LIBOR 'arrests imminent' - no doubt just a few traders...

LIBOR 'arrests imminent' - no doubt just a few traders...

Author
Discussion

johnfm

Original Poster:

13,668 posts

249 months

Monday 23rd July 2012
quotequote all
Let's hope the 'imminent' arrests apply to all those politicians, BoE and Whitehallers who were complicit in the low setting of LIBOR...

There is NO WAY that Brown, Darling, King et al were unaware that LIBOR was lower than real trading rates should suggest.

http://www.telegraph.co.uk/finance/newsbysector/ba...

Somehow, I have a feeling that not one single member of either the BoE or the government of the day will be implicated in this.

Adrian W

13,848 posts

227 months

Monday 23rd July 2012
quotequote all
Have the scapegoats been nominated?

Eric Mc

121,788 posts

264 months

Monday 23rd July 2012
quotequote all
Please let Balls be implicated.

johnfm

Original Poster:

13,668 posts

249 months

Monday 23rd July 2012
quotequote all
I expect it will all be limited to some unknown trader who was sacked 4 years ago and sent an email saying "go on, submit at the lower/higher end of your guess and I'll buy you coffee"

Whereas King, Tucker, Balls, Darling, Brown et al will have nothing at all to answer...

130R

6,807 posts

205 months

Monday 3rd August 2015
quotequote all
Adrian W said:
Have the scapegoats been nominated?
Took a while but: http://www.bbc.co.uk/news/business-33763628

14 years in prison. They certainly threw him under the bus.

Soov535

35,829 posts

270 months

Monday 3rd August 2015
quotequote all
14 years.

F ck me.


Bluebarge

4,519 posts

177 months

Monday 3rd August 2015
quotequote all
Big sentence. I suspect he got a few more years for changing his plea. Still. Wow.

trickywoo

11,706 posts

229 months

Monday 3rd August 2015
quotequote all
130R said:
ook a while but: http://www.bbc.co.uk/news/business-33763628

14 years in prison. They certainly threw him under the bus.
Needed to happen IMO. A culture seemed to have developed in the city whereby activities like this were being excused on the basis 'that they aren't that bad really' and its not really costing anyone anything. A bit like thieves saying if you are insured why can't I steal your possessions as you'll get the money back.

A loud proportion of PH's banking fraternity regularly shouted this and browbeat sensible posters calling these activities into question by saying they don't understand how the city works. I expect them to be along in a minute to say how unfair this is.

Hopefully there will be a number of people thinking very carefully about how they conduct themselves in light of this.



hornetrider

63,161 posts

204 months

Monday 3rd August 2015
quotequote all
Holy crapola. So the justice system sees financial fraud worse than paedophilia and rape.

BJG1

5,966 posts

211 months

Monday 3rd August 2015
quotequote all
That is a fking ridiculous sentence. No doubt a scapegoat too.

numtumfutunch

4,705 posts

137 months

Monday 3rd August 2015
quotequote all
johnfm said:
I expect it will all be limited to some unknown trader who was sacked 4 years ago and sent an email saying "go on, submit at the lower/higher end of your guess and I'll buy you coffee"
Uncanny - although it looks as though it was a Mars bar not a coffee

Would anyone care to speculate how much he personally made from this?


Eric Mc

121,788 posts

264 months

Monday 3rd August 2015
quotequote all
hornetrider said:
Holy crapola. So the justice system sees financial fraud worse than paedophilia and rape.
Good job he wasn't on trial in the US.

Ali G

3,526 posts

281 months

Monday 3rd August 2015
quotequote all
Next - the 'managers'

smile

anonymous-user

53 months

Monday 3rd August 2015
quotequote all
drivetrain said:
.Can't have people undermining the system, what?
Well, in a word, no. The reason we have such a strong financial sector and our stock market/s are seen as an attractive place to be apart of is because, for the whole, they are robust and fair.

Sending out a strong message like this is going to grab the attention of anyone in a position where they could do something similar.

It's a similar line of thinking to the sentencing we saw during the riots. Send a strong message out.

Gecko1978

9,603 posts

156 months

Monday 3rd August 2015
quotequote all
I work in the city and have said often this needs to happen now let's see same for everyone who helped him not just traders but finance desks too an compliance etc.

PorkInsider

5,877 posts

140 months

Monday 3rd August 2015
quotequote all
hornetrider said:
Holy crapola. So the justice system sees financial fraud worse than paedophilia and rape.
Totally agree.

Not condoning what he's done, by any means, but it always strikes me as quite disturbing that financial crimes are often penalised more heavily than others.

Rapists often get a lighter sentence than this.

fido

16,752 posts

254 months

Monday 3rd August 2015
quotequote all
It was always 14 years - even when I worked at a Swiss Bank in the early noughties - we all went on the same compliance courses and you were told that if you saw something wrong, or suspected it, then you reported it otherwise you weren't covered. The discipline is with me to this day, working outside a bank. I suspect this LIBOR shenanigans has gone on way before 'systems' were implemented and people passed around notes at the coffee bar and in person - it seems so strange that they were chatting over Bloomberg terminals without a care in the world.

Edited by fido on Monday 3rd August 17:38

Ali G

3,526 posts

281 months

Monday 3rd August 2015
quotequote all
'Culture' starts at the top...

And that's 'Corporate Culture'

Don't ya know.

As every HR manual states.

How SarBox deals with may be open to conjecture - although it should not be.

biggrin

Jasandjules

69,825 posts

228 months

Monday 3rd August 2015
quotequote all
hornetrider said:
Holy crapola. So the justice system sees financial fraud worse than paedophilia and rape.
Always has. Along with tax matters....

Eric Mc

121,788 posts

264 months

Monday 3rd August 2015
quotequote all
I'm not sure that is correct. The number of successful fraud cases brought in the UK is very low - and the number of people who receive any sort of harsh sentencing is also very low. The US, from what I can see, is far harsher on financial crime than the UK.

I would also like to see some substantiation that rape cases produce lower sentences than fraud cases, in UK courts.