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The Serious Fraud Office has confirmed three arrests over the fixing of the London InterBank Offered Rate (LIBOR).

 

Three men, aged 33, 41 and 47 have been arrested and taken to a police station in London for interview in connection with the investigation into how LIBOR rates were manipulated. All three arrested are British nationals and were arrested at one residential premises in Surrey and two homes in Essex.

 

The news comes just days after the Financial Services Authority (FSA) opened its consultation on how best to set LIBOR in future. It is also considering which organisations should be involved in the process. Bosses at the City watchdog are considering increasing the number of organisations that make submissions for LIBOR from the current 18 to 20 – not all of which will necessarily be banks in the future. In June, Barclays was slapped with a £290 million fine after it admitted it had a role in the fixing of rates at artificial levels. The acknowledgement later led to the resignation of Bob Diamond as chief executive and several other Barclays executives.

 

LIBOR is a base rate for other financial organisations to set interest rates around the world. It is created by measuring from what banks expect to pay to borrow from each other of different time periods. These responses are averaged to create the figure.

 

Link: http://www.credittoday.co.uk/article/14662/online-news/three-arrested-in-libor-scandal


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I would wait and see the identity of the three. I doubt the FSA has the balls to go up to the highest level, possibly the BoE itself.

 

I find it more likely that the Americans will take it more seriously. The English legal system so far hasn't seemed very interested in fighting banking fraud but I would be happy to be proven wrong.


"Ask not what your country can do for you, ask what you can do for Poundland"

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