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Barclays fined $3m by US regulator over sub-prime failures
by Daniel Grote on Dec 23, 2011 at 08:04
Barclays has been fined $3 million by the US Financial Industry Regulatory Authority (Finra) over failures in its investment banking division related to residential sub-prime mortgage-backed securitisations.
Finra said the bank misrepresented performance data to investors for three subprime mortgage securitisations it underwrote and sold between March 2007 and December 2010.
It added that Barclays Capital did not maintain an adequate system of updating disclosures.
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2 comments so far. Why not have your say?
Nick
Dec 23, 2011 at 08:21
$3m - that's pocket money to Barclays. I see double standards apply across the pond as well as here!
report thisJohn Smyth 3
Dec 23, 2011 at 09:34
The best way of controlling the banks would be to also fine the individuals, at all levels, who were involved in the fraudulent transactions. The shareholders are not the guilty parties.
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