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RBS’s US Licence Should be Revoked on Libor Fixing Criminal Fine, says SEC Member Kara Stein

RBS’s US Licence Should be Revoked on Libor Fixing Criminal Fine, says SEC Member Kara Stein

US Securities and Exchange Commission member Kara Stein has slammed her own agency for allowing the Royal Bank of Scotland and others to break the law by attempting to manipulate some of the world’s most important financial markets.

In a scathing statement, Stein said that RBS should have had parts of its US licence revoked after the lender pleaded guilty to criminal charges over one of its units rigging interbank lending rates – Libor.

“We have a rule that confers a special benefit to issuers that have a good track record. And we have a rule that calls for automatically rescinding that benefit when the issuer misbehaves,” said Stein, who is also a Democrat.

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