LIBOR 'arrests imminent' - no doubt just a few traders...
Discussion
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.
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 said:
Have the scapegoats been nominated?
Took a while but: http://www.bbc.co.uk/news/business-3376362814 years in prison. They certainly threw him under the bus.
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.14 years in prison. They certainly threw him under the bus.
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.
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 coffeeWould anyone care to speculate how much he personally made from this?
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.
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.
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
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.
I would also like to see some substantiation that rape cases produce lower sentences than fraud cases, in UK courts.
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