Bloomberg reported that European Union lawmakers are backing punishments for market abusers, including jail time, in a bid to prevent any repeat of the scandal engulfing LIBOR and other interbank lending rates.

Bloomberg quoted a lawmaker handling the European Parliament’s adoption of the rules as saying, “The LIBOR scandal has demonstrated that the culture in the financial sector has not changed and that they cannot be trusted to self-regulate.”

To read the Bloomberg story click here.