Build your own banking scandal news story (Barclays edition)
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QUARTZ BANK SCANDAL POST GENERATOR v4.7
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Today [1. Bank] was hit with a [2. Size of penalty] fine by [3. Regulatory authority] for its part in manipulating the [4. Benchmark] market. The market is worth [5. Size of market].
[6. Stern statement from regulator]
[7. Contrite statement from bank]
In the charges, the regulator accused [8. Trader or group] of manipulating [4. Benchmark] reference rates in order to flatter trading positions. In one particular incident, [9. Example of manipulation, preferably featuring colorful trader-speak].
[1. Bank] previously settled charges of rigging the [10. Other benchmark] market, paying a fine of [11. Size and date of previous penalty]. It still faces potential penalties related to investigations, appeals, and other legal entanglements in markets that include [12. Benchmarks under suspicion].
[13. Damning fact about the timing and/or context of the latest scandal]
The bank’s latest fine is worth around [14. Percentage] of its most recent quarterly profit.
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Key for today’s scandal:
1. Barclays
Background reading:
* Bloomberg: Barclays Fined $44 Million for London Gold Fix Failings