Fixing interest rates to be a criminal offense

[jake-the-peg]

The European commission is proposing that fixing key interest rates like the LIBOR rate should be a criminal offense much like insider trading is.

Do you agree with them?

[jake-the-peg]

http://www.bbc.co.uk/news/business-18982406

[rojash]

What's really incredible is that it wasn't already - after all it's just a particular instance of fraud.

[youngmafbog]

The libor will always need to be 'fixed' by someone.

However, it is surprising that deliberatley trying to manipulate it is not illegal, I am sure there must be a law to cover it somewhere.

Having said that, with the libor it is virtually impossible for one Bank to influence it so I personally think this is yet another out of proportion scandal. And if all of them got together then you are in the collaboration laws such as befelt airlines, supermarktes and oil companies in the past.


Even more surpirising is the indignce that Barclays manipulated it DOWN. but then most of the lynch mob probably didnt stop to read that bit, it is the Big Bad Banks, much like the attacks on paedotricians !