Editor's Note: I had speculated when the LIBOR story first broke that some patsies, like Lee Harvey Oswald in the Kennedy case would be thrown to the wolves to give the impression that Justice had prevailed. The exact scenarios as I had visualized is now playing out with a FEW ROGUE TRADERS being singled out for Criminal charges not the executives of these banks or of the Central banks like the Bank of England or politicians such as the Treasury Secretary of The US or the Exchequer of the UK. As this quote from the Reuters story proves, the charges are going to be for MISBEHAVIOR (not criminal murderous Fraud); and against a handful or traders, not the CEOs of banks or heads of Central Bank. Another whitewash is in progress; pay close attention how attention is diverted from CEO's like Bob Diamond of Barclays and Central bankers like Mervyn King of the Bank of England!
Quote from article linked below: "But banks are hoping that at least regulators will see that the scandal was mainly due to individual misbehavior of a gang of traders."
Look at the Terminology in this article that has been written to start the coverup process; Shame on you REUTERS:
- SCANDAL (when do mere scandals qualify for criminal charges?
- MISBEHAVIOR (it was just some boys behaving badly, nothing too serious!)
- GANG OF TRADERS (as if mere traders would have the power to move the LIBOR market that prices interest rates of loans that run in the trillions of dollars!) __________________________________________________________________________
(Reuters) - U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rate-rigging scandal.
Federal prosecutors in Washington, D.C., have recently contacted lawyers representing some of the individuals under suspicion to notify them that criminal charges and arrests could be imminent, said two of those sources who asked not to be identified because the investigation is ongoing.
Defense lawyers, some of whom represent individuals under suspicion, said prosecutors have indicated they plan to begin making arrests and filing criminal charges in the next few weeks. In long-running financial investigations it is not uncommon for prosecutors to contact defense lawyers for individuals before filing charges to offer them a chance to cooperate or take a plea, these lawyer said.
The prospect of charges and arrests of individuals means that prosecutors are getting a fuller picture of how traders at major banks allegedly sought to influence the London Interbank Offered Rate, or Libor, and other global rates that underpin hundreds of trillions of dollars in assets. The criminal charges would come alongside efforts by regulators to punish major banks with fines, and could show that the alleged activity was not rampant in the banks.
"The individual criminal charges have no impact on the regulatory moves against the banks," said a European source familiar with the matter. "But banks are hoping that at least regulators will see that the scandal was mainly due to individual misbehavior of a gang of traders."