< Sees bandwagon, *jumps* ... >
Bit of a coincidence, after the Goodwin post below. One might have thought, after all the FSA mea culpa in 2008, they would have jumped all over Barclays this time. But no, they have blown them a kiss.
This is par for the course. From my own little corner of the universe I can relate that several years ago a fairly clear-cut prima facie case of the same kind of distorted price-reporting - this time in the energy sector, and again involving a blue-chip, household name player - was brought to their attention. They did nothing - nothing at all.
How can the Barclays case (and, we are led to believe, several more that will come to light in due course) not be one of making a false market ? All the comments on the previous post bear repeating. It Has To Be Prison.
Finally, late at night, I have just nearly fallen off my chair as Emily Brainless on Newsnight offers the observation: "it hasn't been proved that anyone lost money over this". What the **** ?! The whole point of distorting LIBOR was to make the other side lose money (and win bonus for the dealmaker concerned), on each and every occasion ! Sole purpose of the exercise: and self-evidently, it sometimes had the desired effect - read the emails you stupid woman.