Report recommends complete overhaul of Libor system and jail for those who try to manipulate it

Friday, September 28th 2012 - 16:36 UTC

Full article 7 comments

A report into the Libor rate-rigging scandal says the system is broken and suggests its complete overhaul, including criminal prosecutions for those who try to manipulate it. Its author, regulator Martin Wheatley, told the BBC that bankers guilty of fixing Libor in future could be jailed. Read full article

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Truth_Telling_Troll
“Society has lost confidence in banks... and we need to restore that.”

The article should have stopped right there.

There is your vaunted banking system you Brits jactitate about. hahahahaha.

I'll keep my B3 banking system, thank you.
Sep 28th, 2012 - 04:48 pm - Link - Report abuse 0
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ChrisR
Gate, horse, etc.
Sep 28th, 2012 - 08:15 pm - Link - Report abuse 0
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British_Kirchnerist
#1 Yes you beat me to it, these are the bankers people on here say we should trust when they fight Cristina!
Sep 28th, 2012 - 08:41 pm - Link - Report abuse 0
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Fido Dido
“regulator Martin Wheatley, told the BBC that bankers guilty of fixing Libor in future could be jailed.”

COULD? OR WILL? it says “could” because that's what he said, and since you know the whole story (I assume you know) high chance is they WON'T go to jail, because hey, they are in charge, you know TBTF (To Big To Fail).

No way you can “FIX” the broken banking system if they are BROKE (Zombie banks) plus if the system is guarded by the “wolves” who are already nailing the sheeps with more “austerity”. Where does all that money go? You guessed it, to their bonusses.
Sep 29th, 2012 - 04:24 am - Link - Report abuse 0
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reality check
The sooner some of these peoples dubious practices are illegalised the better. Maybe the threat of a spell in jail will make them behave and with the sums of money we are talking about, that spell needs to be a substancial amount of time.
Sep 29th, 2012 - 10:01 am - Link - Report abuse 0
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Guzz
Weird, when poor people steal they are called thieves, and they always go straight to jail, never “next time”...
Sep 29th, 2012 - 02:36 pm - Link - Report abuse 0
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Yuleno
Strange indeed.But not strange that the Brits and their bosses have no comments.They are covering up for their corrupt system of exploiting.
Sep 29th, 2012 - 06:58 pm - Link - Report abuse 0
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