Prosecutors Set to Make Arrests in Libor Case

By: Monday July 23, 2012 7:35 am

Reuters, which has been generally pretty solid on the Libor story, reports that arrests are imminent in the rate-rigging scandal. Prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rigging scandal. Federal prosecutors [...]

Libor Revelations Reflect Badly on Everyone Involved

By: Tuesday July 17, 2012 7:35 am

Speaking of bank fraud, the British Parliament continued their investigation into Barclays Bank and the Libor scandal this week, and it’s just getting worse and worse for everyone involved. Yesterday, Jerry del Missier, the former COO of Barclays, testified that he was instructed by CEO Bob Diamond to manipulate the Libor down in 2008, to [...]

Libor Scandal: Let’s Give Regulators Some of the Blame

By: Tuesday July 10, 2012 11:03 am

As the Libor scandal intensifies, some of the scrutiny has shifted from the role of the banks to the role of the regulators who potentially either actively ignored the rate-rigging happening under their noses, or outright encouraged it. This was the accusation leveled by former Barclays Bank CEO Bob Diamond (who stands to still get [...]

Barclays Just the First Shoe to Drop in Libor Scandal

By: Monday July 9, 2012 6:14 am

I concur with Felix Salmon on this, we’re all associating the Libor scandal with Barclays Bank because they happen to be the ones who cooperated with the investigation first. In fact, pretty much every bank that determines the Libor – and there are 16 of them -stands accused of fixing the rates in one way [...]

Barclays CEO Bob Diamond Succumbs to Pressure, Resigns in Libor Scandal

By: Tuesday July 3, 2012 6:45 am

Barclays Bank CEO Bob Diamond, who initially resisted resignation over his bank’s fraudulent manipulation of the benchmark Libor inter-bank lending rate (as well as Euribor, the euro equivalent), has now resigned, a day before testifying before Parliament. The Bank of England and the Financial Services Authority, the two top regulators in Britain, reportedly encouraged him [...]

Bank of England, Recognizing Error of Austerity, Finally Coming Around to Monetary Stimulus

By: Friday August 19, 2011 7:30 am

Much like banks in America, European banks are struggling with legacy issues amid concerns about their funding. It’s actually worse over there, as the short-term lending spreads are starting to go up, making it more costly to borrow. In Euro nations, bank stocks are at their lowest point in two years. Like America, European nations [...]

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