Updated to include reports on Tuesday's bank raids by European Commission officials.NEW YORK ( TheStreet) -- Price-fixing cases involving some of the world's largest banks, including U.S. giants Citigroup ( C), Bank of America ( BAC), JPMorgan Chase ( JPM) have ensnared several other banks, inculding Deutsche Bank ( DB), which saw its London offices raided by European Commission officials Tuesday, Reuters reported, citing unidentified sources. A Deutsche Bank spokesman declined to comment when contacted by TheStreet. The cases could end up providing the criminal prosecution of high-level bank executives that many critics of the financial services industry have been seeking.
Critics of the banking industry have complained about the lack of criminal prosecutions brought against Wall Street executives. One high profile case against Bear Stearns fund managers Ralph Cioffi and Matthew Tannin was unsuccessful, and though Galleon Groupfounder Raj Rajaratnam was successfully convicted in May, that case has not satisfied most critics who argue the case has relatively little to do with what brought about the crisis in 2008. While the same may be said of the Libor and Euribor cases, they appear closer to the mark. First of all, they appear to involve banks conspiring with one another. Second, they relates to the credit markets--where most of the massive damage to the world economy was done. If prosecutors are able to put pressure on senior credit market officials at some of the world's largest banks, they could be closer to getting the kind of inside information they need to put some serious dents in Wall Street's armor. -- Written by Dan Freed in New York.