Market Rigging widespread in the City

[AtW]

I believe that's how they found out it was being fiddled?

Why did not they not find that out next day rather than allowing this tulip go on for a few years?

[AtW]

It's the equivalent of the TUC being in charge of producing official statistics on workers productivity.

Surely the same banks who are members of that "Union" were using published rates to decide their own policy? Nevermind lots of contracts around the world which used that benchmark rate.

[Gentile]

'A cesspit': Libor scandal may be going on elsewhere - Telegraph

I'm shocked, shocked to discover this.

[centurian]

Surely the same banks who are members of that "Union" were using published rates to decide their own policy?

Yes, but they knew that the published rates were a pile of tulip.

[AtW]

Yes, but they knew that the published rates were a pile of tulip.

Well, I sure hope somebody goes to jail for this what appears to me conspiracy to defraud - making rates they pay lower than they should so some suckers who believed them would get less money

[centurian]

Well, I sure hope somebody goes to jail for this what appears to me conspiracy to defraud - making rates they pay lower than they should so some suckers who believed them would get less money

The main difficulty is that the people submitting the false amounts did not personally gain from this (a bottle of Bollinger mainly), while the traders that did profit (increased bonuses etc.) did not submit false figures.

However, I agree there must be some law they have broken - conspiracy to defraud, false accounting etc.