UK financial regulator says Libor rate-riggers should go to jail

Martin Wheatley, managing director of the UK’s Financial Services Authority, says that that those guilty of Libor rate-rigging should “pay the price, and if that includes jail for the most extreme fraud in the system, then that’s what should happen.” The system for setting Libor rates—a benchmark for interest rates on millions of transactions from loans to mortgages—will be overhauled after a rate-rigging scandal rocked markets earlier this year. Wheatley submitted a report called that recommends “introducing criminal sanctions for those who attempt to manipulate it,” among other things.