The Serious Fraud Office in Britain passed some months back on investigating Liborgate because they had to buff their nails or something. But worldwide attention on the rigging of the most important interest rate on the planet by a cabal of banks has apparently made them realize they they should be seen to be actually doing their job, however distressing that may be to their corporate benefactors. I hope the criminally indict dozens of bankster parasites but so far their belatedÂ response just seems like regulatory failure.
And in the meantime, not a peep about any bank in the US, which is ironic considering JPM, Citi and BofA are BBA member banks, and had among the lowest fixing rates during the period in question, and as Bob Diamond himself said, “everyone did it.” One may almost get the impression that US regulators and politicians, gasp, have a motive to not investigate banks for not only criminal but civil malfeasance.
A commentor recently said that the reason Liborgate is a huge scandal in Britain now is because they have an actual opposition party, what a quaint concept. So far here in the States not a single major politician has called for an investigation into Liborgate.