European Union punishes banks over "rate-rigging"

Banks. The Financial Sector. One of the largest business sectors in the world. Millions of individuals trust them everyday with large amounts, or even all of their money, to keep it safe and secure. But what happens when they turn on you? What happens when they cheat on you, only to get more money? This happens. 
In business, it is illegal to have agreements with other competing firms, that will benefit you both with no market competition. How does this relate to the article? Eight major banks, including the HSBC, JP Morgan, Deutsche Bank, Barclays Bank and the Royal Bank of Scotland have been fined for rigging two exchange rates, the Euribor, which the European Union refers to, and the Japanese Yen Tibor. European Union has fined all eight banks, in total fining 1.7 billion euros. The fines ranged from 250,000 to 446 million euros. Barclays Bank was safe however, because it was the group who informed the commission about the rigging activities going on. The Deutsche Bank was fined the most heavily, at around 725 million euros, as it was involved in the rigging on two rates. Broker RP Martin was fined reportedly only 247,000 euros, as it was more lightly involved.

http://www.ibtimes.co.uk/articles/519738/20131105/euribor-fixing-libor-royal-bank-scotland-rbs.htm

Joaquin Almunia from the European Commission said "What is shocking about the scandals is the collusion between banks who are supposed to be competing with each other" 

I myself agree with Mr Joaquin, and that these influential, multibillion dollar banks must tighten their game and scrap this run! The RBS has suffered enough blows now!

Source(s):

http://economictimes.indiatimes.com/news/international/business/eu-fines-eight-banks-record-1-7-billion-euros-for-rate-fixing/articleshow/26857571.cms

http://www.bbc.co.uk/news/business-25215560