This article was last updated on April 16, 2022
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Director of the Serious Fraud Office, David Green, has confirmed on Friday to pursue a formal criminal investigation into the Libor rigging by Barclays and other banks.
Mr. Green has accepted the Libor issue for investigation after Barclays was fined by the Financial Services Authority (FSA) last week for manipulating the key interbank lending rate which affects mortgages and loans.
The claims ultimately led to the resignation of Barclays’ head, Bob Diamond and have been focused as a fierce political debate over ethics in the banking sector. He appeared before MPs on the Treasury Select Committee this week, when he called the behaviour of those responsible for Libor rigging at the bank “reprehensible”.
Regulators in the U.K. and the U.S. found that Barclays staff had tried to manipulate the rate over a long span, first for profit and then to reduce concerns about how much it was being affected by the financial crisis.
The Treasury of the bank has welcomed the decision and has promised to give investigators all the resources they need.
After the rows over the Inquiry, it has been reported that the public care much more about seeing people prosecuted than what type of inquiry is held.
A few are amazed though why the Serious Fraud Office has taken so long to reach a conclusion that this banking scandal needs investigating.
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