Report: Trump Admin Waives Part of Punishment for 5 Banks Convicted in Libor Scandal

Jan 10, 2018

In financial news, the International Business Times reports the Trump administration has quietly waived part of the punishment for five major banks that were convicted of manipulating global interest rates. The banks are Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank. President Trump and his business empire owes at least $130 million in loans to Deutsche Bank. The global interest rate manipulation scandal, known as the Libor scandal, involved banks illegally manipulating the interest rate, which underpins trillions in global transactions.


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