THE HANDSTAND

WINTER 2012


LIBOR RIGGING SCANDAL

Three men of British nationality have been arrested at their homes by the City of London Police.

Three men of British nationality have been arrested at their homes by the City of London Police.
Tue Dec 11, 2012 7:19PM GMT 1 0  1 


Three men of British nationality have been arrested at their homes by the City of London Police as part of a criminal investigation connected to the Libor interest rate manipulation. The unnamed men, including a former Union Bank of Switzerland (UBS) trader and two employees of interdealer broker RP Martin were taken into police custody as part of a Serious Fraud Office (SFO) investigation into the interest rate manipulation.

“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 men are all British nationals currently living in the United Kingdom”, said an SFO statement.

So far, British bank Barclays is the only bank to have been fined over attempts to manipulate Libor. Back in June, the bank paid a 290 million penalty to solve investigations by the US and British authorities over its attempts to manipulate key global borrowing rates. Meanwhile, Royal Bank of Scotland (RBS) is expected to announce its own settlement over Libor-rigging by February 2013, while UBS is also said to be close to reaching a deal over the allegations. According to reports, the SFO was close to making arrests last month and was poised to arrest former traders and rate setters who had worked at all three of the banks.

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. disbelief Dec 11, 2012 9:17 PM This is money laundering at the highest level.Banks defraud innocent people by billions and then transfer a part of that back to the government.You might as well call it the government's cut. Not even a slap on the wrist for the corrupt individuals at the top who made billions from the wind-fall. Not a dime will find it's way back to the people that got stung.Money laundering by the elite. That is all you can call it.