Good thing everyone is now distracted and divided on the whole gun debate so the banksters can once again get off with a slap on the wrist for financial crimes against humanity. For those that have forgotten what LIBOR is, I wrote about it in my piece My Two Cents on LIBOR-GATE. This is how the CFTC itself described LIBOR this summer:
The American public and our markets rely upon the integrity of benchmark interest rates like LIBOR and Euribor because they form the basis for hundreds of trillions of dollars of transactions and affect nearly every corner of the global economy,” said David Meister, the CFTC’s Director of Enforcement.
Now here is the punishment for rigging the most important interest rate in the world. From the NY Times:
It has also charged two former UBS traders with crimes that include conspiracy, wire fraud and violation of antitrust laws. The subsidiary will pay a $100 million fine, and the traders, if extradited and convicted, could go to jail. But the deal leaves UBS itself relatively unscathed. In all, it will pay $1.5 billion to settle allegations of rate-rigging that span nearly a decade and implicate the bank and its bankers far beyond the wrongdoing of two rogue traders.
According to the investigation by the Financial Services Authority, the British regulator, 40 individuals at UBS, including 11 managers, were directly involved in rate-rigging that was carried out to boost trading profits, while at least two more managers and five senior managers were aware of the practice.