Wall Street banks got hit with $5.8 billion in...
We're finally about to find out which banks...
The WSJ complied with a UK judge on pulling names from a story about the Libor scandal.
Finally a reason to get people interested.
RBS is the latest bank to have all its dirty laundry aired in the Libor scandal that rocked banks around the world this summer. This morning, the CFTC and England’s financial regulator, the FSA, both released a treasure trove of instant messages between employees involved with rate rigging.
Today, in embarrassing Wall Street instant message news, Britain’s Financial regulator, the FSA has released communication between RBS employees working with the LIBOR.
One of the most shocking things about the UBS rate-fixing scandal is just how many different firms were involved. This scandal stretches far beyond UBS and Barclays, the two banks that have paid fines and admitted to manipulating Libor submissions. The Financial Services Authority’s final report on UBS says at […]
[credit provider=”Julie Zeveloff/Business Insider” url=”http://www.businessinsider.com.au/author/julie-zeveloff”] Dec. 19 (Bloomberg) — UBS AG’s $1.5 billion penalty for trying to rig interbank rates brings total fines for Europe’s largest banks to at least $6.1 billion, or about a quarter of their estimated profit this year.Regulators have announced at least 13 fines of more […]
Dozens of bankers will be implicated in the Libor scandal, according to the FT, ensuring that this scandal will be like any other. There won’t be just one fall guy (think: Abacus/Fabrice Tourre) and according to reports UBS and other banks will likely admit wrongdoing.
[credit provider=”By Trippography on Flickr” url=”http://www.flickr.com/photos/tripphotogallery/4059486159/sizes/z/in/photostream/”] The most salient criticism for the way maleficence at banks is handled — from the financial crisis to money laundering at HSBC — it’s that banks never face criminal charges.The New York Times reports that this may change as early as next Monday.
[credit provider=”spackletoe via flickr” url=”http://www.flickr.com/photos/spackletoe/90811910/sizes/m/in/photostream/”] Bloomberg was able to see some instant message conversations being used in Libor manipulation litigation in Singapore. You know what that means — Wall Street’s favourite — published instant messages.Bankers use instant messages to communicate at work all the time, and in more than one […]
[credit provider=”Peter Thal Larsen” url=”http://www.twitter.com/peter_tl”] When the Libor scandal broke this summer, it was the first time most of the world (even people who pay attention to markets) had ever heard of the rate.Thanks to documents uncovered by Bloomberg, though, we now know that there were traders who suspected something […]
[credit provider=”Peter Thal Larsen” url=”http://www.twitter.com/peter_tl”] RBS and UBS traders accused of manipulating the Libor face arrests within a month, Bloomberg’s Lindsay Fortado reports.In case you’ve forgotten, the Libor is the London Interbank Offering Rate, a benchmark rate for financial products worth $360 trillion world wide.
Who wants to take responsibility for manipulating one of the world’s key interest rates?
[credit provider=”commons.wikimedia.org” url=”http://commons.wikimedia.org/wiki/File:Puppets_in_a_shop_window-27July2010.jpg”] Sept. 25 (Bloomberg) — Royal Bank of Scotland Group Plc managers condoned and participated in the manipulation of global interest rates, indicating that wrongdoing extended beyond the four traders the bank has fired.In an instant-message conversation in late 2007, Jezri Mohideen, then the bank’s head of yen […]
[credit provider=”BloombergTV”] Daily Intel’s Kevin Roose has put out some awesome stuff about interns this summer, but this probably takes the cake.He asked a Barclays intern what it was like to find out the bank’s CEO, Bob Diamond, had stepped down in disgrace over the Libor scandal in July.
[credit provider=”Barclays” url=”http://group.barclays.com/home”] LONDON (Reuters) – Britain’s Barclays has picked softly spoken retail boss Antony Jenkins as its new chief executive to fill the shoes left by Bob Diamond, the colourful American investment banker who resigned after a rate-rigging scandal.Jenkins, brought in six years ago to turn around the British […]