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Clamp down on rate-fixing riggers

MADRID | By J.P. Marín Arrese |The European competition watchdog has imposed a record € 1.7 billion fine on six top banking groups for their disreputable behaviour in fixing Euribor and Yen-Libor rates. Deutsche Bank (725 bn), Société Générale (446 bn) and RBS (391 bn) rank as top losers in this shameful hit parade. JPMorgan and Citigroup are also losing their creditworthiness as fair financial players. UBS and Barclays escape unscathed, benefitting from full leniency as their whistleblowing helped to frame culprits. This move follows similar probes in a number of jurisdictions. Up to now, bankers are poised footing a hefty $6bn bill for grossly abusing fair market rules.