A major fear for Wall Street has been that this whole scandal over rigging LIBOR (a common index of bank borrowing costs), would be seen by regulators and prosecutors as a chance for a "do-over".

And that seems to be happening.

Ben Protess and Mark Scott at the New York Times report:

The department’s criminal division is building cases against several financial institutions and their employees, including traders at Barclays, the British bank, according to government officials close to the case who spoke on the condition of anonymity because the investigation is continuing. The authorities expect to file charges against at least one bank later this year, one of the officials said.

It's not clear which banks, specifically, are in the target, but the general belief is that manipulation of the rate went far beyond Barclays (which just paid a massive fine, and saw both its chairman and CEO resign subsequently).

According to Protess and Scott, the CFTC is already preparing civil action against UBS.

Click here to read their full report >