Posted on 07/15/2012 6:39:22 AM PDT by SeekAndFind
A major for Wall Street has been that this whole scandal over rigging LIBOR (a common index of bank borrowing costs that's used to price hundreds of trillions of derivatives), would be seen by regulators and prosecutors as a chance for a "do-over".
And that seems to be happening.
Ben Protess and Mark Scott at the New York Times report: The department’s criminal division is building cases against several financial institutions and their employees, including traders at Barclays, the British bank, according to government officials close to the case who spoke on the condition of anonymity because the investigation is continuing. The authorities expect to file charges against at least one bank later this year, one of the officials said.
It's not clear which banks, specifically, are in the target, but the general belief is that manipulation of the rate went far beyond Barclays (which just paid a massive fine, and saw both its chairman and CEO resign subsequently).
(Excerpt) Read more at businessinsider.com ...
“Lanny Breuer, head of the Justice department’s criminal division” is pursuing the “bad global banks” But Lanny Breuer is also the DOJ official who is accused of being directly involved in the management of the Fast & Furious scam.
He will be one of the fall guys protecting the “Liar-in-Chief”.
I think this puff piece is simply to take the heat off of other DOJ scandals. To make them look “effective”.
Regardless of out opinion of Breuer this is a case screaming for criminal prosecution. Has to happen no matter who is bringing the case. Charges will be brought by many nations before this is over.
if you were Christine Lagarde, you'd insist on having control of the rates at which you borrow and lend.
Audacity has gone global.
if you were Christine Lagarde, you'd insist on having control of the rates at which you borrow and lend.
Audacity has gone global.
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