Wednesday, January 30, 2013

First arrests in Libor manipulation case | Synopsis

First arrests in Libor manipulation case

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Blue 505 CIT Group by Ernst Moeksis
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Excerpt:

British police have made their first arrests in an investigation into attempts by banks to manipulate the benchmark interest rate Libor, detaining three U.K. citizens after raids on their homes near London. "Three men, aged 33, 41 and 47, have been arrested and taken to a London police station for interview in connection with the investigation into the manipulation of Libor," the Serious Fraud Office (SFO) said in a statement. The SFO began its investigation in July after Barclays (BCLYF)admitted rigging the rate -- which is tied to an estimated $300 trillion in derivatives products around the world -- and agreed to a settlement worth $453 million with U.S. and U.K. authorities. The scandal cost Barclays' chief executive his job.

First arrests in Libor manipulation case

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