Taxpayer Will Not Pay RBS LIBOR Fine
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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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