Zerohedge: “They have been manipulating Libor on a daily basis since 2005.
They are still part of the group of banks which sets Libor every day, and none have been criminally prosecuted.
They have received a light slap on the wrist from regulators, which – as nobel economist Joe Stiglitz points out – is just the cost of doing business when fraud is the business model.
Indeed – as Bloomberg notes – they’re probably still manipulating the rate:
‘The U.K. bankers and regulators charged with reviewing Libor in the wake of regulatory probes are resisting calls to overhaul the rate because structural changes risk invalidating trillions of dollars of contracts.
The group, established by the British Bankers’ Association in March after probes into allegations that traders rigged the London interbank offered rate … won’t propose structural changes such as basing the rate on actual trades or taking away oversight of the benchmark from the BBA, the people said.'”