Wednesday, March 23, 2016

British Lay LIBOR Investigation to Rest

"British authorities end criminal inquiry into currency markets" by Chad Bray New York Times  March 15, 2016

LONDON — British authorities said Tuesday they had closed a long-running criminal investigation into the potential rigging of the foreign currency market without bringing any charges.

The move by the Serious Fraud Office of Britain came nearly three years after authorities in Britain, the United States, and other countries announced they were conducting criminal and civil inquiries into whether bankers had colluded to manipulate the trading of currencies, an area that is lightly regulated.

Those investigations have led to billions of dollars in penalties and guilty pleas to criminal charges in the United States by some of the world’s biggest banks, including Barclays, Citigroup, JPMorgan Chase, and the Royal Bank of Scotland. Several traders have lost their jobs as a result.

Yup, government got their kickback for looking the other way and allowing the behavior to continue.

But the Serious Fraud Office, which investigates fraud in Britain, said its inquiry had determined there was “insufficient evidence for a realistic prospect of conviction. It has further been concluded that this evidential position could not be remedied by continuing the investigation.”

The civil inquiry by the Financial Conduct Authority focused on chat-room conversations between traders at multiple banks, who used code names to identify clients and shared private information about clients, including pension funds, hedge funds, and big asset management firms.

The conclusion of the Serious Fraud Office inquiry without any criminal charges brought against individuals will again raise questions about the resolve of British authorities to pursue and prosecute financial crime. 

Not really. I'm not even surprised anymore. We all know governments are working for bankers.

The Serious Fraud Office suffered a setback in January when six former brokers were acquitted of criminal charges in a separate investigation into the potential manipulation of a benchmark interest rate known as Libor.

The agency said Tuesday it would continue to work with the US Justice Department, which is continuing to investigate the currency market....

That's where I made my exit.


Related: Libor Leniency 

Hey, all they did was lie to enrich themselves. It's not like they hurt anyone.

I think it's time I put this blog to rest.

UPDATE: Convicted trader in Libor scandal must pay $1.2m

Sorry I missed it.