A senior banker from a UK bank has admitted conspiring to defraud over manipulating the Libor lending rate.
The banker, who can not be named for legal reasons, is the first person in the UK to plead guilty to the offence, reports the BBC
BYPASS THE CENSORS
Sign up to get unfiltered news delivered straight to your inbox.
Two men have already pleaded guilty in the US to fraud offences linked to the rigging of Libor, for years the benchmark by which trillions of pounds of financial contracts are based.
Balenciaga Pedo-gate Blown WIDE OPEN
Klaus Schwab and George Soros Declare China Must Lead New World Order
Klaus Schwab: ‘God Is Dead’ and the WEF is ‘Acquiring Divine Powers’
‘Passion of the Christ’ Star Claims Hollywood Elite Are Trafficking Children For Adrenochrome
Bill Gates Tells World Leaders ‘Death Panels’ Will Soon Be Required
Justin Bieber: Facial Paralysis Is ‘Punishment’ For Exposing Illuminati Pedophilia
Spanish Royalty Expose Who Really Killed Princess Diana
‘Controlled Opposition’: Dave Chappelle’s Family Say He Was Killed and Cloned by the Illuminati
Michael Jackson Was Murdered for Saying SAME Things As Kanye 13 Years Ago
Error 403: The request cannot be completed because you have exceeded your quota..
Domain code: youtube.quota
Reason code: quotaExceeded
The case arose from the Serious Fraud Office’s (SFO) investigations.
Continue reading the main story
Libor – what is it and why do we care?
Explaining the Libor scandal
It began looking into Libor manipulation in 2012 after it emerged that it was being widely abused by leading banks to manipulate rates in their favour.
The economic secretary to the Treasury, Andrea Leadsom, said: “The integrity of the City matters to the economy of Britain. Ensuring that the key rates that underpin financial markets are robust, and that anyone who seeks to manipulate them is subject to the full force of the law is vital.”
The government started consulting on new laws to ensure that markets are fair two weeks ago.
It would like to create a new criminal offence for the attempted manipulation of Libor, and extend any new legislation to cover seven other major financial benchmarks.
The SFO’s investigation continues and 11 other individuals stand charged and await trial.
Seven banks and brokerages have settled regulatory allegations of interest rate rigging in the UK and the US after global investigations.
So far, 17 men have been charged with fraud-related offences.
Last month, Lloyds Banking Group dismissed eight staff members following an investigation into the behaviour of its rate setters.
The move follows the bank’s £218m fine in July for “serious misconduct” over the setting of Libor.
Latest posts by Niamh Harris (see all)
- Flight Attendant Dies After Suffering Heart Attack Mid-Air - December 1, 2022
- ‘Love Actually’ Director Says He Feels ‘Stupid’ Over His Films Glaring Lack Of Diversity - December 1, 2022
- Bill Clinton Is “Grateful To Be Vaccinated & Boosted” After Testing Positive For Covid - December 1, 2022