Good day to bury bad news? - Libor Rigging

[Snowy111]

Libor rigging inquiry shut down by Serious Fraud Office www.bbc.co.uk/news/business-50107320

It’s taken so long for this to be investigated that I can’t quite remember what exactly it was about, but the bankers have got away with it again, and I can’t help but think the timing of this announcement was carefully thought out

I do remember I thought it quite scandalous and corrupt at the time, off to do some more googling...

Libor rigging inquiry shut down by Serious Fraud Office www.bbc.co.uk/news/business-50107320

"The decision comes despite evidence that implicates the Bank of England."

Someone important pulled some strings there. How depressing that some people are above the law.

It’s a very complex issue, but found this link summed it up quite well

www.investopedia.com/terms/l/libor-scandal.asp

I’m surprised the bbc article is not more scathing about the decision to drop it

but the bankers have got away with it again

Not entirely true. The banks have been fined and some senior executives lost their jobs, although it is not clear whether those who lost their jobs were aware of what was happening.

What this means is that no individuals will face criminal charges. The SFO's conviction rate is poor. The announcement indicates that they don't think any prosecutions would have a reasonable chance of success.

This is disgraceful. I remember easing the court judgement of a man send down for it - his name completely escapes me, I think he worked for Barclays- and it was clear he was a fall guy.

Tom Hayes- hes been convicted @prh47bridge, they absolutely threw the book at him and it’s clear he couldn’t have been a major player

I don't think it is clear he couldn't have been a major player. On the contrary, the evidence is that he was a major player. He appears to have played a leading role in manipulation of Yen LIBOR - indeed, the evidence strongly suggests that, contrary to his denials, he initiated the practice. The trial judge was clear that the evidence showed that his leading role was recognised by others, that he trained those junior to himself in the practice and that he made corrupt payments to brokers for their assistance. The Court of Appeal agreed.

I understand he is attempting to have his case reviewed by the CCRC. It is possible this may lead to an appeal which will arrive at a different conclusion. But the evidence at the original trial seems pretty clear that he was very much a major player, quite possibly THE major player, in the manipulation of Yen LIBOR.