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Should the LIBOR fiddlers go to jail?

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thewilliam
6 Feb 2013 - 5:14 PM

Fraudsters are normally prosecuted and often jailed.

Why have the LIBOR fiddlers been allowed to get off scot-free? Why will the fines been paid by the bank customers or the taxpayer?

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6 Feb 2013 - 5:14 PM

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Newdevonian
6 Feb 2013 - 5:38 PM

Yes.

Andy_Cundell
6 Feb 2013 - 5:39 PM

yes, yes and YES!

brian1208
brian1208 e2 Member 1110310 forum postsbrian1208 vcard United Kingdom12 Constructive Critique Points
6 Feb 2013 - 5:45 PM

No question in my mind - it was both fraud and insider dealing, therefore jail, a large fine (sequester the proceeds of crime + lifetime ban from ever being allowed to trade on the market again)

robthecamman
6 Feb 2013 - 5:58 PM

countrys rotten from top Smile

Nigeyboy
Nigeyboy  6537 forum posts United Kingdom
6 Feb 2013 - 6:15 PM

I would imagine that most of these top bankers (insert word that rhymes with banker!!) have politician friends, and how it 'wouldnt be in the public interest to prosecute'!!!

They are a joke!

jembo
jembo  10104 forum posts United Kingdom
6 Feb 2013 - 6:31 PM

After hearing what one of the fiddlers wrote in an email ('it's amazing how much you can make by controlling the LIBOR') then yes.

lobsterboy
lobsterboy Site Moderator 1014152 forum postslobsterboy vcard United Kingdom13 Constructive Critique Points
6 Feb 2013 - 6:59 PM

Yes they should be - we are constantly reminded at work about how even small accidental transgressions of banking law can result in massive fines or prison sentences. So why you would not get anything for rigging the market is beyond me.


Quote: Why have the LIBOR fiddlers been allowed to get off scot-free?

Have they or will there be further prosecutions ?


Quote: Why will the fines been paid by the bank customers or the taxpayer?

On the radio they said a lot of it will come out of the banks bonus fund, but at the end of the day its going to be the customers or shareholders(us) who pay..because who else is there?

jondf
jondf  82475 forum posts
6 Feb 2013 - 7:11 PM


Quote: Insert word that rhymes with w****r...

Banker? ....er, hang on .....did I get that right? ((( Tongue )))

Last Modified By Moderator Team at 7 Feb 2013 - 7:29 AM
wrinkles
wrinkles e2 Member 5349 forum postswrinkles vcard United Kingdom
6 Feb 2013 - 7:55 PM

You will not beat the old boys network, they control all they survey?SadSadSad

stevie
stevie e2 Member 101198 forum postsstevie vcard United Kingdom2 Constructive Critique Points
7 Feb 2013 - 6:23 AM

Jail?
No chance of a firing squad, is there.....?

simmybear
simmybear  832 forum posts
7 Feb 2013 - 7:34 AM

It would only be the foot soldiers - the generals would have conveniently forgotten ever giving the orders !

User_Removed
7 Feb 2013 - 8:52 AM

One law for the top 5%, one law for the rest of us. It's the same all over the world.

mikehit
mikehit  56545 forum posts United Kingdom10 Constructive Critique Points
7 Feb 2013 - 9:31 AM

I was speaking to one of local coppers a few years ago, and the issue of rfraud came up. Apparently the police approach to fraud investigation was that investigation was not worth pursuing unless it was greater than 20,000 and/or involved a public official. So in this case it seems there is 'one rule for them and one rule for us' with the top 5% more likely to be prosecuted.

JackAllTog
JackAllTog e2 Member 53651 forum postsJackAllTog vcard United Kingdom58 Constructive Critique Points
7 Feb 2013 - 9:32 AM

Its a disgrace that some crimes are now considered to complex to prosecute and said to not be in the public interest to pursue.

I believe its very much in the public interest to unravel such schemes, i just don't believe highly paid lawyers are be best people to do it as i don't believe there are enough lawyers who really are clever enough in an area to be worth their salary's at the higher end of the scale.
Much as I don't believe politicians are often smart or diligent enough to fully serve the country's interest .
Sometimes its only the press with their moral outrage that keep things in check - even against themselves when they are at fault.

And its down to us to keep reminding our appointed managers of their responsibilities.

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