Osborne Pledges Powers to Pursue Criminal Probe Over Libor

Chancellor of the Exchequer George Osborne said Britain’s financial regulator is looking at whether it can bring criminal charges over the attempt by banks to manipulate the inter-bank lending rate, or LIBOR, as he promised new laws to prevent market abuse.

Osborne said he couldn’t comment whether there are plans to prosecute executives at Barclays Plc or other banks after the London-based lender was fined $451 million for attempting to manipulate Libor. The Financial Services Authority will “use every power available to them,” he said.