Tuesday, December 11, 2012

LIBOR SCANDAL ARRESTS





Thomas Hayes, a former trader at UBS AG and Citigroup, was arrested by the Serious Fraud Office and City of London Police today, said the people, who asked not to be identified because the investigation is ongoing. The three men arrested, ranging in age from 33 to 47, are all British nationals living in the U.K., the SFO said in an e-mailed statement.



Breaking News Story: Three Men Arrested In Connection With Rigging Interbank Lending Rate (Libor)


Breaking News Story: HSBC to pay $1.9B to settle money-laundering case

Read HSBC Story:


British police have made their first arrests in an investigation into attempts by banks to manipulate the global benchmark interest rate Libor, detaining three men after their homes were searched.
Three U.K. citizens, ages 33, 41 and 47, were taken to a London police station for interviews "in connection with the investigation into the manipulation of Libor," the Serious Fraud Office said in a statement.

The office, a government agency that investigates serious or complex fraud and corruption, began its inquiry in July after Barclays (BCLYF) admitted rigging Libor and agreed to pay $453 million to settle with U.S. and U.K. authorities. The scandal cost Barclays' chief executive Bob Diamond his job.



8 comments:

  1. I can assure you no one noteworthy will be arrested. Look at mf global, they're trying to pin it on some low wage earning pee on. True story! How about all those insider trading probes and arrests, when congress has been insider trading forever! I'm a broker and we joke about pelosi having on option trades before she makes comments To the press.

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    1. Jon Corzine's time is coming: http://www.huffingtonpost.com/2012/11/14/mf-global-jon-corzine_n_2131110.html

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  2. HIphip *horray!* hiphip *horray!*

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  3. The arrests are good - but the fines are garbage. They go from one pocket to another and lead people to believe something was done. Until ALL of these banksters are in jail there won't be justice. But this is a step in the right direction.

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  4. In stead of arresting these so called cabal people,
    We should have the, stand up and teach us classes in whatever it is they are doing.

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  5. Low hanging fruit. Do you think they'll squeal and take down some execs?

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    Replies
    1. That often happens. Sometimes they have to work their way up the food chain in the cabal.

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