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Banker Admits Libor Fraud Conspiracy

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http://www.bbc.co.uk/news/business-29520685

A senior banker from a UK bank has admitted conspiring to defraud over manipulating the Libor lending rate.

The banker, who can not be named for legal reasons, is the first person in the UK to plead guilty to the offence.

Two men have already pleaded guilty in the US to fraud offences linked to the rigging of Libor, for years the benchmark by which trillions of pounds of financial contracts are based.

The case arose from the Serious Fraud Office's (SFO) investigations.

It began looking into Libor manipulation in 2012 after it emerged that it was being widely abused by leading banks to manipulate rates in their favour.

The SFO's investigation continues and 11 other individuals stand charged and await trial.

Seven banks and brokerages have settled regulatory allegations of interest rate rigging in the UK and the US after global investigations.

So far, 17 men have been charged with fraud-related offences.

The mother of all PPI payouts looming to boost economic consumption???

Just think of all the billions paid to the banks in excess interest by the BTL brigade, they could use it as a deposit on another house.....

Will the consumers get a refund?

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http://www.bbc.co.uk/news/business-29520685

The mother of all PPI payouts looming to boost economic consumption???

Just think of all the billions paid to the banks in excess interest by the BTL brigade, they could use it as a deposit on another house.....

Will the consumers get a refund?

Ant claw back of bonuses. Are the real culprits going to be prosecuted or just a token fall guy?

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What's the legal justification for witholding the name of the bank and the name of the guilty party? Radio 2 is claiming they've been convicted already.

What other crime gives you anonymity after conviction - let alone anonymity for your employer?

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What's the legal justification for witholding the name of the bank and the name of the guilty party? Radio 2 is claiming they've been convicted already.

What other crime gives you anonymity after conviction - let alone anonymity for your employer?

Good question.

I'm sure that it's just a coincidence that some of the press are using pictures of Barclays.

http://rt.com/uk/193872-london-banker-libor-guilty/?utm_content=buffer8a7c1&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

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Maybe he cut a deal in exchange for anonymity?

so, we deal with criminals now?

Government at new lows.

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so, we deal with criminals now?

Government at new lows.

Govt are the criminals, through their patsy fake independent central bank this libor scam was very much known about and allowed to persist.

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Not knowing his name or the bank is bizarre if not disturbing. This is an alleged crime of fraud is it not? What possible reason can there be to keep his name or the name of the bank secret?

It is usually only sexual crimes where the defendent is sometimes given annoynmity isn't?

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Good question.

I'm sure that it's just a coincidence that some of the press are using pictures of Barclays.

http://rt.com/uk/193872-london-banker-libor-guilty/?utm_content=buffer8a7c1&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Bound to be Barclays. A list of all those involved at Barclays appeared in the Daily Mail a couple of years back. He is probably among them, one of the "cheers mate I owe you one" crowd.

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Name and bank maybe being kept secret if there are further trials to come.

But I thought putting the name of the accused employee and bank out there might lead to more victims or whistle blowers coming forward?

That's the excuse used when they name people accused of sex crimes at least.

Edited by Setantii

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It is usually only sexual crimes where the defendent is sometimes given annoynmity isn't?

He fiddled with some figures and fĂșcked the economy.

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Anything in the timing of this or is it simply that they want to play but not if any responsibility or accountability is expected of them?

"Alan Thomson, a member of the audit and risk committees of HSBC Bank, has tendered his resignation and will leave the board at the end of October.

However, sources add that while John Trueman, the UK operation's deputy chairman is understood to be close to resigning, despite having only taken on that role in December last year, he has not officially left the bank.

The bankers are protesting proposals that could see senior bankers facing jail time in the event of large scale bank failings. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) are behind the proposals to strengthen senior bankers' accountability."


http://www.ibtimes.co.uk/hsbc-boss-alan-thomson-leaves-john-trueman-debates-resigning-over-new-laws-jail-bankers-1468989

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Anything in the timing of this or is it simply that they want to play but not if any responsibility or accountability is expected of them?

"Alan Thomson, a member of the audit and risk committees of HSBC Bank, has tendered his resignation and will leave the board at the end of October.

However, sources add that while John Trueman, the UK operation's deputy chairman is understood to be close to resigning, despite having only taken on that role in December last year, he has not officially left the bank.

The bankers are protesting proposals that could see senior bankers facing jail time in the event of large scale bank failings. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) are behind the proposals to strengthen senior bankers' accountability."

http://www.ibtimes.co.uk/hsbc-boss-alan-thomson-leaves-john-trueman-debates-resigning-over-new-laws-jail-bankers-1468989

They want the same level of resposibility as the bog cleaner.

In many other companies/industries there will be employees at most levels that could face severe prison sentences for not doing their job properly, manslaughter charges, even personal liability depensing on the comapny structure and the self employed. Yet, these slime think they deserve more than everybody else, fact is they shold be paid a fraction of what they are paid and far less than most other jobs.

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