Markets

8 Cringeworthy IM Conversations That Traders Had About Fixing LIBOR

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.
8 Cringeworthy IM Conversations That Traders Had About Fixing LIBOR
Markets

At Least Five More Banks Will Be Named In LIBOR-Gate, The Question Is Who

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 […]
At Least Five More Banks Will Be Named In LIBOR-Gate, The Question Is Who
Markets

UBS Pays A Whopping $1.5 Billion Fine For Trying To Rig Rates

[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 […]
UBS Pays A Whopping $1.5 Billion Fine For Trying To Rig Rates
Markets

UBS Is Nearing A Deal With Authorities Over LIBOR, And Wall Street Hasn’t Seen Anything Like It In Over A Decade

[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.
UBS Is Nearing A Deal With Authorities Over LIBOR, And Wall Street Hasn’t Seen Anything Like It In Over A Decade
Markets

Two Instant Message Conversations That Show How Simple It Was For Banks To Manipulate The Libor

[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 […]
Two Instant Message Conversations That Show How Simple It Was For Banks To Manipulate The Libor
Markets

BLOOMBERG: RBS And UBS Traders To Face Arrests Over Libor Scandal Within A Month

[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.
BLOOMBERG: RBS And UBS Traders To Face Arrests Over Libor Scandal Within A Month
Markets

Managers At RBS Condoned LIBOR Manipulation

[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 […]
Managers At RBS Condoned LIBOR Manipulation
Markets

Barclays Has A New CEO

[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 […]
Barclays Has A New CEO