Libor Unplugged
In response to last year's Libor scandal, the UK's Parliamentary Commission on Banking Standards is proposing criminal liability for individual bankers who engage in reckless conduct with bank assets. But, however appealing the idea of rogue bankers behind bars might be, putting them there would remain very challenging in practice.
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LONDON – Last year’s Libor scandal was a shock to the body politic in London. Despite all that had gone before, the public and their representatives were stunned to learn that bankers had systematically undermined the foundations of a global market benchmark – one with London in its name to boot – for personal gain. Britain’s Chancellor of the Exchequer, George Osborne, felt compelled to launch a parliamentary inquiry. On June 19, after a year’s work, the Parliamentary Commission on Banking Standards finally laid a large egg.