NIGHTMARE: New York Times Reports Prosecutors Are Building LIBOR-Related Criminal Charges Against Several Banks…(Rope!…That’ll Fix It!
Jul. 15, 2012
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.