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Should the LIBOR fiddlers go to jail?

thewilliam 7 5.5k
6 Feb 2013 5:14PM
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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Newdevonian 3 465 United Kingdom
6 Feb 2013 5:38PM
Andy_Cundell 4 1.1k 5 England
6 Feb 2013 5:39PM
yes, yes and YES!
brian1208 Plus
12 10.9k 12 United Kingdom
6 Feb 2013 5:45PM
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 4 1.6k United Kingdom
6 Feb 2013 5:58PM
countrys rotten from top Smile
6 Feb 2013 6:15PM
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 11 120 United Kingdom
6 Feb 2013 6:31PM
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 Plus
11 14.5k 13 United Kingdom
6 Feb 2013 6:59PM
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 9 2.7k
6 Feb 2013 7:11PM

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

Banker? ....er, hang on .....did I get that right? ((( Tongue )))
wrinkles 6 351 United Kingdom
6 Feb 2013 7:55PM
You will not beat the old boys network, they control all they survey?SadSadSad
stevie Plus
11 1.2k 2 United Kingdom
7 Feb 2013 6:23AM
No chance of a firing squad, is there.....?
simmybear 9 32 United Kingdom
7 Feb 2013 7:34AM
It would only be the foot soldiers - the generals would have conveniently forgotten ever giving the orders !
User_Removed 5 48 1 United Kingdom
7 Feb 2013 8:52AM
One law for the top 5%, one law for the rest of us. It's the same all over the world.
mikehit Plus
6 8.0k 13 United Kingdom
7 Feb 2013 9:31AM
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 Plus
6 4.2k 58 United Kingdom
7 Feb 2013 9:32AM
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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