The EU's settlements raised the tally for benchmark manipulation to more than $6 billion, a sum that is expected to rise as regulators conclude investigations and as private lawsuits--up to 50 in the US alone--stack up, the Times said.
If you're having a difficult time understanding all this concern about manipulation, you're most likely not alone. Near the end of just last week officials at the Federal Reserve and the Bank of England leaked statements suggesting there might be a delay in both the U.S. and UK monetary tightening.
Funny thing happened. Stock markets took the bait and rallied significantly.
Question: How do you spell manipulation?
Answer: Verbal put option.
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