Reuters goes on to report that:
Federal prosecutors in Washington, D.C., have recently contacted lawyers representing some of the individuals under suspicion to notify them that criminal charges and arrests could be imminent, said two of those sources who asked not to be identified because the investigation is ongoing.
Defense lawyers, some of whom represent individuals under suspicion, said prosecutors have indicated they plan to begin making arrests and filing criminal charges in the next few weeks. In long-running financial investigations it is not uncommon for prosecutors to contact defense lawyers for individuals before filing charges to offer them a chance to cooperate or take a plea, these lawyer said.It is hard to see how any manipulation could have occurred to any significant degree, outside of the type of gaming of the system that is attempted in every trading market from time-to-time. Further, the basic laws of supply and demand imply that it would be impossible to manipulate to any significant degree such a key rate. If the rate was significantly higher or lower than the true rate, the market would have tipped over, i.e., either resulting in an over abundance of demands for loans or an over abundance of supply of loans.
Robert,
ReplyDeleteHere's a chance to step up as a "friend of the court" and school them on this.
And yet John Corzine is still free... funny that.
ReplyDeleteTPTB would have done a much better job keeping a lid on the LIBOR scandal if the banks actually thought it was a big deal. This whole thing is just an opportunity for the state and the banks to pretend like they have different interests. It's so obvious that it's all theater that I expect the mouth-breathing, american-idol watching public to fall for it hook, line and sinker.
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