In a press release, this U.S. regulator announced last week that it was the highest pay for a tipster. The Financial Monitoring System notes that “a whistleblower has made a significant contribution to the ongoing investigation into its specific, reliable and timely information.” According to The Wall Street Journal Lucky is a former Deutsche Bank employee. In 2012, his lawyers confirmed that their client had provided “information, documents and trade data” to authorities in the United States and Great Britain known as the Libor affair.
Libor, ‘London Interbank Offer Rate’, the interest that banks charge on each other for loans. It is one of the pillars of the financial world. Over the years, Libor and related rates (such as Euribor) have been used to set interest rates on billions of dollars in debt. After the credit crunch, there was much excitement when it was revealed that it was in disarray.
It’s not that hard. Liborrente is not created by the supply and demand of money. This is the result of the daily tour of the employees of eighteen major banks. They can manipulate the interest rates they give them according to their mind. Rabobank of the Netherlands was involved in the scam. In 2013, the bank was fined 77 774 million by US, British and Dutch regulators.
The fines for Deutsche Bank were significantly higher. In 2015, Germany’s largest private bank paid $ 2.5 billion. It also explains the astronomical sum received by the whistleblower. Tippers can get 10 to 30 percent of the fines charged from the regulator. The old record was $ 114 million (மில்லியன் 98 million).
The approach, introduced in 2010, is to prevent financial fraud like Bernie Madoff, whose megalomaniac pyramid scheme has deceived thousands of investors. On the other hand, smart bankers can now theoretically offer a bonus party twice. The first is paid for by the second regulator, at the expense of the bank. Even if the premium came from the best pot filled by the banks, those dollars would have otherwise flown into the US Treasury.
Significantly, the CFTC regulator initially rejected Whistleblower’s claim for compensation. Now she is finally coming across the bridge – of course to the satisfaction of the lucky lawyers. We can see that the system is working today, they said in a statement.
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