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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?
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)
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?
)))
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.
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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