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

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

Illegal Aliens Cleared For U.S. Military Service
2014 10 18
The Pentagon announced a new policy allowing illegal immigrants the opportunity to enlist in the armed forces, Thursday. USA Today reports that the new recruitment policies will focus on people with "high-demand skills" like foreign language acumen and health care training: "For the first time, the program — known as Military Accessions in the National Interest, or MAVNI — will ...
Bronze Age Sundial-Moondial Discovered in Russia
2014 10 16
A strange slab of rock discovered in Russia more than 20 years ago appears to be a combination sundial and moondial from the Bronze Age, a new study finds. The slab is marked with round divots arranged in a circle, and an astronomical analysis suggests that these markings coincide with heavenly events, including sunrises and moonrises. The sundial might be "evidence of ...
Humans may only survive 68 days on Mars
2014 10 15
Space enthusiasts planning a move to Mars may have to wait to relocate: conditions on the Red Planet are such that humans would likely begin dying within 68 days, a new study says. Oxygen levels would start to deplete after about two months and scientists said new technologies are required before humans can permanently settle on Mars, according to the study ...
Tom Sunic’s letter to the US Ambassador to Hungary
2014 10 14
October 11, 2014 Mr. André Goodfriend Chargé d’Affaires Embassy of the United States of America Szabadság tér 12 H-1054 Budapest Dear Mr. Goodfriend, As an American citizen I would hereby like to express my concern over the recent decision by the Hungarian government to ban the National Policy Institute (NPI) conference which had been scheduled to take place in Budapest from October 3 to October 5, 2014. ...
"Vampire grave" found in Bulgaria
2014 10 14
A "vampire grave" containing a skeleton with a stake driven through its chest has been unearthed by a man known as "Bulgaria’s Indiana Jones". Professor Nikolai Ovcharov – a crusading archaeologist who has dedicated his life to unearthing mysteries of ancient civilisations – said that he had made the discovery while excavating the ruins of Perperikon, an ancient Thracian city ...
More News »