Whats going on with the LIBOR scandal?

Factual Questions
1

I mean, not too long ago, we were hearing about the absolutely monstrous scale of this scandal and the breadth of bank fraud through the LIBOR system. I’m not politicizing or questioning this issue on the whole, I’m just wondering what’s going on with it now?

2

Guess the banks killed everyone that was talking about it… :confused:

3

Wikipedia has a decent but somewhat fragmented entry on it.

I’m pretty sure all of the criminal fines have been levied against the banks involved by now. The losses caused by the manipulations though will probably be the subject of civil suits for quite some time, although proving damages may be tricky especially when it comes to the actual amount.

4

Lots of fines for those involved, most recently RBS which is interesting as it is mostly owned by the UK government. The fine will not be payed by taxpayers apparently, we shall see.

5

It’s funny that you mention RBS because when I was searching this the very first hit was this headline “Libor scandal: RBS boss Stephen Hester ‘should get his bonus’”

I had to turn away before I started to cry.

6

Only three banks have been fined so far: Barclays about USD 450M, USB, USD 1.5B, and RBS USD 625M. There will be others as the authorities work their way through. There are also likely to be some actual criminal prosecutions of individuals at some point.

With RBS, as noted 80% owned by the UK government these days, there are attempts to take the money from the accumulated staff bonuses. Harsh on the vast majority of staff who had nothing to do with the manipulation but better than me paying as a taxpayer!

7

Since RBS seems to have made 2 billion quid in profits…no reason for the tax payers to pay anything…just the customers!

8

The Government has in the past few weeks laid a spat of regulations before Parliament dealing with this. They should be law within a few months or so.

9

I’ve found that the Lords Secondary Legislation Scrutiny Committee has reported on a few of them already:

26th Report:

10

Oho! And just this morning, they wrote a bit more:

27th Report:

And in the same Report further down there is an additional lump of instruments: