“The LIBOR situation is on our agenda and is a stark reminder of the damage that individual wrongdoing and inadequate systems and controls can have in terms of financial and reputational impact.”-Stephen Hester, CEO RBS

03 August 2012, the Royal Bank of Scotland announced it has fired several employees for their involvement in the LIBOR rigging scandal.

RBS officials said they are cooperating with international investigators.

The government of the United Kingdom owns 82% of RBS.

RBS reported a pre-tax loss of $2.3 billion USD!  RBS is also setting aside $211 million to compensate loan insurance customers. Those customers claim RBS lied to them about what they were getting.

Check my other postings about LIBOR.