Libor arrests in US could be imminent, say sources

Will the authorities go after the CEOs or just individual traders? If no top executives are busted and thrown in prison (after a trial and conviction) will it make any difference in the way the "too big to fail" banks carry out their business?

Libor arrests in US could be imminent, say sources

American prosecutors and European regulators are close to arresting individual traders over the Libor scandal and charging them with colluding to manipulate global benchmark interest rates, according to sources familiar with the investigation.

Federal prosecutors in Washington DC have recently contacted lawyers representing some of the individuals under suspicion to notify them that criminal charges and arrests could be imminent, said two sources speaking anonymously.

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I wonder what happens if the European prosecutors bring more severe charges against top executives than the US thinks appropriate? What happens if the Europeans charge the top guys at American banks with crimes? Will the US hand them over or will the federal government say, "They haven't committed any crimes under US law" and refuse requests for extradition?

I wonder what happens if the European prosecutors bring more severe charges against top executives than the US thinks appropriate? What happens if the Europeans charge the top guys at American banks with crimes? Will the US hand them over or will the federal government say, "They haven't committed any crimes under US law" and refuse requests for extradition?

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Meh. They'll fry a few small fish on both sides of the Atlantic and be done with it.

What do you think that the consequences of bringing down all the largest banks in the Western world would be? I doubt if the regulators have any stomach for that.