Libor Arrests (Finally) Coming
Just out from Bloomberg:
- RBS, UBS TRADERS SAID TO FACE ARREST WITHIN MONTH IN LIBOR CASE
Note the word "traders" - not CEOs, not COOs, not General Counsels, not Managers, not Supervisors... Traders. Because remember: it was a scheming 28-year old Frenchman that was the mastermind behind Goldman's CDO fraud for years. Nobody else. Just him. That said, we are looking forward to the latest minimum prison reality TV show: "How Many Cigarettes* For A Bollinger?"
U.K. prosecutors are poised to arrest former traders and rate setters at UBS AG (UBSN), Royal Bank of Scotland Group Plc (RBS) and Barclays Plc within a month for questioning over their role in the Libor scandal, a person with knowledge of the probe said.
The arrests will be made by police under the direction of prosecutors at the Serious Fraud Office within the next month, said the person, who declined to be identified because the matter isn’t public. Arrests in the U.K. are made at an early stage of the investigation, allowing police and prosecutors to question people under caution and may not lead to charges.
The SFO has 40 people working on the probe into manipulation of the London interbank bank offered rate, a benchmark for financial products valued at $360 trillion worldwide, and has involved the City of London Police, said David Green, the agency’s director.
“Significant developments” in the case are coming “in the near future,” Green said yesterday in an interview at his office in London without giving further details and declining to comment on any possible arrests.