UK Orders WSJ To Withold Names Of Implicated LIBOR Manipulators After Story Already Hits Wires

Tyler Durden's picture

In what is a staggering example of not only state meddling in the affairs of the "free press", but worse, sheer state idiocy, yesterday the WSJ posted an article on its website revealing that as many as 24 co-conspirators would be exposed shortly in the ongoing Libor manipulation scandal and divulging the names of various individuals on this list. What promptly followed was truly bizarre. As the WSJ reports shortly after posting the article, "a British judge ordered the Journal and David Enrich, the newspaper's European banking editor, to comply with a request by the U.K.'s Serious Fraud Office prohibiting the newspaper from publishing names of individuals not yet made public in the government's ongoing investigation into alleged manipulation of the London interbank offered rate, or Libor." This happened at 7:18 pm London time, after the original WSJ article had already hit the Internet.

The WSJ added that "The order, which applies to publication in England and Wales, also demanded that the Journal remove "any existing Internet publication" divulging the details. It threatened Mr. Enrich and "any third party" with penalties including a fine, imprisonment and asset seizure."

As a result, the media organization decided to comply with this gross example state censorship, and now in the place of the article, one could find the following note:

... but not before protesting vocally.

The article said the government was preparing to name roughly two dozen traders and brokers, adding that prosecutors were still finalizing their plans and that the list could change, citing people familiar with the process. Inclusion on the list doesn't represent a formal accusation of wrongdoing and doesn't mean the individuals will be charged with crimes.


"This injunction is a serious affront to press freedom," said Dow Jones & Co., publisher of the Journal. "We have been left with no choice but to remove the previously published story from and to withhold publication from the print edition of The Wall Street Journal Europe. However, we will continue to vigorously fight the injunction in the coming days."

Yet it is not the censorship that is most shocking here, but the way the UK's SFO went about scrubbing the trail. Because while the European version of the newspaper may have retracted the article from today's print edition, the piece was still in the US version. Furthermore, since the original WSJ article hit the net before it was pulled, it was promptly picked up and reforwarded by either robotic or manned resyndicators of the WSJ. One such example was ValueWalk which took down the salient details that the SFO is so concerned about:

Among those who could be name are several of Hayes’ former coworkers at both Citigroup Inc and UBS AG. Michael Pieri, who was Hayes’ boss while he worked at UBS, was fired by the bank and moved to Australia. Hayes’ former assistant at UBS, Mirhat Alykulov, could also be on the list. Sources said he has been cooperating with investigators from the U.S.


Another name which could be on the SFO’s list is Christopher Cecere, who was Hayes’ boss while he worked in Citigroup’s Tokyo operations. Cecere resigned from his position at Citigroup around the same time Hayes was fired. Other people who could be on the list are ex HSBC Holdings plc trader Luke Madden, former JPMorgan Chase & Co. employee Paul Glands, and former Rabobank employee Paul Robson.

And, of course, the full list is in today's US print edition of the WSJ. Which begs the question: aside from matter of state censorship and free press intervention, what exactly did the UK hope to achieve here? After all, a cursory one minute search would reveal all the names hidden, but now the extra buzz generated by UK's attempt to quash the story, merely made it that much more interesting to all, and whereas some may have skipped it - after all who really cares about Libor manipulation anymore considering the entire market is openly manipulated by the Fed now - now everyone will focus on the names that were purposefully withheld.

Sheer statist stupidity.

The letter sent to the WSJ is below:

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LawsofPhysics's picture

The banking center of the world getting a bit nervous?  Fuck em, roll the motherfucking guillotines, nothing changes otherwise.

GetZeeGold's picture



Can't release their names.....imagine the shame that would be put on them!


Rest assured they were given a stern talking too.

AlaricBalth's picture

Tyler(s) - Is this the article referenced? Thank you internet archives!


U.K. Expected to Name Alleged Co-Conspirators in Libor Scandal By 

Oct. 17, 2013 11:00 a.m. ET

LONDON—British fraud prosecutors next week are expected to publicly name roughly two dozen traders and brokers who they believe were involved in a scheme to manipulate benchmark interest rates, according to people familiar with the plans.

Enlarge Image

The financial district of the City of London. Bloomberg News

Lawyers representing the U.K.'s Serious Fraud Office are due to appear in a London courtroom Monday for a hearing about their criminal-fraud cases against a former bank trader and two former brokers. At that hearing, the lawyers plan to publicly identify other traders and brokers who allegedly conspired with the defendants to rig the London interbank offered rate, or Libor, these people say.

The planned naming of the alleged co-conspirators—who have not been charged—will dramatically expand the roster of individuals, currently confined to a small handful, who have been publicly linked to the Libor scandal. Among those expected to be named Monday are multiple individuals who currently or until recently worked as traders or brokers in the financial industry.

At Monday's hearing, former UBS AGUBS +1.15% and Citigroup Inc. -0.12%trader Tom Hayes is expected to plead not guilty to eight counts of criminal fraud related to his alleged efforts to manipulate benchmark interest rates, according to people familiar with his plans. Two former brokers at R.P. Martin Holdings Ltd., Terry Farr and James Gilmour, charged with similar offenses, are also due to enter pleas. Their lawyers didn't respond to requests for comment.

Lawyers representing the SFO are planning to present a list of the three defendants' alleged co-conspirators. Inclusion on the list doesn't represent a formal accusation of wrongdoing and doesn't mean the individuals will be charged with crimes. Prosecutors are still finalizing their plans for Monday's hearing, and it is possible the list of identified individuals will change, say people familiar with the process. Lawyers for some individuals have lobbied the SFO not to publicly name their clients, but those requests don't appear to have been successful, one lawyer said.

The individuals or their lawyers, and representatives of their past or present employers, either declined to comment on the record, didn't respond to requests for comment, or couldn't be reached for comment.

A number of Mr. Hayes's former colleagues from UBS and Citigroup are expected to be identified as alleged co-conspirators. Michael Pieri, Mr. Hayes's former boss at UBS in Tokyo, is one of the highest-ranking executives. Mr. Pieri was fired by UBS and currently lives in Australia, according to people familiar with the matter.

Mr. Hayes's former assistant trader at UBS, Mirhat Alykulov, is also expected to be on the list of co-conspirators. Mr. Alykulov, a Kazakhstan native who currently works for a Tokyo brokerage firm, has been cooperating with U.S. investigators, according to people familiar with the case. In 2011, he phoned Mr. Hayes from the Washington headquarters of the Federal Bureau of Investigation, part of an effort to help U.S. prosecutors build a case against Mr. Hayes, these people said.

British prosecutors believe that Messrs. Pieri and Alykulov helped Mr. Hayes with his alleged attempts to rig Libor by asking their UBS colleagues and others to tinker with Libor data to benefit their trading positions, according to people familiar with the matter.

Christopher Cecere, who was Mr. Hayes's boss at Citigroup in Tokyo, is also likely to be named, these people say. Mr. Cecere, who resigned from Citigroup in 2010 at the same time that Mr. Hayes was fired, left the Geneva office of hedge fund Brevan Howard in June, according to people familiar with his departure. The reasons for his departure from Brevan aren't clear.

A handful of traders at major banks are likely to be named for allegedly working with Messrs. Hayes and Farr to manipulate rates. They include Luke Madden, a former HSBC Holdings HSBA.LN -1.14% PLC trader in London; Paul Glands, who used to work for J.P. Morgan Chase & Co. and currently is at Toronto-Dominion Bank's London investment-banking unit; and Paul Robson, a former London-based trader at Dutch lender Rabobank, these people say.

A number of past and present brokers are also likely to be named at Monday's court hearing.

Prosecutors are likely to identify a number of former ICAP IAP.LN +0.49% PLC brokers, according to the people familiar with the plans. ICAP last month settled U.S. and British Libor-rigging allegations, agreeing to pay about $87 million and admitting wrongdoing. At the time, the U.S. Justice Department filed criminal charges against three former ICAP brokers for allegedly helping to manipulate rates. Their lawyers haven't commented.

Two brokers who have worked at London-based interdealer broker Tullett Prebon PLC also are likely to be named in court because prosecutors believe they helped Mr. Hayes manipulate rates, say the people familiar with the matter. Mark Jones left Tullett in 2011 and now works at BGC Partners, according to people familiar with his situation. Noel Cryan left Tullett in the past few weeks, according to an employee on Tullett's brokerage floor.

jbvtme's picture

some pretty piss poor the BBC announcing that buiding #7 came down while filming the buildng still standing

Dugald's picture

Listen up you Crackers.....If you publish those names we will ah, we will err, we will stamp our foot, so there!

Hobbleknee's picture

Igore the injunction and let the thing go to court.  Then all the names will be public record.

Stoploss's picture

UK been very very quiet during all of this.


We got something for your ass though...

Jumbotron's picture





Nothing but the truth.'s picture

 These fucking bankers are above the law - they stand on Holy ground. Untouchable . Yet they are the ones fucking up the entire economic system and impoverishing millions. Tar and feather the whole bunch of them and then burn them all at the stake.

g'kar's picture

"Yet they are the ones fucking up the entire economic system and impoverishing millions."


According to the media it's the TEA party.

jefferson32's picture

This is another example of the Streisand effect. I'm surprised it is not mentionned in the article.

From Wikipedia:

The Streisand effect is the phenomenon whereby an attempt to hide, remove, or censor a piece of information has the unintended consequence of publicizing the information more widely, usually facilitated by the Internet.

The Streinsand effect is an illustration of how the Internet, as a distributed invention that decreases the cost of producing and delivering ideas (i.e. numbers), has already made past-century laws (and this centrally-planned, collectivist model of society) anachronistic.

Much like the printing press helped defeat the political elite of the time (the Roman Catholic church), the Internet will emancipate human consciousness and facilitate the emergence of free, self-actualized individuals.

Kirk2NCC1701's picture

Nicely played LoP. Keep repeating the message until it sinks in.

Yup, our side can play that game too. +1.

overmedicatedundersexed's picture

wsj,but but you told us to do it, like all we publish.

philosophers bone's picture

You know things are fucked up when there is a "U.K. Serious Fraud Office" and the "Serious" part is not redundant.   I guess good ol' fashioned run-of-the-mill fraud doesn't motivate the regulators anymore.

CPL's picture

It's 'only' a couple of billion.

LawsofPhysics's picture

Right next to the "Minestry of Silly Walks?"  The fact that they put the word "serious" in there (when all fraud is fucking serious) tells you that it's a fucking joke.

philosophers bone's picture

And they are more interested in protecting the reputation of criminals than protecting the integrity of the markets.

GMadScientist's picture

As opposed to run-of-the-mill frauds, like their royalty.

Mercury's picture

...the WSJ posted an article on its website revealing that as many as 24 co-conspirators would be exposed shortly in the ongoing Libor manipulation scandal and divulging the names of various individuals on this list.


Hint: conspirator Numero Uno rhymes with Burnspanky:


Dr. Engali's picture

Screw the Wallstreet journal. They don't give a shit about the free press when they are pumping out their propoganda, and covering up for the Washington/wallstreet criminal cabal. If they really gave a shit about the free press they would be screaming bloody hell about what is going on with the NSA,and not demonizing Snowden and other whistleblowers. The journal is only concerned because they impacted their agenda. Wake me when this rag does some real investigative reporting.

Hedgetard55's picture

It was all down hill after Murdoch purchased it. Nothing but bullshit now.

Yes We Can. But Lets Not.'s picture

 I haven't subrscribed to the WSJ for many years, but what a great paper it was in the 1990s when Robert Bartley was editor.  I haven't read the WSJ in years.  Is it as leftist as the Financial Times now?

Trampy's picture

I haven't subscribed to the WSJ for many years, but what a great paper it was in the 1990s when Robert Bartley was editor. 

Amen to that!  It was well worth the $whatever/year to have it thrown on my driveway every morning back then starting early 1990s and lasting only a few  years.  Robert Bartley, eh?  Thanks for the info!

Back then I would often wake up from a dream where I saw myself going out to pick up the paper and looked at the date and went My Oh My, they had given me tomorrow's paper by mistake.  And then I woke up and went out to get it.  Anyone else get that dream? 

MisterMousePotato's picture

Yes. Several times in fact. And variations on that theme.

Oldwood's picture

Doesn't big brother rewrite our history every day? It shouldn't be that hard to erase one article.

TuesdayBen's picture

I anticipate the day Big Bro in the White House, cornered on some issue, stands in front of the prompter and informs Americans 'you didn't read that'...

DollarMenu's picture

Well, just yesterday we were admonished to "ignore the bloggers".

SimMaker's picture

Well....geee.......How can they possibly have a fair trial now that this info is out in the open..........better let them go........... /sarc

Dr. No's picture

Also demanded that the Journal remove "any existing Internet publication"


Because we all know it is super easy to remove content from the internet once it is posted.

firstdivision's picture

Really, these traders were doing nothing different than the Fed does every POMO day

Sudden Debt's picture



Dr. No's picture

Ive had enough of those socialist Libors in Europe.  We have too many problem here to worry about the goings-on over there.

ziggy59's picture

The sheeple think theyre talking about Libor Day Weekend...end of summer and all..
So no worries...

Dr. No's picture

Wait, are you saying these guys are screwing with our end of summer holiday?  WTF!!!

XitSam's picture

It's about control.  Leviathan must retain control.  It doen't matter how stupid Leviathan is as long as control is retained.

JustObserving's picture

It is hypocritical of the Wall Street Journal to complain of censorship. It engaged in the most egregious self-censorship when it refused even to touch the most stunning of Snowden's revelations that the US hands over all raw data of Americans (emails, phone calls, web browsing history, contacts, everything) over to Israel without any legal restrictions.

The Wall Street Journal is useless as a reporting newspaper. It has become a new and improved Pravda - pure propaganda for the powerful.

Thisson's picture

Let me get this straight - the part you have a problem with is that they hand the info over to another country, not that they collect it in the first place? 

nakki's picture

Let's print the names of everyone involved in stawk,  gold, and silver  manipulation WSJ. Oh never mind we already know the names of the FED governors, vice chairman, and chairman. Not to mention the CEO'S of the TBTF banks.

Spumoni's picture

Banksters vs. blogsters...who's the flippin' referee? It sure ain't WSJ, the SFO, the Supreme Court, the Old Bailey or any other court than public opinion. Only trouble is that eels are rreally slippery, even when wearing spiked rubber gloves. You have to fry 'em, smoke 'em or dip 'em in acid to get the slime off.

falak pema's picture

...Under U.K. law—which seeks to balance freedom of the press with personal privacy and the integrity of the judicial process—it isn't unusual for the courts to impose reporting restrictions on the media to prevent them from reporting details that prosecutors believe could jeopardize an investigation or case....

Both in France and UK due process has to be respected and presumption of innocence protected. Divulagation by the press preempting court findings in due process could cause the suspect to get off scot free for pervesion of procedure by prejudice instilled by the media. 

I don't know how it is in the US, but this seems one instance where the press can hold its horses until the prosecuter's charge sheet has been divulged in the courts-- In case there are flagrant omissions to protect the "high and mighty" like in the Watergate.

moonman's picture

If the allegations are found to be untrue after the names are printed a libel suit would follow.

Being ordered to remove the names is not an example of " to balance freedom of the press with personal privacy and the integrity of the judicial process"


Its called censorship

falak pema's picture

its french fried; les frites! 

Thanks for showing up the glitch. Lol. And, I've perverted "perversion". Drunk when driving.

Spumoni's picture

Ya damn drunk pervert...I think I like divulagation though. Tried it after reading your post. More fun than merely throwing up while driving drunk, as long as you do it in a bankster's lap. Or on his shoes.

falak pema's picture

make sure you pick his wallet before you blurp; no point not getting prepaid for doing your community a service.

Spumoni's picture

Better trade that fiat for a silver phantom, though...those things run through tires like nobody's business!

MisterMousePotato's picture


Yeah. That was great, wasn't it?

Almost as good as "much angries" from a few days back.

ziggy59's picture

Big Band of Friggin Lying Thieves...all in same boat...