HSBC Investigated, UK Libor Traders Nearing Arrest: Financial Business Review
HM Revenue & Customs of the United Kingdom has set up an inquiry into HSBC Holdings (NYSE:HBC). The Daily Telegraph reports that the bureau is looking at the company’s offshore accounts in island of Jersey, held by thousands of British and by other citizens.
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It is thought that United Kingdom authorities will soon begin arrests of former traders at Barclays (NYSE:BCS), The Royal Bank of Scotland (NYSE:RBS), and UBS (NYSE:UBS) linked to the Libor issue, according to an inside source. However, arrests do not necessarily indicate that charges will be filed, but rather enable prosecutors to more closely question those persons involved.