Posted on 07/26/2012 9:52:35 AM PDT by Olog-hai
Bankers caught fixing the interbank lending rate LIBOR could in future face criminal charges after the European Commission announced plans on Wednesday (25 July) to widen the scope of the ongoing legislation on Market Abuse to include rate fixing.
Unveiling the proposals, which have been added to the Market Abuse legislation aimed at combating insider dealing and market manipulation, Justice Commissioner Viviane Reding accused those involved as acting as though they were “more banksters than bankers.” Public confidence in banks have “taken a nosedive with the latest scandal,” she said.
Among the changes to the legislative package, which was tabled by the EU executive last October and is currently being debated in the European Parliament, are amendments to include the manipulation of interest rates and other financial sector benchmarks. …
(Excerpt) Read more at euobserver.com ...
“The term “banksters” is a left wing, occupy term by the way.”
Strange, I’ve used it for years.
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