Exclusive: Banks in Libor probe consider group settlement

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Reuters Exclusive: Banks in Libor probe consider group settlement

Reuters Exclusive: Banks in Libor probe consider group settlement

Why is it up to the banks to call the shots? How can regulators settle with a massive world -wide crime scene?

We already saw how uncapable the regulators were in handling the Foreclosure Fraud settlement.

Reuters-

A group of banks being investigated in an interest rate rigging scandal are looking to pursue a group settlement with regulators rather than face a Barclays-style backlash by going it alone, people familiar with the banks’ thinking said.

Such discussions are preliminary, and it is unclear if regulators will enter these talks, aimed at resolving allegations that banks attempted to manipulate the London interbank offered rate, or Libor, a benchmark that underpins hundreds of trillions of dollars in contracts.

Still, there are powerful incentives for the banks to enter joint negotiations.

Barclays Plc was the first to settle with U.S. and British regulators, paying a $453 million penalty and admitting to its role in a deal announced June 27. Its chief executive, Bob Diamond, abruptly quit the next week, bowing to public pressure and erosion of the bank’s reputation.

The sources told Reuters that none of the banks involved now want to be second in line for fear that they will get similarly hostile treatment from politicians and the public. Bank discussions about a group settlement initially took place before the Barclays agreement, and picked back up in the aftermath.

[REUTERS]

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2 Responses to “Reuters Exclusive: Banks in Libor probe consider group settlement”

  1. Geanette says:

    So now you can negotiate settlements for criminal acts!! What about the people aready in jail for insider trading and fraud..it is not right or fair!! Yes, they need to negotiate a settlement and give back the money they stole, but there must be criminal charges against the bankers as well!! The world population will not stand for the bankers getting away with crime with a slap on the wrist!!!!

  2. Sarah says:

    Yes, let’s make a deal. Disgusting. This is what US Banks (the press rarely focuses on the fact that US Banks were co-conspirators, accessories, and most certainly beneficiaries) want for their gaming of the system. Just a return to business without to much of an uproar. Look at Capital One’s recent fine for massively defrauding consumers – a mild fine, instead of criminal charges for Capone’s management. Clearly. Clearly, now more than ever before, the Federal Government is and has protected their friends and paymasters in TBTF at everyone’s expense. It’s unbelievable how they can get away with it. Homeowners are a new layer of outcast, totally ignored, and brutalized by a system that has deemed them expendable.

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