First LIBOR Bank Arrests

The UK has finally made 3 arrests in LIBOR rigging that has been going on for so many years. The Bank of England, Federal Reserve and US Treasury have all been complicit.

UK has been a place where the financial laws are the weakest and has been haven for money laundry for the bankers. It is critical that UK government tightens its monetory policies regarding LIBOR and prevent its further manipulation as it underpins around $550 trillion of loans and financial contracts. We are yet to hear anything about what it is doing to tighten its watch on LIBOR rigging but nevertheless I feel the audit agencies are watching it like a hawk.

Posted on December 11, 2012, in Politics. Bookmark the permalink. Leave a comment.

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