Tuesday, 7 October 2014

UPDATE: The Libor-Fixing Scandal

(If you haven't read my first post about the Libor-fixing scandal, you can read it here)

It has emerged that a senior UK Banker has pleaded guilty to conspiring to manipulate the London Interbank Offered Rate. This follows investigations by the Serious Fraud Office (SFO), which began in 2012.

This is the first guilty plea for Libor-manipulation charges in the UK. Two individuals have pleaded guilty this year to similar charges in the U.S.

As Bloomberg reports, this is a significant result for the SFO as it is "still fighting critics for its survival, after some government ministers tried to combine it with other agencies in 2011."

Read more: 
(Original Post) Commercially Aware - The Libor-Fixing Scandal
Bloomberg - U.K. Wins First Guilty Plea From Banker on Libor-Rigging
BBC News - Banker admits Libor fraud conspiracy

Priscilla

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