RBS and UBS traders to face arrests over Libor scandal within a month

RBS

RBS and UBS traders accused of manipulating the Libor face arrests within a month, Bloomberg’s Lindsay Fortado reports.

In case you’ve forgotten, the Libor is the London Interbank Offering Rate, a benchmark rate for financial products worth $360 trillion world wide.

This summer, traders were found allegedly colluding with Libor submitters to manipulate the rate at various major banks. The scandal took down Barclays CEO Bob Diamond after his bank was forced pay a combined $360 million to the Department of Justice and the CFTC.

Check out the embarrassing e-mails that Barlcays traders were sending to submitters here.

According to Bloomberg, the arrests are to be made under the direction of the Serious Fraud Office, which has had 40 people investigating the case.

Source: http://www.businessinsider.com/bloomberg-rbs-and-ubs-to-face-arrests-over-libor-scanda-within-a-month-2012-11

2 comments

  1. UK is a parasite when it comes to banking. The sooner England will be put out of service and totally bankrupted the better ! Most of the total chaos the last years, came from two places. New-York but FIRST from the City of London. I cant wait to see all these british globalist banks wiped out and erased from the face of the Earth. It happened to Barrings bank. It will soon happen to these two scumbags banks called Barclays and RBS. Fractionnal reserve banking system, which is a fraud invented by Bank of England crooks in 1694 must be destroyed and anihilated to the ground. They will arrest small traders but in reality Gordon Brown and Tony Blair should also be arrested for collaboration to the worst financial crime of the last 200 years !

  2. I dont believe they well get what they desserve specially in UK, the most corrupt and wrotten country in the universe, British politicians and banksters are total criminal scum. They protect each other. UK is a cesspool of excrement when it comed to banking.

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