UPDATE 2-Three former Barclays traders found guilty in Libor rigging trial
Source: Reuters
LONDON, July 4 Reuters) - Three former Barclays traders have been found guilty by a London jury of conspiring to fraudulently manipulate global benchmark interest rates in a stark warning to junior bankers and a major victory for Britain's Serious Fraud Office (SFO).
The verdicts bring to five the number of people convicted in London for being part of a global financial conspiracy that has forced banks to pay fines of $9 billion, discredited rates like Libor and helped shred public faith in the banking industry.
Calcutta-born, U.S.-based Jay Merchant, 45, the most senior of the men on trial, was convicted unanimously. British former Libor submitter Jonathan Mathew, 35, and former trader Alex Pabon, a 38-year-old American, were found guilty by a majority verdict after a 10-week trial.
A second Libor submitter, 61-year-old Peter Johnson, had pleaded guilty in October 2014. The four men are expected to be sentenced at London's Southwark Crown Court later this week.
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Read more: http://www.reuters.com/article/libor-barclays-verdict-idUSL8N19Q25Q
Markets | Mon Jul 4, 2016 10:09am EDT
By Kirstin Ridley and Carolyn Cohn
forest444
(5,902 posts)There wouldn't even be one on the Opium Wars, if the JTRIG operatives that plague it had their way.
Craig234
(335 posts)You guy are great at telling us stories - we eat up Frodo and Harry.
Can you tell us about a really foreign world, what it's like to live in where bank crimes can be prosecuted?
IronLionZion
(45,442 posts)Iceland threw their bankers in prison after the financial crisis
snot
(10,529 posts)by the hundreds. And liquidated lots of S&L's. (Read William K. Black.) And, relatively speaking, it worked out great.
And the only reason we had to go through that was because we'd deregulated S&L's under Reagan.
Craig234
(335 posts)A place that throws its bankers in prison?
I question whether such a place exists. I looked a pictures of the claimed "Iceland", and saw no ice.