Former RBS trader gets an industry ban but let off a fine due to "financial hardship".
News is just out that one to the LIBOR traders caught up in the price setting scandal has been banned from the financial industry by the FCA.
Paul White was a former trader at RBS and was the man famously offered a steak dinner for his help in submitting LIBOR prices that would benefit other traders positions.
The FCA say that due to financial hardship, White would not be penalised with a £250k fine. In announcing the ban they said;
"As a LIBOR submitter Mr White had an obligation to ensure the submissions he made were proper ones. By allowing his submissions to be set, in effect, by those with collateral financial interests in the outcome, Mr White recklessly disregarded the risk - the obvious risk - that his LIBOR submission might corrupt LIBOR's integrity. This ban should reinforce the message that working in financial markets entails obligations and responsibilities and that serious failures will result in substantial penalties including fines and prohibitions."
I've not been totally up with the latest ramblings from this so I'm not sure if he's still facing any criminal charges. the FCA had been keeping quiet while those investigations were ongoing.
What some will do for a bit of meat
