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UK Serious Fraud Office To Begin Criminal Probe Into Lieborgate
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.
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More banker pink slips, please.
Politicians were in on it.
I believe that a bunch of them were bought off by Countrywide
Wall Street Supporters In Congress Unmoved By Libor Probe
http://www.bloomberg.com/news/2012-07-03/wall-street-supporters-in-congress-unmoved-by-libor-probe.html
Countrywide used VIP program to sway Congress: report
http://www.reuters.com/article/2012/07/06/us-usa-housing-countrywide-idUSBRE86503920120706
http://hat4uk.wordpress.com/2012/07/06/spanish-crisis-former-imf-and-ban...
Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government.
-- The Declaration of Independence
“In terms of legislative calendar, it’s late in the clock and there’s not a lot to be done here pre-election,” Mark Calabria, a former Republican Senate Banking Committee aide, said in a telephone interview. “Regardless of what happens at JPMorgan, Congress is leaving at the beginning of August barring the financial system itself actually collapsing. And even then, Congress would probably still take a recess.”
FFS.
Criminal investigation my ass. Bring out the guillotine already.
Over/under on the number of people getting charged for this?
I'd go with one...and take the under...
Barclays for the best fixed rates:
http://www.caseyresearch.com/sites/default/files/Fixed%20Rates.jpg
Perhaps the yank banks are being pursued by the "unserious fraud office"....you know the SEC.
liz: ya beat me to it. Or is the UK bureaucracy stratified into "serious", "so-so", and "garden variety" fraud offices?
- Ned
In the US it's the "Really We Are Serious This Time And We Mean It (The Very Second We Stop Watching Leprechaun Nipple Porn) Fraud Office"
it reminds me of Bugs doing it to Yosemite Sam..."cross DIS line!"
The SEC plays Bugs, and also Sam in this case....bunch of turds.
The You Tube video is a hoot!
http://www.youtube.com/watch?v=zkzWyOaS8kU
The "Serious" Fraud Office will spend two years investigating and conclude that a successful prosecution would be unlikely. They usually cite that the case is too complex for a jury to understand.
The UK Unserious Fraud Office ... Sounds like a great Monty Python sketch.
as in yanking us around
Wonder if they have a motive not to investigate?
Understatement defined
The fix is in......EVERYTHING .
It's a given that the SEC will do nothing, but what's with the Brits? One would be tempted to think that they have a small shred of integrity but I suspect it's really some other motive. I'm at a loss to figure out what it is though.
The last remaining shred of integrity has been re-hypothecated infinitely.
Link to PDF of Justice Department agreement dated june 26th/2012 not to prosecute Barclays criminally. Issued by Denis Mcinerney Chief Criminal Division,Fraud Section United States Dept. of Justice signed by Daniel Braun Deputy Chief of same and by Barclays attorney Steven R. Peikin. crazy!!!
http://www.corporatecrimereporter.com/documents/Barclaysagreement.pdf
Case closed bitchez!!!
"applies only to Barclays, and not to any entities or individuals, including but not limited to employees or officers"
Reading: it's fundamental.
the letter does in fact speak for itself...did I say Bob Diamond, anyone else or a particular entity was off the hook?
how many other such release documents remain undisclosed?
thanks.
"Case closed bitchez"
Uh huh. Right.
No doubt they consulted the legal team at Barclay's, to get the "best wording possible".
Noticed also there was a rather paltry fine in the letter also
This might be the thing that undermines "reserve currency status"
Nah, the spin will be "THIS IS WHY WE NEED GOVERNMENT TO REGULATE INTEREST RATES!!!!", which is clever also because it implies that, say, the Federal Reserve is "government".
It's a bit like how they treat gambling. State lottery? Thumbs up! A poker game with your friends? Thumbs way the fuck down!
serious fraud office. lulz
In fact the SFO is one of the few investigative bodies in the UK that remain `uncaptured` by those they investigate. They have the power to demand and sieze documnts not afforded to everyday investigators and more importantly they delight in taking down a big name or three when they can. Generaly they are very hard nosed and tenacious.
Their problem will be that if they find damning enough evidence to bring a strong case, it will all be handed over to the DPP (department of public prosecution) which is a whitehall department as prone to political pressure and bargaining as any. A strong case getting to see the light of day in court may never happen, regardless of what the SFO uncover.
What if SFO started by investigating the DPP and said politicians? It is certainly more serious than playing with rates.
"In fact the SFO is one of the few investigative bodies in the UK that remain `uncaptured` by those they investigate."
You must be living in a parallel universe from the one in which I live. The SFO in my country (UK) is the most distrusted and complicit of all government departments for the very reason that it is supposed to be the strongest anti-fraud agency and folds without prosecution every case it ever looks at.
Can you say BAE?
http://www.google.co.uk/search?hl=en&q=sfo+drop+charges+serious+fraud+of...
Jedi Ben Shalom mind trick: "it is not in anyone's best interest for any regulator to not be watching tranny porn 24/7/365."
Regulating masses: "we do obey divine master!"
Since when has fraud become "serious".
Only when it can impact elections or campaign contributions.
John Cleese no doubt in charge .
I'd take Cleese or Graham Chapman or any of them over the Muppets that are in charge of most of these departments...
From the DOJ:
http://www.corporatecrimereporter.com/documents/Barclaysagreement.pdf
Reagan got rid of our serious fraud office. He said it WAS the problem. Or something like that. Crazy. Dumb. Actor.
Never mind that the doddering fuck didn't even walk what he talked.
Doesn't matter, that was the propaganda line for the EM and LatAm countries. Typical Western hypocrisy or calculating imperialism ploy?
"FreedomFighters(t) wanted: apply within"
Raygun is dead and we're all better off for it.
Im pretty sure the gen pop will take care of this on their own as has been done in the past.
It is conspiracy by politicians and bankers to commit atrocities against the elderly, unemployed and law abiding citizens. They need to be locked up NOW!
RICO
At this time, a senior Barclays Treasury manager informed BBA in a telephone call that it
had not been reporting accurately, although he noted that Barclays was not the worst offender of
the panel bank members. "We're clean, but we're dirty-clean, rather than clean-clean." The
BBA representative responded, "no one's clean-clean." The senior Barclays Treasury manager
replied "no, because ofthe very fact of what happened to us ... We were clean ... the market ...
reacted accordingly. And that's why we stepped away again." The senior Barclays Treasury
manager was referencing the market speculation about Bat'clays' high LIBOR submission in
early fall 2007. The BBA representative indicated that he understood what happened to any
banle that moved against the trend of lower submissions. The same senior Barclays Treasury
manager had a similar conversation with the FSA during a surveillance call regarding market
liquidity conditions
Paper tiger, they are as much use as a chocolate fireguard.
Spend millions on investigations and hardly ever get a mister medium never mind a mister big.
Do they have a not so serious fraud department. I would think, at least to any victim, that all fraud would be serious.
The SFO's nickname over here is the Serious Farce Office because they're useless.
They will simply use the 'other' definition of fix-ed as in not-broken, than they'll say Barclay's 'un-broke the Libor' and all be peachy again
In the UK we refer to the SFO as the Serious Farce Office due to the number of cases of fraud NOT prosecuted. We also refer to the FSA as the Financial Scam Agancy for their complicit support of financial scams.
As much as I'd like to see this go all the way, I have no hopes that the 'regulators' will do any 'regulating'.
aside from the 30 trillion in bailouts to the banks via the fed and teh treasury there are trillions more in hidden costs such as sham prosecutions(or lackthereof) and settlements.
never ending bailouts. woo hooooooooo
Does anyone know the actual trigger which brought this to the attention of the FSA? Did someone threaten that unless they did something about it they'd release the info publicly? IF so, who was that person? Was their a whistleblower? I'd like to shake their hand.
"serious fraud office" come on, that just sounds fake doesn't it?
I bet it's headquartered in some musty old basement with one of those old school frosted window doors that's all yellowed with age and nicotine stains, cause the last time anybody was actually in that part of the building was when you could still smoke indoors. I also imagine it has those old school black plastic letters that are so worn and faded with age that it now reads something like:
s io s aud off ce
serious fraud office, biggest cake job a govt employee could ever hope for cause you know you will never, ever have to do a damn thing...
"serious fraud office" come on, that just sounds fake doesn't it?
-------------------------
Welcome to the US world order.
The UK is known for their silly assed titles..."Special Branch"....."M".....Chancellor of the Exchequer" .....Scotland Yard (although the bloody thing is in England).....this is no surprise....
They must have the "Sort of Serious" branch, as well as the "Bloody Bollix Blimey!" division of the department.
Criminal probe -> cavity search -> hot corporation x regulator romance.
Oh, this is a load of (ed) BALLS! Where is Gordon? Ready the stocks....
Scrap the Serious Fraud Office, this is a job for the 3 Card Trick Office.
Criminal means the Bankers will now be forced to give more money to the Lawyers. It's redistribution of wealth among societies chief parasites.
Cant happen in the USA. The level of corruption is too systemic and extensive. USA is thouroughly corrupt from politician to junior official, they will need to get wiped out in WW3 before any hope of reset.
Wow, shocking! Only took four years to wake up! </sarc>
British bankers group steps up review of widely used Libor17 Apr 2008
The British bankers' trade group responsible for overseeing a widely used interest rate said that it had fast-tracked an investigation into the accuracy of the rate.
http://www.efinancialnews.com/story/2008-04-17/british-bankers-group-steps-up-review-of-widely-used-libor
Banksters are the AIDS of the financial world.
That's pretty harsh on AIDS.
There is no law anymore, only propaganda.
The financial system will not implode, will not fall, and will be with us until we die. The most powerful criminals (bankers) run it and we are no match for them. The second most powerful criminals (politicians) regulate it and we are no match for them.
Clearly, you need to turn in your screen name you defeatist.
Sure we can beat them. The problem is this: people get the government (or leaders) they deserve.
Whatever the US regulators do, there must have been enough money sitting in Libor linked MMAs for a BIG class action to be on the cards...
“Do you understand what I'm saying?"
shouted Moist. "You can't just go around killing people!"
"Why Not? You Do." The golem lowered his arm.
"What?" snapped Moist. "I do not! Who told you that?"
"I Worked It Out. You Have Killed Two Point Three Three Eight People," said the golem calmly.
"I have never laid a finger on anyone in my life, Mr Pump. I may be–– all the things you know I am, but I am not a killer! I have never so much as drawn a sword!"
"No, You Have Not. But You Have Stolen, Embezzled, Defrauded And Swindled Without Discrimination, Mr Lipvig. You Have Ruined Businesses And Destroyed Jobs. When Banks Fail, It Is Seldom Bankers Who Starve. Your Actions Have Taken Money From Those Who Had Little Enough To Begin With. In A Myriad Small Ways You Have Hastened The Deaths Of Many. You Do Not Know Them. You Did Not See Them Bleed. But You Snatched Bread From Their Mouths And Tore Clothes From Their Backs. For Sport, Mr Lipvig. For Sport. For The Joy Of The Game.”
~T. Pratchett, Going Postal
I would bet my life on the fact that it all started from the US sewer on Wall Street presuring this group of crooks!
WHY BOTHER?
Purpose besides the usual emminent front?
bullshit.
Comapre to this:
U2 bassist PA sentenced to seven years in theft case.
"A former personal assistant to U2 bassist Adam Clayton who embezzled 2.8 million euros ($3.5 million) of his money to fund a lavish lifestyle was sentenced on Friday to seven years in jail."
Isn't that the same as what banks have done - embezzle (To take (money, for example) for one's own use in violation of a trust).
Yes it is but you must remember the most disruptive serious threat to law abiding American citizens are those maryjuanna users who are quite rightly incarcerated at the taxpayers expense.
Bankers in jail, bloody ridiculous idea.
Looks like the Europeans are fixing to start hanging bankers. Europe has a chance to save itself and start righting the ship of Western Civilization. America... not so much. When the crisis breaks in America, it will be hard, fast, and decimating. Most of America's wealth (which is mostly in paper these days) will be destroyed in an hour. The Americans have no idea what is coming... stupid, stupid people.
HARD CRUSHING RULE OF LAW FOR THE SCUM
EASY STREET FOR THE CITY OF LONDON AND WALL STREET.
david talikng aout a 14 year old who stole some sports shoes..
You will feel the full force of the law and if you are old enough to commit these crimes you are old enough to face the punishments. And to these people I would say this: you are not only wrecking the lives of others, you are potentially wrecking your own life too.
David Cameron
david on the barclays trillion dollar crime spree
he prime minister said accountability for the bank's admission that it had manipulated key interest rates should go right to the top of the bank.
the city of london and westminster a banana republic without bananas
You are full of shit.
The line you quote is a very small part of a speech regarding the riots in major UK cities. It was NOT ADDRESSED TO A 14 YEAR OLD STEALING SHOES.
If you are going to quote people then get it right. Or maybe you are an aspiring politician? Asshole.
http://www.politics.co.uk/comment-analysis/2011/08/09/cameron-riot-statement-in-full
duplicate. apologies.