Barclays trio to be prosecuted over LIBOR fixing.

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• Aye Up Posts: 7,053

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  26/02/14 - 15:32 #2

  BrokenArrow wrote: »

  Well posters on here have been calling for some prosecutions and now it looks like they are going to get some scalps.
  
  http://uk.reuters.com/article/2014/02/26/uk-libor-britain-court-idUKBREA1P11C20140226
  
  I'm not sure exactly how you can prosecute someone over something that was unregulated, but there ya go.

  
  There are many laws that actually cover "unregulated trade", just because there isn't a regulator that over looks this area of finance does not mean laws can be broken.
  
  Barclays is in the middle of an internal review with regards to this, some people have been quietly let go and had their pensions, previous and future bonus payments clawed back.

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• johnny_boi_UK Posts: 3,761

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  27/02/14 - 03:01 #3

  Arent the banks now in trouble for rigging the gold and silver markets?

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• nomad2king Posts: 8,415

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  27/02/14 - 03:37 #4

  1) Any alleged rigging would only work if EVERYBODY was doing it.
  2) Any alleged rigging kept interest rates lower than they would have otherwise been.

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• niceguy1966 Posts: 29,560

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  27/02/14 - 04:03 #5

  nomad2king wrote: »

  1) Any alleged rigging would only work if EVERYBODY was doing it.
  2) Any alleged rigging kept interest rates lower than they would have otherwise been.

  
  1) Doesn't make it right
  2) So it hurts savers and not borrowers. It's still wrong

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