US indicts former SocGen managers for Libor manipulation

‘Two former managers at the French bank Societe Generale have been accused of participating in a scheme to manipulate the global US dollar Libor benchmark interest rate.
According to the US Justice Department, Danielle Sindzingre and Muriel Bescond allegedly used their positions at the bank’s offices in Paris between 2010 and 2011 to submit false information.
“The allegations in today’s indictment suggest a complete and total disregard for the integrity of the financial markets and for innocent consumers and everyday people whose personal finances hinge on the interest rates they pay on various loans,” said Kenneth Blanco, acting head of the department’s criminal division.
The authorities said the alleged manipulation resulted in more than $170 million in damage on global financial markets where transactions occurred based on manipulated rates.’
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