Libor Manipulation Scandal: Britain's Serious Fraud Office Arrests 3 In Interest Rate

Discussion in 'Stock Market' started by TruthOut10, Dec 11, 2012.

  1. TruthOut10
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    TruthOut10 Active Member

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    LONDON—Britain's Serious Fraud Office says three people have been arrested as part of an investigation of the manipulation of a key market interest rate.
    The three men—aged 33, 41 and 47—were not named. The office said Tuesday all are British nationals.
    The fraud office opened its investigation in July after Barclays was fined $435 million by American and British agencies for creating false reports on its borrowing costs between 2005 and 2009, specifically related to the London interbank offered rate, or LIBOR.

    UK fraud office arrests 3 in LIBOR rate probe - San Jose Mercury News
     
  2. oldfart
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    oldfart Older than dirt

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    Come on guys; the manipulation only affected about $550 TRILLION of loans. What's ten or fifteen basis points applied to a base like that?
     
  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    Libor's one degree of seperation to the Aurora & Newtown shootings?...

    UBS traders charged, bank fined $1.5 billion in Libor scandal
    20 Dec.`12 - U.S. prosecutors charged two former UBS traders on with taking part in a multi-year scheme to manipulate Libor and other benchmark interest rates, making them the first individuals to be criminally accused in the international scandal.
    See also:

    No Viable Connection Between Peter Lanza & US Senate LIBOR Hearings
    December 17, 2012 - It seems the alternative media has been caught in purveying disinformation concerning the recent shootings in Connecticut, the father of one of the shooters, Peter Lanza and the London Interbank Offered Rate (LIBOR) scandal. In fact, research proves that Lanza has no ties to the LIBOR debacle, nor is there documentative evidence that Lanza is scheduled to testify at an up-coming hearing regarding the technocratic scheme.
     
    Last edited: Dec 20, 2012
  4. Swagger
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    Swagger Gold Member

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    There's a reason that most of Britain refers to the SFO as the "Serious Farce Office." That reason being is because it's possibly the UK's most toothless tiger.

    When we - on both sides of the Atlantic - see words like "fined", "lack of communication" and "financial mismanagement" replaced with terminology along the lines of 'blatant criminality', 'gross dishonesty', 'corporate greed' and 'board members prosecuted', then I might lend some faith to these presently pathetic "inquiries".

    I mean, if I manipulated the markets in my favour from my PC I'd be looking at thirty years, not a limp slap on the wrist (followed by a conspiratorial wink).
     
  5. waltky
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    waltky Wise ol' monkey Supporting Member

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    Gary Gensler says banks need a reference rate "based on facts not fiction"...
    :eusa_eh:
    Libor setting 'still not clean' despite scandal
    21 February 2013 - The way that the key Libor interest rate is set in the UK is still not clean and free of fraud, according to a top US regulator. "We have a lot more work to do," Gary Gensler, chairman of the Commodity Futures Trading Commission, told the BBC in London.


     

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