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unhappycamper

(60,364 posts)
Tue Dec 11, 2012, 08:54 AM Dec 2012

Serious Fraud Office arrests 3 in LIBOR rate manipulation

http://www.washingtonpost.com/business/serious-fraud-office-arrests-3-in-libor-rate-manipulation/2012/12/11/91d28652-438c-11e2-8c8f-fbebf7ccab4e_story.html


Serious Fraud Office arrests 3 in LIBOR rate manipulation
By Associated Press, Updated: Tuesday, December 11, 7:16 AM

LONDON — Britain’s Serious Fraud Office says three people have been arrested as part of an investigation of the manipulation of a key market interest rate.

The three men — aged 33, 41 and 47 — were not named. The office said Tuesday all are British nationals.

The fraud office opened its investigation in July after Barclays was fined $435 million by American and British agencies for creating false reports on its borrowing costs between 2005 and 2009, specifically related to the London interbank offered rate, or LIBOR.

LIBOR influences the costs of several financial instruments, including home mortgages. Banks submit data daily on the rates they pay other banks — and that data that is used to calculate LIBOR.
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Serious Fraud Office arrests 3 in LIBOR rate manipulation (Original Post) unhappycamper Dec 2012 OP
Small fry, I'll wager Demeter Dec 2012 #1
reply ilikemaps Dec 2012 #2
Especially if you wish to appear that you are owned by the big fish. n/t jtuck004 Dec 2012 #3
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