Citigroup, Deutsche Bank, and HSBC, banks allegedly involved in rigging the erstwhile international debt interest rate benchmark LIBOR, are going to pay $132 million in aggregate to “settle” a court case over that alleged involvement.

The proposed settlements…include no admission of wrongdoing.

The banks are paying the money for—as the plaintiffs plainly agree by their own acceptance of the settlement—not doing anything.

This is a bad deal. If the banks didn’t do anything wrong, for what are they paying? If they deserve fines, why aren’t they being kept in court for an on-the-record public recitation of their wrongdoing and punishment?

Sounds like indulgences, to me.