“It’s about time prosecutors charged individuals for criminal conduct in the massive scheme to rig the global interest rate markets.”
“Finally, prosecutors have criminally charged a trader for his alleged involvement in rigging the global LIBOR interest rates markets. It is about time. While today’s action is welcome news, it is long overdue, woefully insufficient, and must be just the beginning,” said Dennis Kelleher, President and CEO of Better Markets, Inc., a nonprofit organization that promotes the public interest in the financial markets.
“So far, more than 20 banks and 130 individuals in more than five countries have been fined or identified as active participants in this egregious global conspiracy to manipulate markets and rip off customers around the world. The only way to end the rampant crime spree at the global mega banks is to prosecute all those involved in or aware of the outrageous and brazen illegal conduct. More traders, supervisors and executives must feel the sting of handcuffs being clamped around their wrists. More must see the inside of jail cells. More must hear the voice of justice announcing their prison sentences,” said Mr. Kelleher.
“Law abiding citizens throughout the world can only hope that this prosecution and many more will mean that the era of no-accountability at the global banks is over. Maybe, finally, the double standard will end where global bank employees get a pass, while Main Street gets the book thrown at them. Justice demands it as do all the other market participants who play by the rules and follow the law. Markets rigged by insiders for insiders simply must end and only criminal prosecutions will make that a reality,” Mr. Kelleher concluded.
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Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts.
