Socio-Economics History Blog

Socio-Economics History Blog

Ex-Barclays Traders Jailed For Over 6 Years Over Libor-Rigging. Singapore: SIBOR Forex Banking Fraud EXPOSED – Another FX Rate Rigging Scandal

by mosesman

LIBOR_Scandal_banksters

  • Ex-Barclays Traders Jailed For Over 6 Years Over Libor-Rigging
    by Tyler Durden, www.zerohedge.com 
    Just days after Hillary Clinton is found to have negligently broken laws but faced no charges, four former Barclays bankers appear to have been scapegoated over their libor-rigging. 45-year-old Jay Merchant was the hardest hit – sentenced to 6 1/2 Years in prison.
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    read more.
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  • Singapore: SIBOR Forex Banking Fraud EXPOSED – Another FX Rate Rigging Scandal
    by globalintelhub, via www.zerohedge.com  
    Forex has been the big banks secret gold mine, supporting their other losing operations (like normal banking business, lending, etc.).  To a large extent this has been unraveling, and this SIBOR lawsuit is another attack on their risk free profit center (FX).  Read the entire lawsuit released by Elite E Services here in full.  More than 50 unknown defendants and about 20 known FX banks are named in the case, submitted in the UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK.  Most notably:
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    C. The CFTC, FSA, and MAS Found that Defendants Manipulated SIBOR and SOR
    109. Multiple government investigations conducted by the MAS, CFTC, and the FSA revealed Defendants’ agreement to illegally manipulate SIBOR and SOR.
    110. MAS’ Findings. MAS uncovered a widespread conspiracy in which 133 of Defendants’ traders sought to manipulate both SIBOR and SOR.
    111. As punishment for their manipulative conduct, MAS forced all of the Defendantsto make massive interest-free deposits of between 100 million and 1.2 billion Singapore dollars    each, or 9.6 billion U.S. dollars collectively, preventing the conspiracy from using these funds
    (and stripping its profit-making potential) for a full year.75
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    read more.

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