Our banks might have been the first

[Suff]

To be hauled up for rigging the LIBOR, but they certainly won't be the last as this article on the $1.5bn fine levied on UBS shows...

http://uk.reuters.com/article/2012/12/1 ... 0L20121219

When all is said and done, Barclays may come out of this sounding quite reasonable. After all they were approached by the BOE and asked to stop being at the low end. I.e. the BOE interfered in the LIBOR rate to benefit UK banks and institutions.

In fact just about everyone was at it. I'm pretty sure that US banks will eventually "find" someone who was at it. After they've done the whole "holier than thou" to the rest of the world that is.....

I was absolutely clear about this when it all broke. If I'm in a bank which is setting rates and choose to be "optimistic" about the rates, that is both legal and within my rights. If, however, as the UBS traders did, I try to purchase "optimistic" rates from rate setting banks, that is illegal.......

What is needed now are rules. No more "gentleman's agreements". There aren't any "gentlemen" left in the Banks, just "Businessmen"....

[TheOstrich]

In fact just about everyone was at it. I'm pretty sure that US banks will eventually "find" someone who was at it. After they've done the whole "holier than thou" to the rest of the world that is.....

Yes, that is a point that is beginning to interest me very much, not only the complicity of any US banks, but what will happen to them. I always felt the US federal authorities were very quick to levy draconian fines on what to them were foreign banks ......
I'd like to see some EU investigation of the actions of American banks in all this. Not saying there's anything untoward, of course, but I'd still like to see it properly looked at.