from Armstrong Economics:
Unlike the USA, the British courts and legal process are not as in bed with the bankers as they are in New York. They have brought to court today on criminal charges former brokers charged with conspiracy in the LIBOR interest rate fraud that continues to expand. This stands in stark contrast to the policy in New York City regarding the banks and brokers there as being the notorious UNTOUCHABLES. The US is like to also charge low-level brokers who have been dismissed, but never the major bankers.
In our own case, the SEC appeared before Judge Louis A. Kaplan who pointed out that the document used by the SEC to bring its charges was (1) a translation of a Japanese document that they fashioned as they desired, (2) the omitted the first page stating they were notes, and (3) misrepresented the fact that we stated we were “conservative” and used less than 10% for hedging employing futures. They the SEC argues we were trading yen futures and had their receiver liquidate those positions when they were the hedge since the notes were payable in yen.
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