Analysts at Morgan Stanley opened up an Excel spreadsheet and tried to calculate the potential costs of the the LIBOR scandal. Potentially 11 bans are in frame for a mega-fine from US and UK regulators. Morgan Stanley reckon that banks could be hit with fines and penalties amounting to $22 billion.
However, will any banker actually go to jail? So far, it doesn't seem like it.
We want to see a sizable number of these villains taking the perp walk. We need to see a couple of high profile early morning raids in Mayfair. The authorities need to apply the heavy boot of policemen upon the doors of those devious bankers responsible for fixing LIBOR.
The time for fines is over. We need to see arrests.