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If one knows how the financial industry works the mentality has always been find the loopholes and vague wording in regulation and exploit the loopholes 'full throttle. The risk taken if the knowledge that any fine imposed if caught is substantially less than profit gained from illegal activity - that justifies taking the risk. So "lets do it" Role of the CEO is to come up new strategies with new financial 'innovation strategies' to keep profits rolling in and COVER UP for activities of the the previous CEO and wilful blindness by the Board. Only fear the bastards have is reputational loss when and if they do get caught and it hits the media so it’s down to controlling the media and fake news. Ex CEO of Soc Gen Medcraft not in the know before he made his great big escape from the NY French Bank? I don’t think so! That's a stretch of the imagination. Medcraft would be laughing all the way to the bank along with Narev and cronies! Societe Generale Bankers Charged in U.S With Libor Rigging By Patricia Hurtado
25August20175:56AM 26August201712:54AM
· Pair ordered subordinates to submit bogus rates, U.S. says
· Foreign prosecutions tougher for U.S. after convictions tossed
Two Societe Generale SA bankers in France were charged in New York with rigging the London interbank offered rate and allegedly causing more than $170 million in harm to the global financial markets.
The indictments come as U.S. prosecutors press ahead with a seven-year international probe into manipulation of the benchmark rate despite a recent setback that makes it tougher for them to win cross-border cases.
Danielle Sindzingre, 54, and Muriel Bescond, 49, are accused of ordering subordinates to submit fake U.S. dollar Libor rates so it seemed the bank was able to borrow at a lower interest rate.
The submissions “artificially reduced” the U.S. dollar Libor fix, affecting millions of financial transactions tied to the U.S. currency, U.S. prosecutors said.
Libor is a daily estimate of borrowing costs among the world’s biggest banks.
It’s used to value trillions of dollars of financial products, including mortgages, commercial loans and
derivatives.
The allegations suggest “complete and total disregard for the integrity of the financial markets and for innocent consumers and everyday people whose personal finances hinge on the interest rates they pay on various loans,” said Acting Assistant Attorney General Kenneth Blanco of the Justice Department’s Criminal Division.
It couldn’t be immediately determined whether Sindzingre and Bescond have hired lawyers.
Societe Generale said in a statement Friday that it received formal requests for information from several authorities, including the Justice Department, in connection with Libor investigations. The bank said it’s cooperating.
Libor Traders’ Appeal Win Could Chill U.S. Cross-Border Cases
U.S. prosecutors suffered a setback last month when a New York appeals court tossed out the convictions of two former London-based Rabobank Groep traders for manipulating Libor.
The three-judge panel said prosecutors improperly used testimony the traders were forced to provide in the U.K. in order to build the U.S. criminal case.
The government had said that prohibiting the U.K. testimony would seriously hamper the prosecution of criminal conduct that crosses international borders.
Sindzingre is Societe Generale’s global head of treasury while Bescond heads the Paris treasury desk.
They’re charged with conspiracy and four counts of transmitting false, misleading and knowingly inaccurate commodities reports.
The case is U.S. v. Sindzingre, 17-cr-464, U.S. District Court for the Eastern District of New York (Brooklyn).