UPDATE 2-Three former Barclays traders found guilty in Libor rigging trial

[Eugene]

Source: Reuters

LONDON, July 4 Reuters) - Three former Barclays traders have been found guilty by a London jury of conspiring to fraudulently manipulate global benchmark interest rates in a stark warning to junior bankers and a major victory for Britain's Serious Fraud Office (SFO).

The verdicts bring to five the number of people convicted in London for being part of a global financial conspiracy that has forced banks to pay fines of $9 billion, discredited rates like Libor and helped shred public faith in the banking industry.

Calcutta-born, U.S.-based Jay Merchant, 45, the most senior of the men on trial, was convicted unanimously. British former Libor submitter Jonathan Mathew, 35, and former trader Alex Pabon, a 38-year-old American, were found guilty by a majority verdict after a 10-week trial.

A second Libor submitter, 61-year-old Peter Johnson, had pleaded guilty in October 2014. The four men are expected to be sentenced at London's Southwark Crown Court later this week.

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Read more: http://www.reuters.com/article/libor-barclays-verdict-idUSL8N19Q25Q

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Markets | Mon Jul 4, 2016 10:09am EDT
By Kirstin Ridley and Carolyn Cohn

[forest444]

1. Meanwhile, in Wikipedia, there's no entry for 'Corruption in Great Britain.'

There wouldn't even be one on the Opium Wars, if the JTRIG operatives that plague it had their way.

[Craig234]

2. England, please tell us what it's like

You guy are great at telling us stories - we eat up Frodo and Harry.

Can you tell us about a really foreign world, what it's like to live in where bank crimes can be prosecuted?

[IronLionZion]

3. That's Iceland

Iceland threw their bankers in prison after the financial crisis

[snot]

4. So did we, after the S&L crisis,

by the hundreds. And liquidated lots of S&L's. (Read William K. Black.) And, relatively speaking, it worked out great.

And the only reason we had to go through that was because we'd deregulated S&L's under Reagan.

[Craig234]

5. Iceland?

A place that throws its bankers in prison?

I question whether such a place exists. I looked a pictures of the claimed "Iceland", and saw no ice.

[DirkGently]

6. Good. n/t