Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Five Out of Six Brokers Cleared in UK's Second Libor Trial
Source: Reuters
Five Out of Six Brokers Cleared in UK's Second Libor Trial
by Reuters JANUARY 27, 2016, 1:44 PM EST
Five former brokers were acquitted on Wednesday of conspiring with convicted trader Tom Hayes to manipulate crucial benchmark interest rates as London’s second Libor trial dealt a blow to the UK’s Serious Fraud Office (SFO).
Barely a day after retiring to consider their verdicts, the jury cleared former ICAP brokers Colin Goodman and Danny Wilkinson, former RP Martin brokers Terry Farr and James Gilmour and former Tullett Prebon broker Noel Cryan of conspiracy to rig the London interbank offered rate (Libor), which helps set borrowing costs for about $450 trillion of loans globally.
Former ICAP broker Darrell Read, who was charged with two counts of conspiracy to defraud, was acquitted on one count but the jury had yet to reach a verdict on the second on Wednesday.
The world’s third Libor trial, that kicked off four months ago, comes more than seven years after U.S. regulators first examined how Libor rates were set.
[font size=1]-snip-[/font]
by Reuters JANUARY 27, 2016, 1:44 PM EST
Five former brokers were acquitted on Wednesday of conspiring with convicted trader Tom Hayes to manipulate crucial benchmark interest rates as London’s second Libor trial dealt a blow to the UK’s Serious Fraud Office (SFO).
Barely a day after retiring to consider their verdicts, the jury cleared former ICAP brokers Colin Goodman and Danny Wilkinson, former RP Martin brokers Terry Farr and James Gilmour and former Tullett Prebon broker Noel Cryan of conspiracy to rig the London interbank offered rate (Libor), which helps set borrowing costs for about $450 trillion of loans globally.
Former ICAP broker Darrell Read, who was charged with two counts of conspiracy to defraud, was acquitted on one count but the jury had yet to reach a verdict on the second on Wednesday.
The world’s third Libor trial, that kicked off four months ago, comes more than seven years after U.S. regulators first examined how Libor rates were set.
[font size=1]-snip-[/font]
Read more: http://fortune.com/2016/01/27/uk-libor-trial/
