The Phaserl


NO JUSTICE FOR THE “ELITE”. EVER. Barclays Exec Involved In LIBOR Fixing Becomes Bank’s Head Of Asia-Pac

from Zero Hedge:

“Mark Dearlove, a Barclays Plc executive who was involved in the manipulation of the London interbank offered rate, was named as the U.K. lender’s head of markets for Asia-Pacific,” Bloomberg reported earlier today, proving once again that not only do those involved in rigging, fixing, and otherwise manipulating every benchmark rate and market on the planet not go to prison, they in fact get promoted.

Although it now appears that the logos of several large US banks are set to plead guilty to rigging FX markets, we’re still fairly certain that the post-crisis policy of never sending any actual people to jail for their role in rigging every single market and fixing every single fix on the face of the planet will persist. 

As unfortunate as that is, what’s worse is the fact that many of the traders involved in the egregious manipulation of the world’s benchmark rates not only escaped without prison time and with their accumulated fortunes largely intact, but in fact found lucrative employment opportunities at places like BlueCrest Capital Management, where LIBORgate participant Christian Bittar ended up following his dismissal from Deutsche Bank. 

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