Taxpayer Will Not Pay RBS LIBOR Fine

Taxpayer Will Not Pay RBS LIBOR Fine

Assessment

Interactive Video

Business

University

Hard

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RBS is fined £390 million for manipulating banking rates, with most of the money going to US authorities. The fine impacts taxpayers, as RBS is taxpayer-owned. Some funds will be reclaimed from banker bonuses. The CEO acknowledges past mistakes and aims to change the culture. Despite being aware of investigations, RBS continued Libor manipulation, affecting global financial products. Reforms are underway to ensure bankers, not taxpayers, bear the costs, aiming to transform public anger into positive change.

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2 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What lessons does the CEO believe should be learned from the past banking practices?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

What changes does the chancellor want to implement regarding who pays for the banking fines?

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