ML-Implode News - U.S. Builds Criminal Cases in Libor Rate-Fixing Scandal

As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center of the scandal.
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The prospect of criminal cases is expected to rattle the banking world and provide a new impetus for financial institutions to settle with the authorities. The Justice Department investigation comes on top of private investor lawsuits and a sweeping regulatory inquiry led by the Commodity Futures Trading Commission. Collectively, the civil and criminal actions could cost the banking industry tens of billions of dollars.

And for those who think Geithner is in the clear on this, contrast the Justice Department's (admittedly belated)take on jurisdiction with Geithner's foppish "emailed recommendations" in 2008:

The Justice Department has jurisdiction over the London bank rate because the benchmark affects markets in the United States.

... the Justice Department and the Commodity Futures Trading Commission have spent two years building cases together. Lanny Breuer, head of the Justice department's criminal division, has close ties with David Meister, the former federal prosecutor who runs the commission's enforcement team.

Relevant:

U.S. Builds Criminal Cases in Libor Rate-Fixing Scandal