Following a Wave of Banker Suicides, 3 Former Barclays Bankers Now Charged in LIBOR Scandal
2014-02-18 0:00

By Melissa Melton | ActivistPost

Three former Barclays bank employees have now been charged with “conspiracy to defraud” in the continuing LIBOR scandal, bringing the total to 13 people charged in America and the U.K. It has been reported that three ex-ICAP brokers are next on the list for helping traders manipulate interest rates.

Three former Barclays bankers have been charged “in connection with the manipulation of Libor” interest rates, the Serious Fraud Office said.

The SFO alleges the three – Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas – "conspired to defraud between 1 June 2005 and 31 August 2007".

They will appear at Westminster Magistrates court at a date to be confirmed. (source)

LIBOR is an interbank benchmark used to set the interest rates on trillions in loans all over the world.

The investigation into LIBOR’s deliberate manipulation began in 2008, and it has come to light that traders at various banks all over the world have benefited financially from turning in false interest rate reports since.

Thus far, Barclays and other mega banks including JP Morgan Chase, Citigroup, UBS, Deutsche Bank and the Royal Bank of Scotland have been forced to pay billions in regard to rigging interest rates.

[...]

Just last month, JP Morgan Chase, America’s biggest bank, admitted wrongdoing and was fined $461 million for willfully violating the Bank Secrecy Act in relation to Bernie Madoff’s multi-billion dollar Ponzi scheme. “When JPMorgan suspected Mr. Madoff’s fraud, it focused on its own investment exposure and saved itself approximately $250 million. If it had given the same attention to its anti-money laundering responsibilities, it could have saved itself $2 billion, and potentially saved thousands of other fraud victims untold misery and loss,” stated Financial Crimes Enforcement Network Director Jennifer Shasky Calvery.

JP Morgan also owns over 60% of the total notional of all US gold derivatives ($108.2 billion).


Read the full article at: activistpost.com



For more on the rash of banker suicides, see : Another JP Morgan Banker Leaps to His Death





Related Articles


Latest News from our Front Page

West’s tributes to late Saudi King reveal hypocrisy not democracy
2015-01-27 2:16
Hypocrisy is not usually regarded as a virtue of leadership, yet judging by the gushing tributes paid to Saudi Arabia’s King Abdullah by various Western governments and establishment figures on his death, there are those who believe it should be. In the UK this hypocrisy has been stretched to breaking point with the decision to fly the flags over Downing ...
Millions of GMO insects could be set loose in Florida Keys
2015-01-27 2:34
Millions of genetically modified mosquitoes could be released in the Florida Keys if British researchers win approval to use the bugs against two extremely painful viral diseases. Never before have insects with modified DNA come so close to being set loose in a residential U.S. neighborhood. "This is essentially using a mosquito as a drug to cure disease," said Michael Doyle, executive ...
Furguson Scared The Super - Rich So Bad They're Planning Exits
2015-01-27 0:22
According to a speaker at the World Economic Forum in Davos, Ferguson and Occupy absolutely terrified the world’s super-rich, and now they’re buying airstrips and farms in remote locations to escape to. At the World Economic Forum in Davos, Switzerland, which was held between January 21-24, over 2,500 leaders in the fields of business, international politics, academia and journalism met to discuss ...
The Ring Of The Nibelungs
2015-01-27 0:20
Dark Kingdom: The Dragon King (also known as Ring of the Nibelungs, Die Nibelungen, Curse of the Ring, and Sword of Xanten) is a 2004 German television film directed by Uli Edel and starring Benno Fürmann, Alicia Witt, Kristanna Loken, and Max von Sydow. The film is based on the Norse mythology story Völsungasaga and the German epic poem Nibelungenlied, ...
Google Street View Shows NAACP Bombing a Hoax
2015-01-26 22:58
Caught in the act: NAACP passing off old soot marks as new in ‘bomb’ hoax NAACP Colorado Chapter President Henry D. Allen Jr. has been caught in the act of passing off old soot marks as new damage from the recent ‘explosion’ at the Colorado Springs chapter headquarters. Although Gotnews.com has previously remarked on the minimal damage as reported by the ...
More News »