UK Serious Fraud Office To Begin Criminal Probe Into Lieborgate

Tyler Durden's picture

And in the meantime, not a peep about any bank in the US, which is ironic considering JPM, Citi and BofA are BBA member banks, and had among the lowest fixing rates during the period in question, and as Bob Diamond himself said, "everyone did it." One may almost get the impression that US regulators and politicians, gasp, have a motive to not investigate banks for not only criminal but civil malfeasance. And why should they: after all there is unlimited taxpayer money. And if that ends, the US can just print some more.

From Reuters:

Britain's fraud-busting agency on Friday said it had agreed to investigate the Libor interest rate-rigging scandal, which on Tuesday led to the departure of Barclays chief executive Bob Diamond.

 

"The SFO Director David Green QC has today decided formally to accept the Libor matter for investigation," the Serious Fraud Office said in a brief statement.

 

The SFO said Monday it would decide within a month whether to press criminal charges over the Libor affair, amid concerns banks understated their borrowing costs to make it appear they were in better financial health than they were.