So have I got this right?
We have banks, government, customers and a LIBOR rate.
The bank rigs the LIBOR rate.
The bank then makes x million quid by increasing the mortgage costs and charges imposed on their customers because of the rigged rate.
The government then finds out and demands a handout (fine) of x million quid from the bank.
The bank quietly sets customer charges to cover their loss of x million quid.
Or, from the other angle:
The customers pay x million quid to the bank because of their rigging.
Then the government take x million quid from the bank.
Then the customers pay x million quid to the bank to make up the bank’s fine costs.
Does anyone else detect two winners and one loser in this cozy little arrangement?
N.B. The same system applies to fines applied to utility companies.