Bloomberg News reported today that additional ex-ICAP brokers will be charged by the UK Serious Fraud Office for alleged LIBOR manipulation, bringing the total criminal charges in the UK to 9. This compares with 8 charged by the US Department of Justice.
US Attorney General Eric Holder stated last year that LIBOR prosecutions are a top priority for the DOJ but many writers and commentators, including Judge Rakoff, have questioned the lack of prosecution of senior finance executives over the financial crisis. While the alleged LIBOR manipulation is not generally thought of as being a cause or contributor of the financial crisis, it did occur during the same time and also falls under white collar financial crimes. Not that we're keeping score, but folks will be watching to see how the DOJ performs in prosecuting LIBOR.
US Attorney General Eric Holder stated last year that LIBOR prosecutions are a top priority for the DOJ but many writers and commentators, including Judge Rakoff, have questioned the lack of prosecution of senior finance executives over the financial crisis. While the alleged LIBOR manipulation is not generally thought of as being a cause or contributor of the financial crisis, it did occur during the same time and also falls under white collar financial crimes. Not that we're keeping score, but folks will be watching to see how the DOJ performs in prosecuting LIBOR.
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