U.S. Is Building Criminal Cases in Rate-Fixing

[BourbonBoy]

The department’s criminal division is building cases against several financial institutions and their employees, including traders at Barclays, the British bank, according to government officials close to the case who spoke on the condition of anonymity because the investigation is continuing. The authorities expect to file charges against at least one bank later this year, one of the officials said.

Authorities around the globe are examining whether financial firms manipulated interest rates before and after the financial crisis to improve their profits and deflect scrutiny about their health. Investigators in Washington and London sent a warning shot to the industry last month, striking a $450 million settlement with Barclays in a rate-rigging case. The deal does not shield Barclays employees from criminal prosecution.

The Justice Department has jurisdiction over the London bank rate because the benchmark affects markets in the United States. It could not be learned which institutions the criminal division is chasing next.

According to people briefed on the matter, the Swiss bank UBS is among the next targets for regulatory action. The Commodity Futures Trading Commission is pursuing a potential civil case against the bank. Regulators at the agency have not yet decided to file an action against the bank, nor have settlement talks begun. UBS has already reached an immunity deal with one division of the Justice Department, which could protect the bank from criminal prosecution if certain conditions are met. The bank declined to comment.

http://dealbook.nytimes.com/2012/07/...ate-fixing/?hp

Anyone else thinking about time? Or does this seem like too little, too late?

[Varbane]

Too little, too late. This kind of thing has been going on for years and if the past has proven anything these people will only get a slap on the wrist. I'm not one to wish death on people, but its high time the bankers and there buddies in the worlds governments get a one way trip to the gallows.

There is going to be a massive amount of new foreclosures hitting the housing marker here soon. These are going to be foreclosures done by the IRS and this time for back taxes. Some of these people owe a few hundred on there house, most of them where bought during the housing bubble here in the states.