UPDATE: LIBOR The Antitrust Divisionís Trojan Horse?

July 4, 2012

UPDATE: LIBOR The Antitrust Division's Trojan Horse?

Detail from The Procession of the Trojan Horse...

Detail from The Procession of the Trojan Horse in Troy by Domenico Tiepolo (1773), inspired by Virgil's Aeneid (Photo credit: Wikipedia)

On April 25, 2011, Bill Singer's "Street Sweeper" column on Forbes discussed rumors that the United States Department of Justice's Antitrust Division was getting ready to fire an opening salvo in the war against LIBOR rate fixing.

And then a year past.

Silence.

And then a few more months.

Now we learn that financial regulators in the United Kingdom are moving forward, aggressively, in their investigation and possible prosecutions of individuals and firms involved in alleged LIBOR and EUBOR rate fixing.

And what about over here in the former colonies?  Oh, yeah, we're doing what we always seem to do best.  We're asking banks to write out checks. Oddly, we're also thanking the banks for being good boys and girls.

What happened to the Antitrust Division?

Now, there's one hell of a question.  

READ: UPDATE: LIBOR The Antitrust Division's Trojan Horse?