Serious fraud, indeed;
LONDON—After losing the cooperation of a key defendant in its marquee prosecution of alleged interest-rate manipulation, the U.K.'s Serious Fraud Office is pressing hard to preserve a case that has major implications for the agency's reputation as a financial-crime fighter.
On one hand, the agency is increasing the pressure on Tom Hayes, the former bank trader charged with fraudulently manipulating the London interbank offered rate, or Libor. Mr. Hayes's lawyers last week informed the SFO that he intended to plead not guilty. His intention to fight the charges and not testify against any other defendants in the case could impair the agency's ability to prosecute other suspects.
Reflecting the strained relationship between the agency and its prime defendant...Ya think?
Did Magna Carta have a provision for the feelings of prosecutors who are looking to make a reputation for themselves, by destroying the people in the UK who make possible what new Nobel laureate Robert Shiller calls Finance and the Good Society?
The selfish, professional interests of prosecutors aren't justice;
...the SFO is amping up its push for other suspects to agree to serve as cooperating witnesses, dangling possible anonymity as an incentive for their help, according to lawyers involved in the case.Sounds a little Stalinesque.