Mapping Li(e)borgate - Presenting The Octopus In The Libor-Rigging Scandal

Tyler Durden's picture

The Libor manipulation scandal has, as WSJ reports, ensnared at least 17 financial institutions and 22 individuals in a wide-ranging investigation spanning 11 countries and four continents. So far, it has netted at least $5 billion in penalties, with more on the way. The Wall Street Journal has taken the most complete list of allegedly involved parties and mapped an extensive web of 298 reported connections that reveals the depth of the alleged conspiracy from the 'alleged' ringleader Tom Hayes and involving practically ever major bank in the world.


Full Interactive "Spider-Web" here.


The alleged ringleader... Tom Hayes...


Former UBS and Citigroup trader, criminally charged with fraud in U.S. and U.K. Pleaded not guilty to U.K. charges; hasn’t entered a plea to U.S. charges. Told WSJ that “this goes much much higher than me.” The institutions and individuals in the web allegedly worked with him to manipulate rates or previously employed him when he was allegedly manipulating rates, according to the U.S. Justice Department, U.K. Serious Fraud Office and people familiar with the investigation.


And the first mover advantage... Barclays


Barclays in June 2012 became the first bank to settle Libor-rigging allegations, setting off a political storm in the U.K. Top executives resigned. Reached roughly $450 million settlement with U.S. and U.K. authorities in June 2012. Admitted wrongdoing. The institutions in the web allegedly worked with Barclays to manipulate rates, according to people familiar with the investigation. The individuals are former Barclays employees involved in the alleged manipulation or nonemployees who allegedly worked with Barclays employees to manipulate rates, these people said.


And The Biggest fines... UBS

UBS, where Mr. Hayes was a Tokyo-based trader, paid $1.5 billion to settle allegations that it conspired with rival banks to rig Libor and other rates. Reached roughly $1.5 billion settlement with U.S., U.K. and Swiss authorities in authorities. Admitted wrongdoing. The institutions in the web are suspected of having worked with UBS to manipulate rates, according to people familiar with the investigation. The individuals are former UBS employees or allegedly worked with UBS employees, these people said.


Source: WSJ

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Groundhog Day's picture

no one will go to jail period. Ever.

DoChenRollingBearing's picture

If this Tom Hayes guy disappears, then that may be all we need to know, and NO ONE will be able to argue with Jim Sinclair.  GOTFS!  Now!

Steaming_Wookie_Doo's picture

Yeah, I'd look for disappeared, if he doesn't end up a "suicide". Man, ya do your job for The Man and this is the thanks you get...

Of course, all of these corps can continue on merrily. As long as the penalty is 1% of the total crime, I'd consider that a cheap tip. Goldman must still be doing God's work since they didn't have the biggest fine.

max2205's picture

Too bad we dont have govt that will throw them all in jail....too bad

Dr. Engali's picture

Yeah it's all his fault. He got along well with the money changers.

90's Child's picture

Yeah it's all his fault. He got along well with the money changers


Was that before or after his crucifixion? haha.

90's Child's picture

Or maybe it's because YOU ZH readers and your false belief in religion and jeebus why no one will go to jail.

ich1baN's picture

You might want to see a healthcare professional.... your delusions are grand and exude only the feeble weakness of a person who is at war with wondering who he is. In other words, you are so weak minded that you have to attack and focus myopically on religion as the target of all your problems so you embarrassingly lash out in public fervor and frivolic psychosis. 

You are showing the early stages of dementia. Seriously, get checked out or stop taking the meds that are making you think like a 90 year old dementia patient. 

Exponere Mendaces's picture

Wouldn't be surprised if the entire yield curve was rigged as well. At best to maintain "calm" and prevent the USA from losing trade partner status, at worst - they know the game is up and they're trying to carry it a few more rounds before it all goes to shit.


Serfs Up's picture

This so-called 'web' of connections is completely unpossible.



Because to accept it would require us to accept that vast conspiracies involving a lot of different people can exist and run for years...and we all know, courtesy of daily CIA programming, that such things are unpossible.

Therefore we must reject it.

/logic biatchez!

disabledvet's picture

I thought you got to keep your job after you paid your fine? In fact I didn't even know financial crime even existed in Britain. I like the phrase "permanent sub-committee on investigations." I mean "it's all the shareholders who did it"? No's the taxpayers fault too! (Forbes magazine no less.) Needless to say "it's Citizen Ted now."

Parrotile's picture

The policing of "Financial Crime" in the City of London was one of the major roles of the City of London Police Force - no connections to the Metropolitan Police Force. The City cops were (and still are) specialists in Financial mismanagement - but still do all the other routine policing (Traffic, Beat, CID, etc.).

Rather famous for being the UK's smallest Force, surrounded entirely by the UK's largest Force (The Met.). I used to do a lot of their First Aid training when I used to work at St Barts.

logicalman's picture

I'm guessing this surprises nobody on ZH.

At least we have a name for the scapegoat now.


frankTHE COIN's picture

Hey. Where is " PrisonersDilemma " ? Barclays was the First Mover that received a Rat Parachute.

Dr. Engali's picture

I guess that $5 billion tossed back in fines is a nice gesture for the trillions the fed is funneling the criminals through the back door.

i_call_you_my_base's picture

He's a scapegoat, but hang him anyway. Gotta start somewhere.

Dr. Destructo's picture

He's an underling and a willing tool. He didn't give a fuck about the people he screwed over, so yeah hang him along with his masters.

LetThemEatRand's picture

Here's an example of the new Tylers.  The original Tylers would have pointed out how much more was made than was paid in penalties.  And they would have done so with rational basis and backup research.   Instead, the reader is left with the false impression that some kind of justice was done.   This site reminds me now of Invasion of the Body Snatchers.  Looks the same, but clearly different.  Okay, I'll STFU now and stop beating my dead horse.

q99x2's picture

A lot of the articles seem to be bait. The old Tylers are still in FEMA camps. But don't you worry the collapse is happening anyway. Obama is going to protect us.


Choose Sanity's picture

Is there no end to the madness?

putaipan's picture

meanwhile as the alien/jinn/dhjall post garners 370+ comments , half of which bemoan the fact that the 'new tylers' have tmz'd zh, this bit of investigative journalism goes nearly unoticed.  oh well ...

q99x2's picture

Put the banks in jail. Arrest the people.

nevket240's picture

You can't put the Banksters in jail. They OWN the fucking things. A Landlord doesn't live in a house he rents out.


vnguru's picture

@Designer MN: In my point of view, He's an underling and a willing tool. He didn't give a fuck about the people he screwed over, so yeah hang him along with his masters. So, He got along well with the money changers.


New American Revolution's picture

But as we all know, $5 billion isn't shit anymore, we need jail time.

nevket240's picture

The Banksters Boi, Bazza O'Bumma, has done what they told him to do. Keep them out of jail. The Statute of Limitations must have nearly expired on all of their crimes. Besides, they do not pay anything, their 'customers' pay the money.


greydogg's picture

The 'settlements' are ridiculously low

goldenbuddha454's picture

Can we just skip straight to Golden-gate, or the total manipulation of gold and silver prices by the likes of, well you name the bank.....

ich1baN's picture

Ya, the traders are at fault but what about the real culprits? Their bosses? This can't be something about people in the trenches only.... give me a break do people really believe 26 year old traders conspired? 

This goes all the way to the MD level at all these orgs..... heads need to role worldwide over this one, not just some 26 year old trader making peanuts compared to his MD boss who told him to do this or his other option was to be fired or not promoted..... completely sick. 

zipit's picture

The fall guy will get jail time. None of the higher ups (they never do).

Offthebeach's picture

Who'd these people think they are, Central Bankers or such?