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Three former Barclays employees have been found guilty of rigging the Libor interest rate between 2005 and 2007.
[...] The Libor rate is used by banks to set prices of financial products. It stands for the London inter-bank offered rate, and underpins trillions of pounds worth of loans and financial contracts for households and companies across the world.
The jury was unable to reach a verdict, after nearly two weeks of deliberation, in relation to two other defendants, Ryan Reich, 34, and Stelios Contogoulas, 44.
[...] In May, it was revealed that a sixth employee of Barclays, Peter Johnson, had pleaded guilty to conspiring to manipulate the rate.
[...] Last year, Tom Hayes became the first individual to be convicted in the Libor fixing scandal, initially sentenced to 14 years in prison although that was later reduced to 11.
But in January five city brokers were cleared of helping Hayes to manipulate the Libor rate.
Source: BBC
Barclays declined to comment.
(Score: 2) by quintessence on Thursday July 07 2016, @12:30PM
All this savagery and vengeance.
I actually wanted something closer to restitution in matters like this.
In my minds eye, the banker would put up any amount he desired towards restitution. However, everyone else would put up as much as they liked towards a license to hunt (limited time offer) said banker.
Whoever put up the largest amount wins, with either the banker paying restitution to clear his name or the people putting up a bid to hunt. All proceeds go towards paying back the clients.
In the case of the hunt, rights to televise are further auctioned off to pay back debits. I picture something like Survivor, but you could also do sci-fi themes like Logan's Run and whatnot. Maybe even a Hunger Games tie-in for the younger crowd, and even have the home viewer able to sponsor extra bullets or bullet-proof vests depending on their favorites.
Anyhoo, I'm not a creative type, so best leave this aspect to the experts.
What of deterrence you say? That's the best part.
In some rare circumstances (too big a cock-up to salvage) where no amount of restitution would be able to make whole, or a special case of overwhelming demand, the banker would not even be notified that a license was sold. He could never be certain until all these defective cans started showing up in his life.
Win-win as far as I can see.
(Score: 2) by FatPhil on Friday July 08 2016, @06:09AM
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 0) by Anonymous Coward on Friday July 08 2016, @02:08PM
You've just reinvented the U.S. electoral system.