Tragically unaware that there isn't a monarchy anymore.

Two years ago, the U.K. Financial Conduct Authority brought Anthony Allen and Anthony Conti into its inquisition chambers and forced them to spill the beans about all of the Libor manipulating they had done. But what the FCA didn’t know was that in between manipulating Libor, Allen and Conti had manipulated the space-time continuum and launched an American Revolution right there, in the U.K. So the FCA was unknowingly violating their Fifth Amendment rights, and therefore they get to get away with everything. Or something like that. Luckily, we have Jed Rakoff to figure it all out for us.

Lawyers for Anthony Allen and Anthony Conti told a Manhattan federal judge that prosecutors could not show the British citizens' compelled testimony to a U.K. regulator was not used against them despite U.S. rights against self-incrimination…But prosecutor Brittain Shaw argued the Fifth Amendment right against self-incrimination was not implicated when a foreign government rather than the United States compels testimony. "The United States is the only country bound by the Constitution," she said.

U.S. District Judge Jed Rakoff said the case appeared to raise a novel, "very interesting issue," and said he would issue a ruling "promptly."

Ex-Rabobank traders seek dismissal of U.S. charges over Libor scheme [Reuters]