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What’s easy to miss in the story of Barclays’ attempted manipulation of the Libor — see here for what the Libor is and why its manipulation is a Big Deal — is that Barclays itself highlighted its malfeasance by coming clean and settling with regulators. Thus, they’ve borne the brunt of the furious response from legislators and citizens in two nations, even though it’s been known for some time that … everyone was doing it. Or, at least, a bunch of other banks did the same thing — we don’t yet know for sure which ones and to what extent because no other bank has agreed, as Barlcays did, to admit involvement.
The other banks still under investigation have, according to a Reuters report, strongly considered all jumping into the pool at the same time and trying for a group settlement with regulators. The regulators like the idea because it will involve a great big number and a big list of names. The banks are warming to the idea because the big list of names means no one firm gets the Barclays treatment for a week or three. In other words, settle quick and hope no one digs too much into how much criminal activity each member of the family is responsible for.
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