Prosecutors Close to Making LIBOR Arrests

Prosecutors Close to Making LIBOR Arrests

On Monday, Reuters issued an exclusive report stating that U.S. prosecutors and European regulators are close to arresting and charging traders in the LIBOR scandal to manipulate global interest rates.  

From Reuters:

Federal prosecutors in Washington, D.C., have recently contacted lawyers representing some of the suspects to notify them that criminal charges and arrests could be imminent, said two of those sources, who asked not to be identified because the investigation is ongoing.

Meanwhile, in Europe, regulators are focused on a ring of European bank traders who allegedly colluded to game the LIBOR rate, an industry benchmark for interest rates.  

As Breitbart News has reported, the LIBOR scandal may go down as the largest banking scandal in history. 

So far, Barclays has paid $455 million in fines to U.S. and U.K. regulators. Experts say the actions of Barclays are merely the tip of the iceberg.  As Reuters notes, “Morgan Stanley recently estimated that the 11 global banks linked to the Libor scandal may face $14 billion in regulatory and legal settlement costs through 2014.”

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