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LIBOR Scandal Arrests Finally Coming

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1LIBOR Scandal Arrests Finally Coming Empty LIBOR Scandal Arrests Finally Coming Fri Nov 09, 2012 1:47 pm

PurpleSkyz

PurpleSkyz
Admin

LIBOR Scandal Arrests Finally Coming


Posted by admin on November 9, 2012

RBS, UBS Traders Said to Face Arrest in Libor Probe


By Lindsay Fortado | Bloomberg



U.K. prosecutors are poised to arrest former traders and rate setters at UBS AG (UBSN),Royal Bank of Scotland Group Plc (RBS) and Barclays (BARC) Plc within a month for questioning over their role in the Libor scandal, a person with knowledge of the probe said.

Police, directed by Serious Fraud Office prosecutors, will act in the
next month, said the person, who declined to be identified because the
matter isn’t public. Arrests in the U.K. are made early in
investigations, allowing people, who may not be charged, to be
questioned under caution.

The SFO has 40 people working on the probe into manipulation of the London interbank
bank offered rate, a benchmark for financial products valued at $360
trillion worldwide, and has involved the City of London Police, said David Green, the agency’s director.

“Significant developments” in the case are coming “in the near
future,” Green said yesterday in an interview at his office in London,
without giving further details and declining to comment on possible
arrests.

The SFO opened the investigation in July at the request of British
politicians after Barclays was fined a record 290 million pounds ($462
million) for rate manipulation. Regulators across the globe are
investigating claims banks altered submissions used to set Libor in an
effort to benefit traders, or so the lenders would appear financially
healthier.

The arrests could be temporarily delayed because of disruptions to the SFO’s schedule caused by a move in offices.



Egregious Attempts


Green said the agency is focusing on the most egregious attempts to
manipulate Libor and other related benchmarks. Investigations into
firms, managers, traders and rate setters at lesser offenders will come
later.

Regulators in the U.S. and U.K. are looking into how derivatives
traders and bankers who submitted interest-rate data colluded to rig
benchmarks to benefit their own trades, and whether lenders low-balled
submissions in 2008 to hide their true cost of borrowing. Criminal
probes by the SFO and U.S. Department of Justice are running in parallel
with civil investigations being conducted by the DOJ’s fraud division,
the U.S. Commodity Futures Trading Commission and the U.K. Financial
Services Authority.

Barclays spokesman John McGuinness, UBS spokesman Richard Morton and RBS spokesman Michael Strachan all declined to comment.

UBS and RBS are next in line to settle with the regulators, people
familiar with the case have said. Edinburgh-based RBS fired four traders
following an internal probe.



Read the rest of the article here: Bloomberg
Thanks to: http://www.thehealersjournal.com



  

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